NSW First Home Buyer Choice in Salestrekker

24th Jan, 2023 | Branch News 25th Jan 2023

In this article:
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 Ynet according to which option they select.

Customers that opt for the annual payment will need to factor this new cost as an ongoing expense for servicing.

An explanation of how this needs to be captured into Ynet 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 is opting to pay land tax instead of the usual upfront stamp duty.