new homebuyer concessions

whatS IN it for you

by Domain Property Agents, August 20, 2017 

Steps taken by the state government to ease some of the pressure on first home buyers may help to get more young people into the market.  

As real estate agents we are all too aware of the challenges first home buyers face trying to enter the property market.

 From problems with supply to stamp duty and increasingly high deposits, it can sometimes feel  impossible to find a place to call home.

 In June,  the state government announced their new affordability package, which included a range of new concessions that promise to ease affordability and save people money.

 So what do they include and will first home buyers really save?

The affordability package includes a range of new concessions, including:

• No stamp duty on homes up to $650,000. Which creates a potential saving of $24,740 on a $650,000 home.

• Stamp duty relief for homes up to $850,000
• Grant of up to $10,000 for builders of new properties worth up to $750,000 and buyers of new properties worth up to $600,000
• No insurance duty on lenders’ mortgage insurance

While we have seen some cooling in house prices recently, however, the HIA affordability index recorded a decline in Sydney declining over June so we will may have to wait for these changes to be borne out in the market.