NSW budget 2022

By Maryanne Taouk

21 Jun 2022

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NSW Treasurer Matt Kean has handed down his first budget.

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The budget includes big reforms for people looking to enter NSW's pricey property market.

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From January 16, 2023, many first home buyers will be able to elect to pay an annual land tax instead of stamp duty.

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The choice will be made available to first-time buyers purchasing a home up to the value of $1.5 million.

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If buyers decide to opt out of paying stamp duty, they will pay $400 plus 0.3 per cent of the land value per year.

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Meanwhile, a $780 million shared-equity scheme is set to help up to 3,000 frontline workers, single parents, and singles aged over 50 buy their first home.

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It would see the state contribute 40 per cent of equity for a new home, and 30 per cent for an existing home.

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The scheme is similar to the policy Labor leader Anthony Albanese took to last month's federal election.

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Premier Dominic Perrottet said NSW's plan would be trialled for two years.

People will need to earn a maximum of $90,000 individually or have a combined income of $120,000 per year to be eligible.

They will have to contribute a 2 per cent deposit under the scheme on homes worth up to $950,000 in metropolitan areas and $600,000 in regional areas.

Home building is also getting a cash injection with nearly $500 million in funding to "supercharge" the approval of new housing.

The planning project includes $300 million to co-fund shovel-ready infrastructure projects, $89 million to accelerate housing approvals, and $69.8 million to expedite rezoning.