First home buyers in NSW currently have access to the First Home Owner Grant (FHOG) scheme, which is good news for those looking to build real estate in Wollongong or the Illawarra.
Buyers that are eligible for the FHOG can receive $15,000 to go towards the purchase or construction of a new home.
The conditions for securing the grant are that the buyer has not purchased any property in Australia before, that the home is new, and that the total value of the property does not exceed $650,000.
However, in its pre-budget submission the Real Estate Institute of Australia (REIA) called for the federal government to extend this funding to all states, and to those looking to purchase established homes as well.
They also believe that first home buyers should be able to use their superannuation to make a purchase.
In a press release published January 31, the REIA proposed "that the FHOG [First Home Owners Grant] be set at $15,000 for all housing, new and established, to reflect the change in property values since its introduction in 2000 and that it be indexed to median house price movements, annually".
In regards to superannuation, REIA president Peter Bushby stated: "In Singapore, home buyers may use part of their accumulated compulsory salary deductions to purchase housing and it’s been enormously successful. Home ownership in Singapore is at 87.2 per cent compared to around 70 per cent in Australia."
This figure may be attributed to other factors, such as availability or lack of information. Finding the right property often requires sound real estate advice from those who know the market best.
If you're looking to purchase brand new or existing homes for sale in Wollongong, then contact the professionals at MMJ Real Estate today! Our agents can help you find the perfect home – whether it's long-standing, recently built or straight off the plan.