Buying your first home?

There has never been a better time to buy (and build)!

With home ownership still considered a vital part of our way of life, wellbeing and security in Australia, it is no wonder that the current economic climate is paving the way for First Home Buyers to re-emerge and buy into the real estate market!

With financial Lenders having relaxed their lending criteria, record low interest rates, Government grants and the NSW Government First Home Buyer Grant, we want to ensure that you have access to accurate resources and information to better inform and prepare you for the opportunities available, to help get you into your first home sooner.

Of course, we do recommend as a first step that you discuss your eligibility and availability to comply for these schemes/grants with your financial advisor, solicitor or conveyancer, as the application process and ability to work out what solution is best for you, can often be tricky.

NSW FIRST HOME BUYER

First home buyers in NSW may be eligible for a duty exemption, concession or grant. Key workers, single parents and single people 50 or over may also be eligible for Shared Equity Home Buyer Helper.

FIRST HOME BUYERS ASSISTANCE SCHEME

If you are a first home buyer in NSW, you may be eligible for a full exemption or a reduced rate of transfer duty under the First Home Buyers Assistance Scheme.

From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.

If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.

First Home Owner Grant

If you’re a first home buyer buying or building a new home, you may qualify for a $10,000 grant. If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.
If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together. The total combined cost must not exceed $750,000.

SHARED EQUITY HOME BUYER HELPER

The NSW Shared Equity Home Buyer Helper assists eligible single parents (with dependent children), single people (50 years and over), first home buyers who are employed as key workers, and victim-survivors of domestic and family violence with buying a home. It is aimed at those in New South Wales who want to purchase a home but would not be approved for a mortgage because of their circumstances.
The NSW Government will pay up to 40% of the purchase price of an eligible property, retaining it as equity for as long as you are eligible for Shared Equity or until you sell the property.

For our full overview on these grants and links for additional information CLICK HERE.