On the hunt for your first property? Take a moment to listen closely as we bring you the exciting news that’s only recently been announced by the State Government, that might just make your search for that first dream home a little easier.
Jumping into the real estate market is tough at the best of times, but particularly in this current climate. However, the latest updates unveiled in the 2023-2024 State Budget are set to provide some serious relief and give a glimmer of hope to making the process of buying your first home a little more manageable.
As always, we’re turning straight to our friends at Bernie Lewis Home Loans to find out more! Scott Matthews, Owner of Bernie Lewis and experienced Mortgage & Finance Broker, is very excited about the announcements and is keen to spread the word far and wide to help more people get their foot in the door.
We asked Scott a few questions to help get our heads around it all…
Tell us what the most recent and exciting changes are?
The recent changes announced by the State government are super exciting for Australians looking to get their foot in the property door. These changes are looking to assist around 3,800 first-home buyers each year. Basically, stamp duty will be abolished for first home buyers buying a ‘new’ property up to $650K and there will be an increase in the price cap for the First Home Owners Grant to $650K. This should significantly increase access to the market, enabling buyers to get more value for their deposit.
Stamp Duty. Many of us are not a fan of this word, however the recent changes have abolished it for eligible first time buyers. Can you tell us more?
If you’re looking to buy a new home worth up to $650,000, you won’t have to worry about paying any stamp duty. And even if the property you’re eyeing is valued up to $700,000, you’ll still get some relief, though it’ll gradually phase out.
But wait, there’s more! If you’re planning to purchase vacant land and build a brand-new home on it, you’re in luck too. Stamp duty will be abolished for land valued up to $400,000. And even if the land you have your eye on is valued up to $450,000, you’ll still receive some relief, though it’ll also phase out gradually.
Can you tell us more about the increase in the first home owner grant property value cap and what this will mean for first-home buyers?
Starting from 15 June 2023, the property value cap for the First Home Owner Grant will be raised from $575,000 to $650,000 for those that meet the eligibility criteria. For first-time home buyers who qualify, entering into a contract to purchase a new home valued at $650,000 or more on or after this date could potentially result in a relief amount of up to $44,580.
Dealing with the waiting game for approvals is usually one of the more annoying parts of buying a home, however, there’s a glimmer of good news on this front as well. Can you shed more light on this?
Eligible first-home buyers can rejoice as a streamlined approval process is set to be introduced, ensuring a quicker turnaround time for planning approvals. This means that they can settle into their new homes sooner than ever before.
Finally, there’s been a change in the percentage of home depot loans for first home buyers building a home, can you tell us a little more about this?
HomeStart has some exciting news for eligible first home buyers who are looking to build their dream home. They’re introducing a brand new home loan that lets you secure a loan with as little as a 2 percent deposit! This is even better than the government’s previous commitment of 3 percent. With this fantastic opportunity, you could potentially shave off years from your savings timeline and finally make your dream of owning a house a reality.
So there you have it folks! Here at the Adelady office, most of us have been lucky enough to find our first homes (if only these changes were around when we signed on the dotted line!) however we sure as hell feel lucky to have the guys at Bernie Lewis looking out for us.
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