First home buyer hub

For contracts that exchange on or after 1 July 2023, eligible first home buyers will receive an exemption from stamp duty for purchases of new and existing homes up to $800,000 and a concessional rate of duty for homes up to $1,000,000. To be eligible for the First Home Buyer Assistance Scheme:

• the purchase must be for a new or existing home in NSW.
• the property value must be within the threshold amounts.
• the transfer must be for the whole property.
• you must be an individual, (not a company or trust*)
• you must be over 18*
• you and your spouse or partner, must never have owned or co-owned residential property in Australia.
• you and your spouse or partner, must never have previously received an exemption or concession under the scheme.
• at least one of the first home buyers must be an Australian citizen or permanent resident.

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• Be organised. Get all of your documentation, identification, and other details ready. Home loan approval delays can often be the result of missing, out of date, or incorrect documents or information.
• Be upfront with information. Provide all the necessary documents upfront and convey as much detail as possible about your requirements and objectives and have good, current information on your financial position.
• Get pre-approval. Houses are selling fast, and there are plenty of buyers in the market. Organise your pre-approval so that when you’re ready to put in an offer, formal approval can usually be a less stressful and more streamlined experience.
• Reduce or eliminate other debts and excess expenses. Lenders will look at several months’ worth of living expenses to see how you spend, so work on minimising unnecessary spending. They’ll also consider existing loan repayments during the approval process. The simpler these are to verify the smoother the application process.

Put simply, Lender’s Mortgage Insurance (LMI) is insurance that protects the lender if, for some reason, you are unable to make your repayments.

LMI will generally be applied if you borrow more than 80% of the purchase price of your home, so it’s actually a good thing for First Home Buyers as it’s a way for you to obtain finance with a smaller deposit.

The cost of LMI will depend on how much deposit you have saved up, and the purchase price. A mortgage broker will be able to give you an estimate when you’re going through the process of obtaining pre-approval.

An off the plan property can generally be secured with a 10% deposit at contract signing time. The balance of the purchase then doesn’t need to be paid until your home is complete, giving you additional time to save. There are plenty of other benefits as well, including:

• You’re more likely to qualify for Government Assistance
• There may be more tax depreciation on new properties
• Early purchasers will enjoy a greater selection of what’s available in a building that meets your criteria considering view, aspect and preferred floorplan
• Buying off the plan will generally involve an extended settlement period giving you more time to save and get prepared for moving into your new home!

Across Australia, there are consistent themes as to what drives choice of where and how people live. A great lifestyle, available jobs and housing affordability are all driving these choices. There’s generally a strong preference for the traditional, large family home, however increasingly people are making trade-offs and putting lifestyle ahead of space, to ensure they’re making the best purchase that suits the way they live.

Proximity to transport, shopping, cafes, education, and parks is important to weigh up and think about what you will need now and into the future. Generally, properties that are close to amenities such as these make for better investments long term.

It differs for everyone, and there are no guarantees with any investment. However as most of us are generally poor savers, it makes sense to invest your income in a way that benefits you the most – a roof over your head. Everyone needs to live somewhere, and being a long term renter is tough, especially if you have plans to grow your family in the future.

If you buy with a long term view, usually you can benefit from capital growth in your investment which then gives you a significant edge once you reach retirement age. You’re probably not thinking that far ahead, but it’s worth taking it into consideration to ensure you have all the information you need.

Finally, there’s nothing like the sense of pride that comes with owning your own home. After almost a century of creating homes and places for tens of thousands of Australians, experience tells us that what matters the most is the simple joy of living in a place you’re proud to call home.