The government currently offers two separate programs to assist first home buyers.
1.) First Home Owner Grant (New Homes Scheme)
This is a $10k grant that applies to brand new homes under $600k.
There are certain requirements in order to qualify, so check the governments first home website for full details or if you are buying in NSW visit the NSW Revenue website.
2.) First Home Buyers Assistance Scheme
The second benefit is that first home buyers don’t have to pay transfer duty (previously stamp duty) on properties up to the value of $650K (as per the NSW Government website). There is also a reduction available on properties purchased within the value range $650 – 800k.
There are similar discounts in other states, visit the first home website for links to state specific information.
Due to the significant savings offered by these programs it often makes sense to buy a property that fits within these guidelines rather than going for your dream home straight away.
The reality is that most homes in Sydney are close to or over $1 million, so the first home buyer would not qualify for either of the government saving schemes.
Tip: Only look at properties within your budget.
How can Location Property Group Help me?
We can assist in two ways:
1. Current Properties for Sale
We have a number of properties for sale in a price range that will appeal as a first home buyer so that you can take advantage of the government savings on offer
2. Assisting First Home Buyers Buy Brand New Properties Off The Plan
The advantage here is that there is a longer time frame involved.
Purchasers can first put down the deposit, then 3 months later pay the transfer duty then when the property build is completed – somewhere around 12-24 months they settle.
This makes the savings process bite-sized, by spreading out payments over time it makes it easier to save.
I Am Just Interested at This Stage – Should I Get in Touch?