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 a deposit, to afford their first home.
Becoming the trend now, parents are helping their young adult children, financially and in other ways, to save for their deposit. Don’t forget other expenses which can add up, such as stamp duty and legals.
A first home savings plan, between the young person and their parents, is a great way to achieve that dream of housing affordability. Planning and achieving that first home purchase goal can be assisted by choosing the right mortgage broker.
A mortgage broker can guide you in the right direction, as well as shop around for the right home loan, to turn a first home dream into reality.
Speak to us at ABS Conveyancing, to refer you to the right mortgage brokers.
As of July 2023, the stamp duty concessions for first home buyers, full exemption of stamp duty up to $800,000. A partial exemption from $800,000.00 to $1,000,000.00.
First-home buyers must live in the property, during the first 12 months, after settlement, before allowed to rent out. Subject to change if any change to NSW government policy.
