In an effort to address housing affordability in NSW, the State government has announced a number of changes to help first home buyers.
A summary of the list of grants that are available currently can be viewed here
First Home Buyers
As part of the proposed changes, stamp duty will be scrapped on all homes up to $650,000, saving buyers up to $24,740. For properties purchased between $650,000 and $800,000, the stamp duty concession will be gradually reduced.
The changes, effective 1st July 2017, also include a $10,000 grant when purchasing a new home up to $600,000.
The government has also announced the insurance duty on lender’s mortgage insurance will be abolished.
If you’re a first home buyer or an investor and you want to hear more about the State Government’s proposed changes and how they may impact you and your property ambitions, give us a call today.