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Reserve Bank of Australia (RBA)
The Reserve Bank of Australia (RBA) board held the cash rate steady for the sixth consecutive meeting in August 2024, with the outlook for inflation remaining uncertain. The cash rate is unchanged at 4.35%.
NSW Office of State Revenue (OSR)
There are a number of government incentives available to first home buyers in NSW.
<1> A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
<2> First Home Buyers Assistance Scheme: Full or partial exemption on transfer duty
From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.
<3> Home Guarantee Scheme: It is a Federal Government initiative to support eligible first home buyers. Under the Scheme, an eligible first home buyer can apply from a Participating Lender and purchase his/her first home with as little as a 5% deposit.
The Australian Government has announced it will expand the eligibility criteria of the Scheme, effective 1 July 2023. These changes include:
- All guarantees will be available to eligible borrowers who are Australian permanent residents
- First Home Guarantee and Regional First Home Buyer Guarantee will be expanded to non-first home buyers who haven't owned a property in Australia in the past 10 years
- Under the First Home Guarantee and Regional First Home Buyer Guarantee, friends, siblings, and other family members will be eligible for joint applications
- Family Home Guarantee helps single parents or legal guardians build a new home or buy an existing home with a deposit of as little as 2%. Both first home buyers and previous home owners can apply.
Domain
Search to find out property prices, latest auction result, hints and tips to invest or sell a property, and lots more.
Residex
A leading supplier of automated valuation models to the banking industry. Residex is the ideal place to start property research. Free Suburb Report.
BTA Advisory |Better Tax & Accounting Solution
57/1 Brown St, Ashfield NSW 2131
Phone: (02) 8542 9678
Email: bta@btaadvisory.com.au