Property & You – By Paul Mckenzie, ABS Conveyancing
As Sydney’s residential property prices are getting more expensive, young people are finding it harder to save that the first home property deposit, to afford their dream.
Becoming the trend now, parents helping their kids out, young people, financially and other ways, to help them save for that deposit.
A first home savings plan, between the young person and their parents, is a great way to achieve that dream and housing affordability. Such planning and achieving that first home purchase goal, is further assisted by choosing the right mortgage broker. They can guide you, in the right direction, as well as shop around for the right home loan, to turn the first home dream, into reality.
Revenue NSW has the following incentives for first home buyers in stamp duty – full exemption of stamp duty up to $800,000.00. A partial exemption from $800,000.00 to $1,000,000.00. Subject to any future change with NSW government policy.
First Home Buyers must soon after settlement, live in the property, for the first 12 months, before they allowed to rent it out and turn it into an investment property.
