NSW First Home Buyer Choice in Salestrekker
If your customer is an eligible first home buyer in NSW, they now have a choice between paying stamp duty as a lump sum on settlement, or a smaller annual property tax.
As their mortgage broker, you will now be required to enter the information into Vownet according to which option they select.
Customers that opt for the annual payment will need to factor in this new cost as an ongoing expense for servicing.
An explanation of how this needs to be captured into Vownet is illustrated below.
Picture 1 - Include the expense under "primary residence body corp" and add comments that $X Land Tax has been included in the expense as part of the NSW First Home Buyer Choice.
Picture 2 - Edit stamp duty to remove the cost if the client opts to pay the land tax instead of the usual upfront stamp duty.
For more information, please go to https://www.nsw.gov.au/initiative/first-home-buyer-choice