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Reserve Bank of Australia (RBA)
The Reserve Bank of Australia has decided to keep the cash rate on HOLD in June, leaving the official cash rate at 4.1%.
NSW Office of State Revenue (OSR)
There are a number of government incentives available to first home buyers in NSW.
<1> A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
<2> First Home Buyers Assistance Scheme: Full or partial exemption on transfer duty
From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.
<3> Home Guarantee Scheme: It is a Federal Government initiative to support eligible first home buyers. Under the Scheme, an eligible first home buyer can apply from a Participating Lender and purchase his/her first home with as little as a 5% deposit.
The Australian Government has announced it will expand the eligibility criteria of the Scheme, effective 1 July 2023. These changes include:
- All guarantees will be available to eligible borrowers who are Australian permanent residents
- First Home Guarantee and Regional First Home Buyer Guarantee will be expanded to non-first home buyers who haven't owned a property in Australia in the past 10 years
- Under the First Home Guarantee and Regional First Home Buyer Guarantee, friends, siblings, and other family members will be eligible for joint applications
- Family Home Guarantee helps single parents or legal guardians build a new home or buy an existing home with a deposit of as little as 2%. Both first home buyers and previous home owners can apply.
Domain
Search to find out property prices, latest auction result, hints and tips to invest or sell a property, and lots more.
Residex
A leading supplier of automated valuation models to the banking industry. Residex is the ideal place to start property research. Free Suburb Report.
BTA Advisory |Better Tax & Accounting Solution
57/1 Brown St, Ashfield NSW 2131
Phone: (02) 8542 9678
Email: bta@btaadvisory.com.au
