In the last few years, we’ve major legislation changes to benefit first home buyers. The experts at Clarendon Homes explain just a few key changes that you can benefit from
Buying your first home is a really exciting prospect, but sometimes the reality of it can seem out of reach – especially with constant talk of a bubble that won’t burst and higher than ever established housing prices. But, there’s good news for those who are looking for a new home solution to owning a house, particularly in certain areas of Sydney where some of the fastest growing, newly developed, higher job opportunity and transit options are popping up. In the last few years, we’ve seen a roll out of legislation changes seeing stamp duty benefits and new first-home buyer discounts on properties, ensuring a first-home buyer has a better shot at owning a new home than they would have otherwise.
The two biggest changes that make ownership easier
The biggest changes to the legislation are that the purchase of a property under $650,000 comes without stamp duty, and properties under $800,000 receive discounts. For first home-builders, it’s never been a better time to opt for creating a brand new home, from scratch. First-home buyers taking the build option on a property worth up to $750,000 are entitled to a $10,000 grant. This $10,000 can be the difference between a theatre room, an upgraded inclusions package or $10,000 straight off the mortgage.
Which areas get the most benefit from first-home buyer discounts and grants?
The areas benefiting most from these changes are in greater Sydney suburbs where you can get much more for your dollar; top areas are Casula, Liverpool, Moore Park, Camden and Campbelltown. Areas further toward, and including, the Hills District (with affordable and available land) are set to get even greater benefits with transit infrastructure in place to see commuters get to the city in under an hour once complete.
Despite the doom and gloom that often accompanies talk of first-home buyers getting into the market, the current property climate is far more optimistic (particularly for new homes and builds) than is often reported. Clarendon Homes have even set up their Designers Choice range to ensure you can get the house you’ve been dreaming of, for less.
Ask your financial advisor about your options, and the benefits you’re entitled to. You could have yourself a new home in no time, with very little stress on yourself and your wallet.
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