FIRST home buyers are being given some breathing room, with the recent announcement from the State Government that it will cut stamp duty for first home buyers.

With the pressure on first home buyers to save a large deposit, whilst in many cases also paying rent, this news is a welcome relief.

The new announcements mean that all first home buyers are now exempt from stamp duty, on existing properties as well as new builds, up to the purchase price of $650,000, with a maximum saving of $26,800.

There will also be concessions available up to $850,000.

First home buyers will also be exempt from stamp duty on their mortgage insurance.

The average house price in Medowie now sits around $475,000, with first home buyers commonly purchasing properties around the $400,000 mark.

The stamp duty saving of a purchase price of $420,000 (existing property) is $11,240.

The new announcement can give first homebuyers a maximum saving of $26,800.

Home Loans Broker, Jacqueline Stokes, told News Of The Area, “There are some great options for first home buyers that I think a lot of people aren’t aware of.”

“It is possible to get a home loan without a deposit, much to a lot of first home buyers’ surprise.”

Medowie Real Estate Agent Tiffany Jeffery told News Of The Area, “These recent changes are fantastic for first home buyers.”

“The time to move is now, get in and visit a broker and see what they can make happen for you that you potentially would not have thought was possible.”

 

By Rachael VAUGHAN