Benefits for First Home Buyers
The Australian and NSW Government has undergone significant changes that will undoubtedly be a game-changer for first-time buyers. The changes that came into effect mid last year, aim to provide enhanced benefits to individuals looking to purchase their first home.
Exemption from Transfer Duty:
One of the key benefits of the scheme is the exemption from paying transfer duty (also known as stamp duty) for eligible first home buyers. As of 1 July 2023, buyers are exempt from paying transfer duty for both new and existing homes priced up to $800,000. This exemption can result in significant savings, as transfer duty can be a substantial expense when purchasing a property. To learn more, visit NSW Government.
Concessional Rate for Higher-Valued Homes:
Even if your desired home exceeds the $800,000 threshold but is priced up to $1,000,000, you can still enjoy a concessional rate under the scheme. While not entirely exempt, this concession ensures that you’ll benefit from a reduced transfer duty, further easing the burden on your budget. o learn more, visit NSW Government.
First Owner Home Grant:
In addition to the transfer duty benefits, first home buyers in NSW may also be eligible for the First Home Owner Grant. This grant provides financial assistance to those purchasing a new home (including off-the-plan properties) or building a new home. The grant amount varies depending on the purchase price or value of the property and other criteria. To qualify for the First Home Owner Grant, visit NSW government.
First Home Guarantee:
The First Home Guarantee scheme, offered by the National Housing Finance and Investment Corporation (NHFIC) in Australia, aims to help first-time homebuyers enter the property market with a lower deposit requirement (as low as 5%). This government guarantee initiative facilitates homeownership, making it more accessible for eligible applicants to secure a home loan. To learn more on eligibility and how to apply, visit Australian Government.
Opportunity at Mason & Main:
With these increased benefits offered, now is the perfect time to consider joining the Mason & Main community. Located in a desirable area, Mason & Main offers an array of homes starting from an affordable price point of $520,000*. This means you can explore a range of options that fit your budget while simultaneously enjoying the benefits provided by the scheme.
For more information, please reach out to one of our team here.