The New South Wales government has launched a new tool to help homebuyers understand the available support, following the latest changes to homebuyer assistance in the state.
The NSW government has introduced a new digital tool to help homebuyers determine if they are eligible for government homebuyer support. By asking borrowers 14 questions – including the value of the property they are purchasing, their age and citizenship status (among other questions) – the Homebuyer Assistance Finder tool aims to help determine if potential homebuyers are eligible for stamp duty exemptions/first homebuyer assistance scheme discounts, government home purchase through shared equity schemes, and/or the $10,000 First Homeowner Grant.
Once determined, the tool will provide information on the available schemes they may be eligible to participate in.
According to the NSW government, the tool aims to reduce “the time and effort it takes to find this information and understand eligibility criteria” and better streamline services so that “people can get the help they need to leave the rental market and enter their own market sooner.”
NSW Minister for Customer Service and Digital Government, Jihad Dib, commented: “Buying a home can be one of the most exciting moments in a person’s life, and we want to help more people enter the property market.
“I know that dealing with government schemes can seem daunting for many people, so we want to ease that pressure by putting everything in one easy-to-find online location and removing the guesswork from eligibility criteria.
“This new tool delivers on the government’s commitment to reducing barriers to the property market for those who need it most.
“Since becoming Minister in [April 2023], I have been fully focused on making it easier to deal with the government, and this is another example of making life easier for the people of New South Wales.”
The tool has been launched following the recent abolition of the Perrotet government’s First Homebuyer Choice (FHBC) scheme in the state, which allowed first homebuyers (FHBs) purchasing properties under $1.5 million to choose between stamp duty or annual land tax.
Instead, from 1 July, FHBC was abolished and replaced with increased thresholds for FHB stamp duty exemptions and discounts.
It is estimated that around 1,500 FHBs apply for mortgages to purchase their first homes each month.
If you are a first home buyer in North Sydney looking for a mortgage broker, Speed Lending is here to help. Our experienced brokers can guide you through the process and help you find the best home loan for your needs. Contact us today to learn more.
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