There has been a lot of buzz about the special deal the government is offering to first time homeowners, in a nut shell, the grant or – New Home scheme began in January 2012 and provides ‘eligible’ purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $750,000.
In theory the idea is solid one, however if you live in Sydney’s Eastern Suburbs you will know that you will struggle to find an older one bedroom apartment for under 750,000 AUD, let a alone a brand new one…
Daniel Pym a senior Mortgage Broker and financial adviser at Loan Market had this to say, “if you spend $750,000 and receive the $15,000 grant, you then have to pay the FULL stamp duty of $29,240, basically 50% of your grant is gone. This means that clients have to save another $15,000 more just to pay for the stamp duty”
He advises, in order to realistically make the grant work for first time buyers the government should let them buy an existing property rather than a brand new one, for an amount of at least $750,000, pay no stamp duty and apply the $15,000 grant.
We can only hope the Government is listening
With more than 25 years of experience in mortgage broking, Daniel Pym, Director of Loan Market Double Bay, sat down with Daniel Hakim on the ‘Catching up with CUB’ podcast; to share his insights into how borrowers can approach lending strategically. Exploring strategies from negotiating better interest rates to planning for future property investments. … […]
One year ago, Property Manager Julie Feller, Sales Executive Danny Taylor and their team joined Ray White Double Bay, bringing decades of experience, established relationships and a deep understanding of Rose Bay, Vaucluse and the wider Eastern Suburbs. Today, Danny Taylor, Courtney Pashley, Mikayla Giannaklis, Julie Feller and Lachlan Yelds mark 12 months as … […]