Real estate is a hot topic at the moment. It’s every Australian’s dream to own a home, but with house prices constantly rising, there has been a lot of talk about first home buyers being priced out of the market.
However, help is at hand with recent Federal and State announcements.
Australians over the age of 65 are also set to benefit in the future, and here’s how:
First home buyers
- Changes to stamp duty
The New South Wales premier Gladys Berejiklian recently announced stamp duty is to be abolished for first home buyers of existing and new properties costing up to $650,000. First home buyers will also benefit from concessions for properties of up to $800,000.
These regulations come into play 1 July 2017.
- First Home Super Saver Scheme
The Federal Government is also helping first home buyers get on the property ladder by announcing its First Home Super Saver Scheme. This allows first-time buyers to save by building a deposit inside tax effective superannuation with voluntary contributions. As of 1 July 2017 they can put into their superannuation up to $15,000 per year, to a maximum $30,000.
These funds, including any earnings the deposits made, can then be withdrawn at a later date for a home deposit.
Contributions can be made as of July 1, 2017, and withdrawals as of July 1, 2018.
Australians aged over 65 years old
To give Australians aged over the age of 65 an added incentive to downsize, as of July 2018, they will be able to put up to $300,000 in property sales proceeds into their superannuation.
There are conditions though – the property has to have been the principal residence for at least 10 years, but the downsizing contributions will not be subject to the existing contribution cap.
With these recent announcements and interest rates still at a record low, what are you waiting for?
Hop online or come into our office and see what we have to offer!
We are one of Newcastle’s longest established real estate offices and our innovative team is constantly achieving great results for our clients.
If you’re thinking of selling or are looking to buy a property, drop into the Cardiff office or give us a call on 02 4954 8833. Or send us an email to: email@example.com – we’d love to hear from you.
And don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.