There are SIGNIFICANT benefits available for first home buyers. There are now 3 schemes available to first home buyers in NSW which could represent over $55,000 in cash savings. Here is a quick summary
How we get $55k?
The sweet spot is a NEW purchase of $600k – assuming you are approved for ALL 3 SCHEMES, you would receive the following benefits
- Stamp duty fully waived = save $22,590
- First Home Owners Grant (new homes) = receive $10,000 of $10,000
- Lenders Mortgage Insurance – if you borrowed 95% / $570k, the LMI would be waived = save $24,800 (using CBA sample)
Total of $57,390 of benefits to a first home buyer buying a new property.
Going around the country
The diagram below shows how the first 2 schemes work around the country (source: Canstar)