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Why it’s still a good time to invest in your new home.

Why it’s still a good time to invest in your new home.

There has been much talk regarding the impending doom of Sydney’s, and Australia’s, housing market. Some say it is already here, while others say the worst is yet to come. Which is a scary thought if you are looking to sell. But, what if you are on the other side of the coin? What if you are looking to buy a new house? In fact, what if you were looking to buy your first home? If the word ‘impossible’ did not jump in to your head, then we would be surprised. However, things for first home buyers may not be as dire as you think. In fact, this may just be one of the best times for first home buyers to still invest in a brand-new home. Why?

The first home buyer’s assistance

The government is helping first home buyers get into the market by offering them assistance in one of two ways; First Home Buyer Assistance Scheme and the First Home Owner’s Grant (New Home) Scheme. How do they work?

First Home Buyer Assistance Scheme – Transfer Duty Concessions

The government is looking for ways to help first home buyers get in to the housing market, thankfully, and one such scheme centres around providing concessions on Transfer Duty. What does that mean? If you are looking to purchase house and land, and it is valued under $650,000 you may be eligible for a full exemption on application. If you purchase land under $350,000 you will not have to pay transfer duty at all. If the value of your purchase is greater than either of the previously mentioned amounts, you may be entitled to a concessional rate. But what does that really look like? Using Revenue NSW’s Transfer of land or business calculator, we have calculated the Transfer Duty on a house and land purchase to the value of $650,000 (not eligible for HCAP) with an execution date of May 25, 2019, can equate to $24,740.00* . Which is a massive saving for anyone buying a brand-new home, let alone a first home buyer.

First Home Owner’s Grant (New Home) Scheme

If it’s your first time, and you’re looking buy something new, then you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme. To qualify for the grant, your new home must be no more than $600,000. Further information regarding your eligibility for the first homeowners grant, based on purchasing a new home can be found on the Grants and Schemes page of the Revenue NSW website. This pivotal government assistance exists to help you with the financial pressures of buying your first home in the current economic client.

At The Tillage we have land, and house & land packages available for purchase. If you have any enquiries regarding land availability at The Tillage, please feel free to call us on 1300 00TILL, or fill out our online enquiry form and we will respond to you as soon as possible.

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The Tillage
08 April 2019
There has been much talk regarding the impending doom of Sydney’s, and Australia’s, housing market. Some say it is already here, while others say the worst is yet to come. Which is a scary thought if you are looking to sell. But, what if you are on the other side of the coin? What if you are looking...
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