For those first home buyers out there wondering when the best time to purchase real estate in Wollongong is, the time is now!
This is because the state government will be reducing its First Home Owners Grant (FHOG) from $15,000 to $10,000 on January 1, 2014.
The FHOG grant is funding provided from the NSW Government, and was put in place to help first time home owners to get their footing on the property ladder.
To be eligible for the grant, applicants must be an Australian citizen or permanent resident, and must not have owned property before.
The home must be either brand new or be purchased before construction has completed. The total value of the property must also be below the grant capacity of $650,000.
The FHOG is a great way to get a jump start in the property market, and first home buyers would be wise to take advantage of it before the grant is reduced.
In a press release, Real Estate Institute of New South Wales (REINSW) president Christian Payne called for the government to reintroduce buyer incentives that were removed in 2012.
“In removing the incentives on existing properties, the NSW government has forgotten the important place first home buyers hold in the property ladder and the huge benefits of their activities across the state,” he said.
“We also run the real risk of losing the brightest minds who, if not treated with the respect they deserve, will take their skills and savings to other more affordable states. We cannot let this happen.”
Reinstating incentives for first home buyers will help to stimulate their activity in the NSW property market. And with house prices increasing across the state, an incentive would go a long way in helping buyers secure a home.
If you’re a first home buyer looking to purchase Wollongong or Illawarra real estate, then contact a seasoned expert at MMJ Real Estate.