Good news for first home buyers across the Sutherland Shire
Phil Wheatley, your Mortgage broker in Menai, looks at the latest boost for first home buyers in the Sutherland Shire. Call Phil on 0431 415 311 for personalised advice or read on to learn more.
Most first home buyers have heard about the First Home Owner Grant (FHOG). But I find many of my Menai home loan customers are unsure about what they are entitled to as a first time buyer.
The good news is that the NSW State Government recently announced its Affordability Package. Effective from 1 July 2017, the package provides a more generous helping hand for first home buyers in the Sutherland Shire.
Big savings on stamp duty
To begin with, first home buyers in Menai can enjoy big savings on stamp duty. In fact, stamp duty is now abolished on first homes priced up to $650,000. Better still, this saving applies no matter whether you buy a new or established home.
This measure alone can save first home buyers in the Sutherland Shire up to $24,740. Concessions on stamp duty apply on a sliding scale for homes valued up to $800,000.
$10,000 FHOG for new homes
The government is also offering a strong incentive for first home buyers in Sutherland to build or buy a newly constructed home with an FHOG of $10,000 on a newly built home.
Savings on LMI duty
The savings keep rolling for first home buyers with stamp duty scrapped on lenders’ mortgage insurance (LMI). LMI applies if you pay less than a 20 per cent deposit, and according to the Office of State Revenue, a first home buyer using a deposit of $50,000 to buy a home worth $800,000 could save around $2,900 on duty applicable to LMI.
All these numbers may sound confusing however the main point is that now is the time to review how much you could be eligible for in government grants and concessions. It could be the thing that takes you one step closer to owning your first home.
To know whether you are eligible for first home buyer grants and concessions in Menai – and how much you’re entitled to, call me, Phil Wheatley of Mortgage Choice in Menai today on 02 9541 1977 or 0431 415 311. I’m available seven days a week, and can meet at a location that’s convenient for you in Menai and right across the Sutherland Shire.