It’s the start of a new financial year, which means it’s a great time to start looking at whether or not now is the time to jump on the property ladder.
While there were no new home measures from the state government for first home buyers this year, there are still a number of incentives available that can help make it a little easier for first timers to purchase a home.
First home buyer incentives can be confusing, so for those who aren’t sure what is available, here is a quick overview of what is available in NSW as of 1 July 2018 to help you out:
First Home Owner Grant
Most first time buyers are keen to take advantage of the First Home Owner Grant to help make saving for a first home easier.
In NSW the First Home Owner Grant (New Homes) scheme offers first time buyers $10,000 if they are building a new home up to the value of $750,000, or purchasing a new home valued up to $600,000.
Information on how to apply can be found at: www.revenue.nsw.gov.au/grants/fhog.
Transfer Duty Exemption
New rules were brought in last financial year, providing exemptions and concessions on transfer duty for first home buyers.
Under the First Home Buyers Assistance Scheme, eligible first home buyers are entitled to a transfer duty exemption if they purchase a new or existing dwelling valued up to $650,000.
Those buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000.
Transfer Duty Concession
Eligible first home buyers can receive a transfer duty concession if they purchase a new or existing dwelling valued between $650,000 and $800,000.
Those buying a vacant block of residential land to build their home on will receive concessions on duty for vacant land valued between $350,000 and $450,000.
Further information about transfer duty exemptions and concessions can be found at: www.revenue.nsw.gov.au/grants/fhba.
Generous first home buyer incentives, coupled with a record breaking period of low interest rates, make it a great time to get a foothold in the property market.
If you’re after any more advice about buying a first home in Mudgee then contact the team at McGrath Central Tablelands.