It can be overwhelming if you’re in the property market for the first time and perhaps you’d like some more info on things you need to know if you’re a first home buyer.
You could be thinking about things like stamp duty requirements, the first home owners grant or further information on conveyancing and property contracts.
There’s certainly a lot that needs to be considered and it helps to do some research and understand your obligations. It can also be beneficial to find a good property or conveyancing lawyer to assist you with the property contract and what needs to happen in the property sale and exchange of contracts process.
Qualifying As A First Home Buyer For First Home Owner’s Grant (NSW)
In order to qualify as a first home buyer to obtain the first home owner’s grant, there are some eligibility requirements you must satisfy:
If you satisfy these requirements, you may be eligible to receive the first home owner’s grant in NSW which is $10,000 toward the property purchase price.
As a first home buyer in NSW, you may also qualify for the First Home Buyers Assistance Scheme which is full or partial exemption on transfer duty.
Stamp Duty Considerations
Stamp duty is calculated based on the value of the property or land you are purchasing. It is important to note as a first home buyer, you will be exempt from stamp duty payments in NSW if the property value is less than $650,000 and you will be using the property as your primary residence.
If the property you are buying is between $650,000 to $800,000, you’ll receive a discount or concession on stamp duty.
These are all important things to note prior to making a decision as a first home buyer in NSW, so you know where you stand financially.
Options For Paying For Your Property
Generally most people will need to obtain a mortgage to help finance their property purchase, as opposed to purchasing it outright without a loan.
It is common for a lender to provide a mortgage for 80% of property market value, and then the purchaser needs to make sure they have the balanced purchase price and stamp duty ready upon settlement.
Property and Conveyancing Requirements
When buying your first property, it’s important to engage an experienced property or conveyancing lawyer like TY Lawyers in Chatswood to help you through the legalities, the contract for the sale of the property or land and the overall settlement.
Contracts can be hundreds of pages in length, and an experienced lawyer in this field knows exactly what is required and how to interpret the contract, keeping your best interests a priority.
TY Lawyers have extensive experience in property law in NSW and can assist you with all your property or conveyancing requirements when you find your dream place! Even if you’re just starting out and need assistance with mortgage choice, TY Lawyers are here to help.
Negotiate The Price
Remember the listing price isn’t always the final price when it comes to real estate and it pays to put in some good negotiation along the way. Knowing when to push and when not to is a skill, however never accept the first price and always try to negotiate.
If you’re looking for someone to assist with all your property and conveyancing requirements in Chatswood or greater Sydney, contact our friendly team at TY Lawyers Chatswood.
Have a confidential discussion about your situation and get peace of mind throughout the process. Call: 02 8007 0135 today.