THE ADVANTAGES OF USING A MORTGAGE BROKER
Buying your first home can be an overwhelming experience. When it comes to getting your first home loan how do you know how much you can borrow or the steps involved are for what will arguably be your biggest investment?
When looking at getting a home loan using a mortgage broker to help you to find your home loan is a great benefit. Brokers can offer you a range of flexible homes loans and help you choose one that best suits your needs.
They can offer you helpful resources, checklists, calculators and information too so that getting your home loan is as straightforward as possible. Brokers are often able to negotiate better deals for their clients than if their client went directly to the bank.
BUY WHERE YOU CAN AFFORD AND RENT WHERE YOU WANT TO LIVE
With Sydney’s property boom came riches for many but on the flip side many first home buyers were priced out of the market.
It is extremely hard for first home buyers to save the money needed for a deposit in Sydney with today’s property prices.
You have probably heard the phrase “buy where you can afford and rent where you want to live”, but what are the positives of this approach to breaking into the market?
THE NSW GOVERNMENT SUPPORTING FIRST HOME BUYERS
From 1 July 2017 the NSW government is offering a comprehensive package for first home buyers to improve housing affordability across NSW. These changes will include:-
- Abolishing stamp duty on all homes up to $650,000
- Providing stamp duty relief for homes up to $800,000
- Providing a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
- Abolishing insurance duty on lenders’ mortgage insurance
- Ensuring foreign investors pay higher duties and land taxes
- No longer allowing investors to defer paying stamp duty on off-the-plan purchases.
FIRST HOME – NEW HOME SCHEME (NSW OSR)
The First Home – New Home scheme commenced from 1 January 2012 and provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.
Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000, and will receive concessions for vacant land valued between $350,000 and $450, 000.