First Home Owners Grants and Assistance In New South Wales

From July 1st, 2017, the New South Wales government announced several reforms to help first home owners afford a home. These include:
– Abolishing stamp duty on all homes under $650,000
– Give stamp duty relief on homes up to $800,000
– Provide a $10,000 grant for builders of new homes valued under $750,000 and purchasers of new homes up to $600,000.

What does this mean for you as a first home buyer?

You can be eligible for a $10,000 grant plus save on stamp duty. Depending on the price of your home, you can save thousands, making it easier to get into your own home sooner plus reduce the size of your mortgage.

To find out how much you can save and what you might be eligible for, check out the NSW Government website.

What else is the government doing to help?

The NSW government took measures to ensure it is easier for first home buyers through a variety of measures including ensuring foreign investors pay higher duties and land taxes and no longer allowing investors to defer stamp duty.

The supply of housing will increase with 30,000 homes set to be built in the following areas:
– Belmore/Lakemba
– Burwood/Strathfield/Homebush
– Campsie/Canterbury
– Cherrybrook (government land)
– Frenchs Forest
– Glenfield
– Leppington town centre
– Anzac Parade corridor
– Riverwood
– Schofields town centre
– Seven Hills/Wentworthville
– St Leonards/Crows Nest
– Telopea
– Turrella/Bardwell Park
– Westmead

They are also focusing on making approvals easier for building new homes, building smaller and smarter homes where possible, improving infrastructure and releasing or rezoning more land.

All of these initiatives will make it easier for first home buyers to get into the property market. To discuss your home loan needs and the grants or concessions you are eligible for, click here to make an enquiry and be connected with a MoneyQuest broker in your area.

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