The First Home Owner Grant (FHOG) is currently worth $7,000 to all first home buyers in NSW. However, this will change in just a few weeks (on October 1 this year), when first home buyers purchasing existing properties will no longer be entitled to the grant, while purchasers of new homes will get an increased grant of $15,000.
If you are close to buying your first home, now could be an opportune time to make your move and get the $7,000 FHOG before it disappears.
Of course, the flip side of this is if you are looking at buying a newly constructed property, then it could pay to hold off until after October 1.
There have also been some significant changes to recent stamp duty exemptions for new home buyers, which some new property scouts might not be aware of.
Stamp duty exemptions are now only eligible to purchasers of new homes (defined as being ‘recently constructed’ or purchased off-the-plan). Eligible new home buyers can get full stamp duty exemptions on properties valued up to $550,000 and concessions on properties valued up to $650,000.
There are still significant savings to be made for first home owners in NSW, but it pays to ensure you have the most up-to-date information about your entitlements and any exemptions which might be in place either now, or by the time you exchange on your new property.
The difference between thinking you have the right information, and knowing you’re fully up to date with the most recent changes to the somewhat volatile market can literally be worth thousands of dollars to new home buyers.
What’s it worth to you?