Buying a property can be quite an overwhelming experience, especially if you have never done it before.
Here are the steps in buying a house, unit or townhouse in NSW:
What we outline above is the process for buying via private treaty. It gets a little more interesting if you choose to go to auction.
An auction in NSW requires that you pay the 10% deposit on auction day and you have no cooling off period. Consequently, your checks such as building & pest and strata inspections, need to be done prior to auction day. You are also at the mercy of the lender granting full approval after you win the auction and pay the deposit - this is where it pays to have a good mortgage broker who can understand the lending practices and provide great guidance.
Be sure to share this with any friends and family that may be looking to buy in NSW.
The NSW government announced this week that they are abolishing stamp duty for first home owners for new and existing purchases up to $650,000 in value. Stamp duty has been reduced for first home purchase of values between $650,000 and $800,000.
In addition, the duty on mortgage insurance has also been abolished which could save in the order of $3,000 when borrowing up to 95% of the property value.
This is a great initiative and should help all those that are saving to get their first home in Sydney.
More details can be found on the office of state revenue web site.