First Home Buyers given assistance by both NSW & Federal Government

With housing affordability being a hot topic, the NSW & Federal Government has implemented measures to assist first home buyers in achieving the “Great Australian Dream”.

A summary of the measures implemented to assist first home buyers are:

Federal Government

The First Home Super Saver Scheme was introduced on 1 July, 2017, to assist first home buyers to save for a deposit. The scheme assists by:

  • Individuals can make voluntary contributions to their super account up to $15,000 per year, up to a maximum of $30,000 in total over time (and subject to existing annual super caps);
  • The voluntary contributions can be withdrawn together with any earnings on those contributions any time after 1 July, 2018 to pay a deposit on the purchaser of the individuals first home;
  • The voluntary contributions and withdrawals are taxed at a much lower rate than traditional savings, so that the individual can save more money through using this scheme.

NSW Government

The NSW Government as at 1 July, 2017 changed some of the assistance to first home owners from just being on new dwellings to being on both new and existing dwellings. The measures in place are now:

  • There will be no stamp duty for first home buyers, if the property is to be their principal place of residence and it is purchased at a price of $650,000 or less;
  • Stamp duty will be payable on a concessional basis between $650,000 and $800,000;
  • Continuation of the first home owners grant of $10,000 for purchase of new homes only up to a purchase price of $600,000;
  • First home owners grant of $10,000 for first home buyers building a new principal place of residence under a building contract or as an owner builder up to a value of $750,000.

The Property and Conveyancing Team at Gibson Howlin Lawyers is able to assist First Home Buyers as well as buyers and sellers when dealing with property in NSW.

Johnathan Neofytu
Lawyer

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