Latest information about First Home Buyers
To become a first home buyer these days has not been easy.
Many challenges occur at once, including but not limited to:
- The minimum capital/deposit of 5% of the total property value needed to secure the purchase;
- The limited supply of properties in Sydney suburbs;
- The high price point to enter the market which can exceeded the buyer’s borrowing capacity;
- Market volatility;
- Economic uncertainty due to the pandemic crisis;
- The difficulty in finding the right lender for the buyers’ mortgage needs;
- The struggle in deciding the right location to live and/or invest in the property, considering some factors, such as infrastructure, lifestyle, and available amenities;
- The difficulty in finding the right quality property according to the buyers’ standards; and so on.
Every Australian homeowner was once a first home buyer. With more people renting now than owning the premises, long-term commitments like mortgage loans are less attractive to today’s younger generation. However, the governments have committed to easing the burden of owning the property for the first home buyers shown by the current stimulus listed below:
- 5% First Home Loan Deposit Scheme (FHLDS) (Source: https://www.nhfic.gov.au/what-we-do/fhlds/ )
- $10,000 First Home Owner Grant (FHOG) (Source: https://www.revenue.nsw.gov.au/grants-schemes/previous-schemes/first-home-owner-grant)
- $0 Stamp Duty Payable (Source: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme)
- $25,000 Home Build Scheme (HBS). Note that the Home Build Scheme does not only apply to first home buyers but all Australian Citizens whom buy eligible properties (Source: https://www.revenue.nsw.gov.au/grants-schemes/homebuilder).
Combining the benefits of FHOG & HBS, the $35,000 cash grant could be used as an extra deposit or as the deposit itself to purchase a property to eligible first home buyers.
There has never been the best time to purchase property, especially if one has enough lending capacity to service the loan.
To find the right location, to find the high-quality property that is built for safety and sound long-term commitment, and to maximise all stimulus from governments for first home buyers in New South Wales, we have a shortlist of some available properties in some suburbs that have been the popular hubs for first home buyers.
Contact one of our property consultants to get the latest information about the property that might interest you or your family and friends.