Oz government increase help for first time buyers
First home buyers looking for a property in Sydney are to get extra help from the government as announced earlier in the week as part of the NSW Budget.
Mike Baird from the Treasury explained that in an effort to boost the property industry first home buyers purchasing new home will have their grants increased from $7,000 to $15,000 for 15 months it will then reduce to $10,000, but this will only apply to properties worth up to $550,000 – rather than the previous upper limit of $835,000.
Also a stamp duty discount for off-plan houses, apartments and land packages will be replaced by a $5,000 concession to those buying a newly built dwelling.
The government’s aim of this budget is to get the property sector moving, the housing and construction sector is vital to the state’s economy and thousands of new homes will be needed to house future generations as the population continues to grow.
The new changes will apply from October 1st.