From July 1, first home buyers of existing and new properties in NSW costing up to $650,000 will be exempt from paying stamp duty. For properties worth from $650,000 up to $800,000, first home buyers will receive stamp duty discounts. This has been announced today by Premier Gladys Berejiklian as a way of improving housing affordability in NSW.
With lenders still offering loans up to 95%, and allowing mortgage insurance to be borrowed on top, this means First Home Buyers could get into the market with a deposit as low as 5% (plus conveyancing costs and other charges of between $3,000 – $4,000).
This means for a purchase of $650,000, First Home Buyers can deposit as little as $36,000 (approx.), pending the approval of finance for the remaining 95%.
If you have any questions, please get in touch today.
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