It wasn’t so very long ago that the Australian dream was to own a quarter acre block in the suburbs with a Hills Hoist in the backyard. Most people had reasonable expectations that they would one day be able to own their own home. Apartments were for investors and young trendy professionals living in cities … Read the full post »
With a new government in NSW comes more changes to property taxation that stand to benefit first home buyers. The planned changes to stamp duty thresholds and access to more first home buyers’ concessions will see five out of six first home buyers paying a reduced or zero stamp duty.
The Hunter region has had a 66% increase in land values since July 2021 – the largest increase of any region in NSW. The second largest increase was felt by the Murray region with 52.8%. The increase in land values has a significant impact on land tax, payable by property investors, but it also affects … Read the full post »
Housing affordability in Australia is one of the biggest issues heading into this year’s federal election. First home buyers, in particular, are in a never-ending race, trying to save deposits, while watching house prices increase, making the prospect of buying a home ever more distant and unreachable. But it’s not all doom and gloom.
There is a wide range of assistance provided by the Government to help first home buyers in NSW here is a summary;
First Home Owners Grant (FHOG) $10,000
For buyers of a new home or building a new home : Link
First Home Buyers … Read the full post »
It’s a seven year high for the Westpac ‘ Time to buy a dwelling ‘ index, signalling a strong return for the housing market. The Westpac Bulletin in October 2020 says that ‘confidence in the housing market has boomed. The ‘time to buy a dwelling’ index increased 10.6%. As with the overall Index the result for NSW (now … Read the full post »
Overall, the budget has had a positive effect on the property market, via the extending the First Home Deposit Scheme, maintaining the Home Builders grant, providing tax cuts and easing the rules for obtaining credit.
The Budget released Tuesday reaffirmed an earlier government commitment to extend the existing First Home Loan Deposit scheme to support … Read the full post »
The NSW Government has announced stamp duty will be temporarily scrapped for first-home buyers purchasing newly-built properties worth up to $800,000 and heavily discounted for homes priced up to $1 million.
Commencing August 1, the threshold above which stamp duty will be charged on new homes for first-home buyers will increase from the current $650,000 … Read the full post »
The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner.
It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent (lender’s … Read the full post »