Useful tips for first-time homeowners
The federal government is making it easier for first-home buyers to get their foot into the property market with the First Home Owner Grant (FHOG). Learn what you are entitled to as a first home buyer, and where to get professional advice that will help you get into your first home with less stress.
The FHOG and new stamp duty exemptions
First-home buyers are currently entitled to a $10,000 grant when buying or building their first home. Properties that qualify include newly built homes, apartments, units, townhouses or similar up to a value of $600,000. Substantially renovated homes may also qualify under certain conditions.
If you are purchasing land to build your first home, the entire cost must not exceed $750,000, which includes the cost of the land, plus the value of the building contract, and the cost of building variations.
In 2023, first-home buyers in NSW will have the option of an annual property fee in the form of an annual tax of $400 plus 0.3 per cent of the property’s land value, or an upfront stamp duty payment. This new scheme has been dubbed the ‘First Home Buyer Choice’ and should assist first home buyers to get their foot in the door.
Know how much can you borrow?
While the FHOG can significantly improve your purchasing power you should always start your journey towards owning your own property by knowing how much you can borrow.
A mortgage broker is a valuable service that can help you analyse your borrowing potential so you have a firm foundation of where to start. Knowing your borrowing capacity will save you time as you can limit your search to only those areas you can afford.
Get help from a Sydney conveyancing service
Buying property is a complex legal process with many different hurdles to overcome, any one of which can put your contract at risk. A Sydney conveyancing professional will assist with the settlement and ensure you don’t miss anything that’s critical to a successful transfer of the title.
Conveyancing is a complex process involving interactions with sellers, real estate agents, government entities, building inspectors, and financial institutions. Contracts are incredibly complex documents that are easy to misinterpret without experience and training, and preparing all your documentation and ensuring it is legally correct is a daunting task.
Need help with a residential conveyancer in Sydney or anywhere in NSW?
You can make the whole process go a lot smoother by working with an established residential Sydney conveyancer. Platinum Conveyancing Services will always put your interests first and won’t add any hidden surprises. We also offer FREE contract reviews in order to alert you of potential property issues before you commit. We welcome you to contact us today.