First Home Buyer – NSW Latest Updates

The NSW government announced the new package to assist First Home Buyers on 1st of June, 2017. Excellent news for NSW First Home Buyers!

Here is a summary of the changes coming to effect on 1st of July, 2017:

We do recommend that First Home Buyers should consider the following points when preparing finance:

1. Best to have at least 20% deposit (20% of the property price) in place. This helps you to avoid lender’s mortgage insurance, and potentially allows for better deals with the banks.

2.If you don’t have the cash needed for point 1, consider buying off the plan. See point 4 & 5 below.

3. If buying existing property,  it is vitally important to do your own due diligence – for example, ask for a copy of recent strata report,  have pest inspection report done and find out if there had been any maintenance/repair work done to the property. If there are anything significant, such as electric wiring or major plumbing issues, these are red flags that can cost you a lot more than expected.

4 .NSW Government provides an additional $10,000 for buying a brand new property (or Off-The-Plan). This is for building a new home up to $750,000, or buying a new property up to $600,000.

5.There are due diligence recommended when buying off-the-plan, such as buy an affordable property, consider good quality over cheap price,  and have a clear understanding of the terms and conditions.

Your circumstance is unique to you. Parts of the information above are excerpts from the NSW Government website, for general considerations only. If you would like to find out more on how the new package could impact you specifically, contact us.

This is the NSW Government website covering the First Home Buyer Package announcement https://www.nsw.gov.au/improving-nsw/projects-and-initiatives/first-home-buyers/

Event: NSW First Home Buyer Changes + Q&A Workshop

Dates: 2 sessions,  24-June (Sat) or 15-July (Sat)

Time: 2-3:30pm

Venue: 100 Harris St. Pyrmont

APIPA invites you to join us on a special presentation by a legal adviser and a mortgage expert:

1. How is the government announcement going to impact your personal circumstances?

2. What are the fundamentals of buying property you should still be cautious about?

3. Hear about real stories on what not to do, when buying your first home, or property in general.

4. Understand your borrowing capacity before rushing into property.

Reserve your complimentary ticket NOW for early bird. $15 per person after 9-June (Friday)