First home buyers might be missing out on opportunities because they aren't aware of the government help available to them.
With the new financial year starting, many state and federal governments have updated their incentives and grants for first home buyers. Here are some key updates:
Home Guarantee Schemes: 50,000 new spots have opened up under the First Home Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee, allowing buyers to access a mortgage with a smaller deposit.
South Australia: First state to completely remove stamp duty for first home buyers.
Western Australia: Stamp duty exemption now covers homes up to $450,000. The concession threshold has been increased to $600,000.
Queensland: The concession threshold for transfer duty has been raised to $700,000, with reduced duties for properties up to $800,000.
First Home Buyers Assistance Scheme (NSW)
What's on offer:
- Full or partial exemption on transfer duty.
- Requirements:
- Buying your first home in Australia.
- The property's value must be less than $1 million.
- You must move into the property within 12 months of settlement and live there for at least 12 continuous months.
Who can apply:
- Firsttime buyers who have never owned or co-owned a home in Australia.
- Must be an Australian citizen or permanent resident.
- Must be at least 18 years old (with some exceptions)
First Home Owner Grant (New Home)
What's on offer:
- $10,000 towards the purchase price, in addition to the First Home Buyers Assistance Scheme benefits.
Requirements:
- Buying or building a new home that no one has lived in before.
- The property must be worth no more than $600,000 (or $750,000 for a house and land package).
- You must move into the property within 12 months of settlement and live there for at least 12 continuous months.
Who can apply:
- Firsttime buyers who meet the same criteria as the First Home Buyers Assistance Scheme.
- Property Value and Thresholds (as of 1 July 2023)
- New and existing homes:
- Full exemption for properties valued up to $800,000.
- Concessional rate for properties valued between $800,000 and $1 million.
Vacant land:
- Full exemption for land valued up to $350,000.
- Concessional rate for land valued between $350,000 and $450,000.
- Many first-time buyers are having to make compromises due to rising property costs:
63% are considering smaller homes in more desirable areas.
46% are willing to move farther from work or education.
35% are ready to forgo amenities like backyards or garages.
Importance of Seeking Advice
It's crucial for first-time buyers to explore all available options, including government schemes, low-deposit options, or even pooling resources with friends and family. Reaching out to a knowledgeable broker can help you understand and access the support available, making your path to home ownership smoother.
If you require any real estate advice or assistance, please don't hesitate to reach out to our team. We're here to help with all your property needs.
EMAIL | hello@c21newcastle.com.au
PHONE | 02 4943 6333
155 Pacific Highway
Charlestown NSW 2290
Sources:
Revenue NSW
Real Estate Business