If you are currently in the market for your first home, or you know someone who is, you don’t need us to tell you how challenging the current competitive market conditions have been in 2021. From rising prices and slow home loan approvals to the return of the investors to the market competing for the same properties, buying your first home has not been easy.
Unfortunately, there is another potential challenge on the horizon that market entrants need to be aware of, and that is the approaching deadline for some of the government’s first home support programs.
Whilst some of the government incentives for building a new home, such as the HomeBuilder program, have already ended, first home buyers need to be aware that the temporary stamp duty cuts on homes under $1 million are due to end on June 30th this year.
Before this date, buyers are able to access a 50 per cent discount on stamp duty for new homes and a 25 per cent discount for existing homes. Of course, first home buyers also have access to other exemptions and concession for homes worth up to $600,000 and $750,000 respectively.
June 30th is also the date that a $20,000 grant for first-home buyers building or buying a new home in regional Victoria is scheduled to come to an end.
When you add in the additional complication of slow loan approvals due to the increased demand in a booming market, it’s clear that first home buyers will be feeling the pressure to secure a property as soon as possible in order to avoid having to put their plans on hold for the foreseeable future.
The good news is that the Buyers Advocates at Ian Reid not only have extensive experience in helping first home buyers to secure the right properties at the right price, but they also have access to off-market properties that the average buyer never gets to hear about.
If you would like to find out more about our service and the difference it can make to your entire home buying experience, you can give us a call on 9430 0000 to talk about your options. What have you got to lose?