Recent Buying Selling Lifestyle
Recent Buying Selling Lifestyle

First Home Buyers Assistance - How you can benefit!

Written by Ashley Blake
Just when we thought all hope had been lost for first home buyers and that it was basically impossible to get a foot in the property market door, the NSW government has given us a little glistening of hope! The NSW Government's comprehensive package to improve housing affordability is focused on helping first home buyers, who often face stiff competition from investors.

For first home buyers, this new package will:
- Abolish stamp duty on all homes up to $650,000
- Give stamp duty relief for homes up to $800,000
- Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
- Abolish insurance duty on lenders mortgage insurance
- Ensure foreign investors pay higher duties and land taxes
- No longer allow investors to defer paying stamp duty on off-the-plan purchases

A key point is that first home buyers can save up to $24,740 on a $650,000 home! Great news if you have been thinking of buying your first property as these are massive savings!

Below is a table showing the savings that first home buyers can now save:

Once you have exchanged on a property you can then apply for First Home Buyers Assistance and submit the forms to your solicitor or conveyancer for processing. Click here to download the form

Ian from our office says, “There is a common misconception that first home buyers are limited to buying a property for no more than $650,000 if they are to benefit from the stamp duty concessions that were introduced on July 1. In fact, there are stamp duty savings to be had all the way up to an $800,000 purchase price and even at this level where stamp duty payable reverts back to the standard scale, there is still a saving for first home buyers due to the abolition of the 9% insurance duty on lenders mortgage insurance.”

Feel free to contact our team at any time if you would like any more information, we are more than happy to help explain anything in further detail. The NSW Government website also provides lots of information on this new initiative. Click here to view information.

Finally, best of luck searching for your first home!

SOURCE - NSW Government

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