First Home Buyers: Tips To Help You Achieve Your Property Goals
If you’re considering purchasing your own home, you’d be forgiven for feeling slightly overwhelmed. After all, saving up for the deposit on a home isn’t like saving for a new television – there are a lot of different things to take into consideration.
However, the size of the investment when it comes to purchasing property isn’t something to freak out about either. There are a number of helping hands available to help you secure your dream property, especially in New South Wales.
First Home Owners Grant
Most state governments in Australia offer grants to help stimulate first home buyers, and New South Wales is no different.
Since October 1 2012, the First Home Owners Grant (FHOG) in New South Wales increased up to $15,000 for first home buyers looking to purchase or build new properties valued up to $650,000.
Furthermore, there is an exemption on transfer duty available for buyers purchasing a new home valued up to $500,000, or vacant land with a value up to $300,000.
There are also concessions for transfer duty for houses valued between $500 and $600,000, as well as for land valued between $300 and $450,000. This could be the perfect helping hand needed to aid the beginning of your homeowner career.
The FHOG is expected to drop back down to $10,000 on January 1 2016, so it could be worth investigating these options sooner rather than later.
First Home Saver Account
If you’re saving for a first home, investigating one of these accounts could be the perfect thing to help you secure your real estate goals. The government will contribute money towards your efforts, depending on how much you put into the account each year.
For example, every year the government will make a 17 per cent contribution to your savings after you put in the first $6,000. This means that, if you deposit $6,000, every financial year, the government will give you $1,020 towards your savings.