First Home Owner’s Housing Affordability Package is here!
Well, it’s the end of June and obviously the most pressing news this coming weekend is that the State Government has put in place what’s known as the First Home Owner’s Housing Affordability Package, which offers financial assistance to help new buyers make their way into the housing market.Well, it’s the end of June and obviously the most pressing news this coming weekend is that the State Government has put in place what’s known as the First Home Owner’s Housing Affordability Package, which offers financial assistance to help new buyers make their way into the housing market.
I understand that, with all of the high prices being achieved around Sydney lately, it can be a daunting time entering the Real Estate world when looking to acquire your very first property. Prices are high, lenders are conservative and building a deposit can be a real challenge. However, this package is here to help.
Originally referred to as the First Home Owner’s Grant, this new package offers even more, and is designed to improve housing affordability by focusing on helping first home buyers, who often face stiff competition from investors.
For first home buyers, this comprehensive package will:
– abolish stamp duty on all homes up to $650,000
– give stamp duty discounts for homes up to $800,000
– provide a $10,000 financial 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.
These policies take into account the difficulty that first home buyers often face when entering the market, as well as the state’s growing population and the need to ensure that development occurs close to essential infrastructure such as roads, railway lines and schools. The cosmopolitan suburbs around Sydney’s Inner West offer the best options for great lifestyles, family living, convenience and access to key business districts like the Sydney CBD, so it’s a great place to start looking.
I hope that this quick snapshot has answered some of your questions regarding buying your first property in Sydney, and if you have any further questions, please don’t hesitate to call me to discuss your options.
Is your property perfect for First Home Buyers?
With the changes to the First Home Buyers grant coming on 1st July, it is a great time to capitalise.
The NSW Government has announced some changes to the Assistance Grant offered to first home buyers which comes into effect shortly, designed to help them with housing affordability.
Under the new package, these buyers will either have their stamp duty cost waived or discounted, depending on the property value.
There are a lot of First Home Buyers across Sydney’s Inner West actively looking to get into the market, and with these reforms, not only will their number increase, but they will also be empowered to be more competitive in securing local properties.
If you have been considering selling and have a property that is well suited to this demographic, now is the perfect time!
Give us a call today for more information about how this reform affects you, or to simply discuss your options. We’d be more than happy to assist you.
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