how to buy a house in NSW

How to buy a house in NSW – all you need to know!

From government grants and requirements to the most affordable suburbs to purchase properties in the Sydney Region, here are some crucial things you should know to buy a house for the first time in NSW. 

Benefits for first home buyers in NSW

 

First Home Owner Grant – NSW

The FHOG focuses on people who are buying or building a new house for the first time and living there for at least 6 months. This benefit reduces the impact of the GST on home prices.

In New South Wales, first home buyers are offered $10,000 for properties under $600,000, if you are buying a new property that is ready to move in, or under $750,000 if you are building your own property.

Stamp duty concessions – NSW

New or existing properties up to $650,000 are eligible for a concession that may represent $24,740 on tax savings. From August 2020, the NSW Government has extended the benefit for properties up to $800,000, allowing first home buyers to save up to $31,000 to $32,000 in taxes. However, this benefit only applies to newly built houses and is due to end in August 2021. 

There are also some Federal benefits you can be granted when buying a house in NSW for the first time:

First Home Super Saver Scheme

Allows you to save up to $30,000 in extra voluntary contributions to your superannuation fund.

First home loan deposit scheme

Although this benefit has only 10,000 places available per financial year, it guarantees 15% of the total amount to the lender and allows you to purchase or build a property with only a 5% deposit without paying the lender mortgage insurance (LMI). At the moment, this benefit is only available for brand new property under the price threshold of each area.

Who can buy a house in NSW

In general, anyone can buy property in Australia, however, if you are not a Permanent Resident or an Australian Citizens you will have to pay a Foreign National Stamp Duty and will not be eligible for the grants above. 

Permanent Residents and Australian Citizens are both able to buy a house not only in NSW but also in the whole of Australia, applying for one of the government grants mentioned above. 

If the family unit has one of the partners being a Permanent Resident or a Citizen, this is also possible for people who are in a bridging visa; However, in this case, not all banks will accept the visa as per their policy, so we recommend you to contact us to help you find the best solution for your case.

Where to buy a house in NSW and Sydney Region

According to the Domain House Price Report, property prices in Sydney have raised 1.2% over the September quarter. One of the very important things to look at when buying a house in NSW – especially Sydney – is the suburb. Searching for the right area to purchase a property can make your plans way more affordable. 

To help you organize your first steps, we have put together a list of suburbs where it is possible to find properties up to $700,000 in the Sydney Region or its surroundings:

Northern Beaches

  • Collaroy
  • Dee Why
  • Hornsby
  • Newcastle
  • Central Coast

Eastern Suburbs

  • Marrickville
  • Dulwich Hill
  • Earlwood
  • Ashbury
  • Croydon Park
  • Summer Hill

Sutherland Shire

  • Caringbah
  • Cronulla
  • Miranda
  • Kirawee
  • Sutherland

If you plan to buy a house in NSW, we will be more than happy to help you find the best loan and understand which of the benefits you would qualify for. Contact us today and take this first step toward your new home in Australia. 

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