Housing affordability is getting plenty of air time in the media at the moment. In fact, this week on the ABC’s ‘The Weekly’ it was reported that during this year alone more than 67,000 articles on housing affordability had been published in Australia. That’s about 500 articles per day. No wonder you’re over it.
But housing affordability is a real issue that has real implications for every Australian, especially first home buyers. And housing doesn’t look like it’s about to get cheaper anytime soon. For many that will mean they will never own their own home and will spend their life paying off someone else’s mortgage. That’s the bad news.
The good news is that if you’re a first home buyer assistance is available to help get you into your own home for less money.
The New South Wales State Government understands the difficulties faced by first home buyers trying to get into the market and has targeted assistance to help make it a little easier for you. Over the years they’ve offered a range of assistance for first home buyers and it’s still available. That assistance is provided under the ‘First Home New Home Scheme’ (FHNHS) through the Office of State Revenue (OSR).
The First Home New Home Scheme provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.
Also, eligible purchasers buying a vacant block of residential land to build their homes will pay no duty on vacant land valued up to $350,000, and will receive concessions for vacant land valued between $350,000 and $450,000.
What that means is this. On a new home purchase of $550,000 you could save up to $20,240 in duty on a home purchased in May 2017. On vacant land with a purchase price of $350,000 that could save you up to $11,240 in duty at the same date.
Not too shabby. It’s definitely worth your time, and your wallet, investigating.
Of course there are some eligibility requirements, but as long as you meet the criteria there are some real savings to be made as you move towards owning your own piece of Australia’s dream.
The best news of all is when you come to us to help you with the conveyancing of your new home/vacant land purchase we’ll check you’re eligibility and take care of the application process for you.
So give us a call on (02) 6333 4400 and talk with one of our expert solicitors to get you started.