Take advantage of the new stamp duty concessions
Changes to stamp duty concessions are taking place from the 1st July 2017 that will assist NSW property buyers with their first home purchase. Whether you are a first home buyer looking to buy a newly built property or an existing property, the stamp duty will be abolished for properties priced up to $650,000 and stamp duty concession up to $800,000.
The existing stamp duty exemption scheme only allowed for first home buyers purchasing new homes under $550,000, and concession discount for new homes under $650,000. The NSW Government has announced these changes in hope to relief those struggling to break into the NSW housing market, so it is the perfect time to start looking for your first home as you can expected savings of up to $24,740 from July.
Want to know how much you can afford?
Buying a home for the first time can be daunting and extensive planning will be needed to make you are on the right track. Use our calculators to estimate your borrowing capacity and the repayments you would be expecting. Also, find out the cost involved when buying property with our Property buying cost calculator.
Our team at You’re Welcome Finance can assess your individual financial situation and budget to get you a ‘Pre-Approval’ for the home loan so you know where to start.
The property buying process is different for every state. If you are looking to buy in NSW, the NSW Fair Trading website as a guide to the assist you at different stages in the process.
Otherwise, contact us at You’re Welcome Finance and our mortgage specialist will also be able to assist you to purchase your first dream home.