New first home buyer options announced by NSW Government

First home buyers in NSW will soon have the option of paying stamp duty or an annual land tax, under proposed reforms announced by Premier Dominic Perrottet.

"We want to lower the barriers to owning a home for first home buyers seeking a place of their own" the Premier said.

Under the proposed reforms, first home buyers would be able to choose whether they pay stamp duty upfront or spread the cost out through an annual land tax.

The news arrives just days after the New South Wales government released details of its shared equity program, which allows residents to buy a property with a portion paid by the state.

This scheme would provide much-needed relief for many first home buyers who are struggling to come up with the large amount of money required to enter the market.