Been sitting on the sidelines waiting for first home buyer conditions to improve? If you have then now is a great time to look at your options because a number of changes over the past year have made buying a first home that little bit easier.
First Home Buyer Assistance Scheme
One of the biggest changes helping first home buyers is the cut to stamp duty costs in New South Wales.
From 1 July 2017 eligible first home buyers in NSW no longer have to pay stamp duty on properties under $650,000. This is a saving of up to $24,740 on a $650,000 home.
Stamp duty concessions are also available for those who purchase properties up to $800,000.
First home owner grant
Not only can first home owners get a discount or exemption from paying stamp duty, but they can also take advantage of the First Home Owner Grant (New Homes) scheme.
The scheme offers eligible purchasers $10,000 to go towards purchasing or building a new home. This applies to anyone with an eligible transaction occurring after 1 January 2016.
From 1 July 2017, the First Home Owner Grant Cap for new home purchases is $600,000; for a property where you enter into a contract to build, or are an owner builder the total value cannot exceed $750,000.
First Home Super Saver Scheme
To help first home buyers save for a home faster the federal government introduced the First Home Super Saver Scheme. This scheme allows first time buyers to salary sacrifice into their super fund. Eligible individuals can put away a total of $30,000 into their super ($15,000 a year).
Depending on your individual circumstances, the scheme may offer a way to save faster for a home loan deposit than by using a regular savings account.
Fantastic properties hitting the market
Not only are there some great incentives to help entice first home buyers into the property market, but there are also some fantastic properties available to suit the first home buying market, particularly in the Mudgee region where there are a variety of new and established properties to choose from.
The median house value in Mudgee is currently $385,000 according to RP Data. The median house price in Rylstone is $296,000, and Gulgong’s is $275,000. These prices are still within a very affordable range for a lot of first home buyers, which is attracting a lot of locals into the market, as well as encouraging tree changers from Sydney and further afield to make the move to Mudgee.
To find out more about the properties in the Mudgee region, contact the McGrath Central Tablelands team.