88 International

Calling all first home buyers in NSW!
Category : News

In light of the recent overhauls to the first home buyers’ scheme that came into place on July 1st, 88 International is calling all first home buyers in New South Wales to take advantage of the stamp duty concessions before the government moves to change the scheme again. There’s never been a better time for first home buyers to take their first step onto the property ladder through buying off the plan in Sydney.

Stamp Duty Savings

Sydneysiders looking to purchase their first property are eligible for huge savings in stamp duty. For purchases below $650,000, stamp duty is waived altogether. This means that if you’re purchasing a property for $649,000 you will pay zero stamp duty. Prior to the concession kicking in, stamp duty on this property would have cost a grand total of $24,492.60. With savings like this, those thinking about buying should move fast to ensure they can secure a property in one of Sydney’s exciting new developments.

In addition to the stamp duty concessions on properties below $650,000 – there are also savings offered on properties up to $800,000. While the stamp duty savings reduce the closer you are to $800,000, it’s still a great incentive to buy – and offers savings to those first home buyers looking for a larger or more luxurious property.

Rental vs. Mortgage

As Sydney’s median rental price expands, there is no longer such a significant difference between mortgage repayments and rent payments.

Canstar reports that Sydney’s median rental price is $550 a week and this cost is growing by nearly five per cent a year. With new Sydney developments starting at a little over $400,000, the monetary gap between paying rent and repaying the mortgage is shrinking. This means it could very well be cheaper to manage your mortgage than it would be to pay rent.

What’s on offer?

There’s a number of Sydney developments underway that offer starting prices well within the range of the stamp duty exemptions. These include, but are not limited to:

  • The Astoria in Punchbowl, from $415,500
  • The Atrium in Liverpool from $424,000
  • 50 Rodley in Penrith from $510,000
  • Beamish Street in Campsie from $535,000
  • Endeavour Apartments in Arncliffe from $550,000
  • Samantha Riley Drive in Kellyville from $649,000

With such a range of great options available in NSW for first time home buyers, there’s no question that now is a great time for first home buyers to make their move and buy off the plan in Sydney. For more information on current and upcoming developments, contact 88 International.

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