Parramatta Blog

Over the last few years, the Australian Government has identified key changes that may assist First Home Buyers in entering in to the property market, in fact, these are most significant allowances over ten years!

1. From 1 January 2020, the First Home Loan Deposit Scheme was developed to provide eligible first home buyers with the ability to purchase a property with a 5% deposit with the remaining 15% guaranteed by the Government.
2. From 1 January 2020, the First Home Loan Deposit Scheme was developed to provide eligible first home buyers with $10,000 -  $15,000 for new or renovated homes (subject to eligibility). 
3. From 1 July 2018, the First Home Super Saver Scheme was introduced to allow eligible first home buyers to make voluntary contributions in to their Superannuation Funds to save for their first home, with the added benefit of lower tax concessions.

In Light of the COVID-19 lockdown, the NSW State Premier and Federal Government are looking at ways to continue the strength and growth of the residential real estate market, in particular for First Home Buyers with the following discussions underway:

1. An additional $10,000 First Home Buyer Grant for top of the existing Grant.
2. A potential revamp of the NSW Stamp Duty costs on purchase of property.

As we have seen in the past, grants like these are a positive for the industry, opening up the market to a wider range of buyers and driving increase of activity.   This, along with record low interest rates, proves good news for those looking to make a purchase and enter the property market.  

To discuss your first move, call Gino Sotto on 0426 228  014 or our team on 02 9635 4788.

Written by Gino Sotto & Jessica Stephenson