We will guide you every step of the way, and explain the process in detail and help you move from your rental premises to your own dream home. We will analyse your needs and assist you with the right loan to suit your circumstances.
The lender will assess your borrowing capacity based on your income and commitment.
Most lenders require a minimum savings of 5% -10% of the purchase price. If you have bigger deposit it will help you to save lots of interest in the long run as well as in mortgage insurance.
First Home Owner Grant
In NSW, effective from 1st July 2017 First home buyers building a new property will be entitled to a $10,000 grant on homes worth up to $750,000. First home buyers purchasing a new property worth up to $600,000 will be entitled to a $10,000 grant.
Stamp Duty & Exemptions
It is the state government tax payable to the State Govt on the purchase of the property.
The duty paid when buying residential property can be an obstacle for first home buyers. For those entering the market, the NSW Government is abolishing this duty on new and existing homes worth up to $650,000. For properties valued at between $650,000 and $800,000, the duty concession will be gradually reduced. This is effective from 1st July 2017.
Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000, and will receive concessions for vacant land valued between $350,000 and $450, 000. These rates apply from 1st July 2012.
There are a number of other expenses, which you need to keep in mind while purchasing a new home. Provide for the following expenses: Pest and building inspection cost, solicitor fees, building insurance, moving expenses etc.