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Latest broker news, publications and updates - Cobblestone Financial

News & Publications

For all of your updates on what is happening in the world of lending today.

First Home Buyer Choice

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Overview

The NSW Government has announced that first home buyers purchasing properties for up to $1.5 million will be able to choose to pay an annual property tax instead of stamp duty. The property tax will only be payable by first home buyers who choose it, and will not apply to subsequent purchasers of a property.

This initiative will lower the up-front costs of home purchases and help to boost the rate of home ownership in NSW. 

Existing stamp duty concessions for first home buyers are available for purchases of up to $800,000, and these concessions will continue. The property tax option will be available for properties for up to $1.5 million, helping a broader group to become first home buyers. In total, these measures will offer support to about 97 per cent of all first home buyers, or about 55,000 people per year.

To be eligible:

  • you must be an individual (not a company or trust)

  • you must be over 18 years old

  • you, or at least one person you’re buying with, must be an Australian citizen or permanent resident

  • you or your spouse must not have previously:

    • owned or co-owned residential property in Australia

    • received a First Home Buyer Grant or duty concessions.

  • The property you are buying must be worth less than or equal to $1.5 million

  • You must move into the property within 12 months of purchase and live in it continuously for at least 6 months

  • You must sign the contract of purchase on or after the scheme commencement date (see below for details).

Federal Government Shared Equity Scheme

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Overview

  • An Albanese Labor Government will help more people buy a home sooner by cutting the cost of buying a home by up to 40 per cent.

  • This will mean a smaller deposit, a smaller mortgage and smaller mortgage repayments.

  • Help to Buy will be open to 10,000 Australians each year.


Eligible home buyers will need a minimum deposit of 2 per cent, with an equity contribution from the Federal Government of up to a maximum of 40 per cent of the purchase price of a new home and up to a maximum of 30 per cent of the purchase price for an existing home.

You will be eligible for Labor’s Help to Buy program if you meet the following criteria:

  • Are an Australian citizen of at least 18 years of age.

  • Earn $90,000 or less per annum for individuals or $120,000 or less per annum for couples.

  • Live in the purchased home as your principal place of residence.

  • Not own any other land or property – either in Australia or overseas.

  • Have saved the required minimum 2 per cent deposit of the home price and qualify (and can finance) the remainder of the purchase through a standard home loan with a participating lender.

  • Pay for any associated purchase costs like stamp duty, legal and bank fees. Homebuyers will also be responsible for ongoing property costs like rates, strata and any other bills.

Family Home Guarantee Single Parent Scheme

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Overview

The Family Home Guarantee (FHG) is part of the Home Guarantee Scheme, an Australian Government initiative to support eligible home buyers purchase a home sooner.   
 
It is administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government. 

The FHG aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home owner. 

Under the FHG, part of an eligible first home buyer’s home loan from a Participating Lender is guaranteed by NHFIC. This enables an eligible buyer to purchase a home with as little as a 2% deposit without paying Lenders Mortgage Insurance.  

Any Guarantee of a home loan is for up to a maximum amount of 18% of the value of the property (as assessed by your lender). This Guarantee is not a cash payment or a deposit for a home loan. 

First Home Guarantee

LINK

 

Overview

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme, an Australian Government initiative to support eligible first home buyers purchase a home sooner.  

It is administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government. 

Under the FHBG, part of an eligible first home buyer’s home loan from a Participating Lender is guaranteed by NHFIC. This enables an eligible home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.   

Any guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by your lender). This guarantee is not a cash payment or a deposit for a home loan.  

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