“First home purchasers now make up 24.5 percent of the market thanks to the NSW First Home Buyers Assistance Scheme, that has been effective since 1 July 2017.
The benefits of the NSW First Home Buyers assistance Scheme is an exemption from stamp duty on a new or existing home up to the value of $650,000.00 and concessions on duty for homes valued between $650,001.00 and $800,000.00.
For first home buyers purchasing a vacant block of land, the exemption of stamp duty is up to the value of $350,000.00 and concessions from $350,001.00 to $450,000.00.
First Home purchasers that do purchase a vacant block of land are also entitled to a First Home Owner Grant in the sum of $10,000.00, and the Lenders Mortgage insurance has been abolished where the first home purchaser meets the eligibility criteria.
This news of the increase in first home purchaser comes at the same time as a slight improvement on housing affordability according to the REIA report. The national median family income spent on the average loan repayment dropped by 1.2 percent to 30.3 percent of the family income.
If you or a family member are first home purchasers, please do not hesitate to contact Endeavour Conveyancing Services for the current eligibility of the NSW First Home Buyers Assistance Scheme.