Both the state and federal government have recently brought in new housing measures to help tackle housing affordability, making life a little bit easier for Mudgee’s first homebuyers looking at jumping onto the property ladder.
For those who are still saving for their first home, changes were made in this year’s federal budget to help young people save more using their super account.
From July 1 this year, first homebuyers will be able to contribute up to $30,000 of voluntary superannuation payments ($15,000 per year), which can be used towards a deposit on a first home.
Contributions, plus the earnings generated from those savings, will be able to be withdrawn from July 1, 2018.
New changes from the NSW state government will however mean that first homebuyers won’t need to save quite as much as they used to.
Stamp duty in the state will be abolished from July 1 for first homebuyers buying existing and new homes up to $650,000, with stamp duty discounts also available for properties valued up to $800,000.
Stamp duty charges on lenders’ mortgage insurance will also be eradicated.
These changes will provide significant savings for first home buyers and help them get into the market sooner rather than later.
These latest housing measures have been brought to help combat the growing levels of housing unaffordability in places like Sydney, where the average house costs more than a $1 million.
While the latest changes might not be a huge help for those looking to buy a first home in the harbour city, it will provide a boost for first homebuyers in the Mudgee region where properties are much more affordable.
There’s a large number of properties to choose from that are priced under $650,000, meaning that most first homebuyers in the area will be able to take advantage of the full stamp duty savings.
Unlike previous housing rules, homebuyers will also be able to take advantage of the savings whether they are buying a new or existing home, which helps open up a lot more property options for buyers.
The $10,000 First Home Owner Grant (New Homes) scheme is also still available. It offers a $10,000 grant for the purchase or construction of new homes. From July 1 new homes eligible for the grant will be capped at $600,000 and the value for constructing a new home will remain capped at $750,000.
Are you a first homebuyer looking for a home in Mudgee? View our properties for sale at professionalsmudgee.com.au.