June 24, 2025 • 15 mins
Ready to take the leap into property ownership in 2025? The rules are changing, and they might just work in your favour.
This candid discussion cuts through the confusing jargon of government schemes to deliver a straightforward guide for first home buyers navigating Australia's property market. We unpack the current First Home Buyer Assistance Scheme (FBAS) in NSW, which offers substantial stamp duty savings of up to $31,000 on properties under $800,000, before diving into the game-changing updates coming in 2026.
The most exciting developments? From January 2026, price caps for the low deposit scheme will increase dramatically to $1.5 million in metropolitan areas (up from $900,000), while income caps disappear entirely from July 2025. This means buyers can enter the market with just a 5% deposit regardless of their income level – a significant shift that opens doors for high-earning professionals previously excluded from these incentives.
We also tackle practical concerns like purchasing tenanted properties (did you know you have up to 12 months to move in?), how rental income can actually help your mortgage payments, and the simplest way to apply for these schemes without drowning in paperwork. The secret? Having the right broker and solicitor in your corner handling the complex documentation while you focus on finding your perfect property.
With property prices continuing to rise and assistance at unprecedented levels, the next 12-18 months present a unique opportunity for first home buyers. Whether you're actively house-hunting or just beginning to save, understanding these changes now puts you in the best position to benefit when the right property comes along.
Subscribe to our podcast for more insider knowledge and practical tips as we continue to track these important developments in Australia's property market. Your journey to homeownership starts with being informed – we're here to guide you every step of the way.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Good morning 2025.
This is your first homebuyerguide to purchasing your
property this year.
Stay tuned, we're going to giveyou all the tips.
Speaker 2 (00:24):
I'm the ringleader, so let's go.
Speaker 3 (00:30):
Well, well.
Speaker 2 (00:31):
Look at you guys, the twins.
Speaker 3 (00:35):
The twins Tweedledee and Tweedledum.
Speaker 1 (00:38):
One finds the property, one finances the
property.
Speaker 2 (00:42):
There, you go, there, you go, there, you go there you
go.
What's that Sorry?
Speaker 3 (00:49):
What a fresh face.
Nice change to have you on.
Yeah, well, I'm going to bejoining.
Speaker 2 (00:54):
I'm here every Tuesday now and I didn't get off
to.
I got off to a bit of a falsestart.
I hooked my phone up to wherewe usually pop it into and the
whole thing snapped.
I'm so hopeless with technology, so I'm actually sitting here.
You should see my setup.
It's hysterical.
I've got like a book and like apencil case holder and I'm just
holding my phone on it.
(01:15):
But whatever, the show must goon, right, boys.
Speaker 1 (01:18):
That's it.
Yeah, the show is at the end.
Keep the viewers watching for asec.
Yeah, exactly at the end andkeep the viewers watching for a
sec.
Yeah, exactly, we're talkingabout the first home buyer, I
guess changes coming into effectfrom the first of july.
Um, it's going to be quite abig 12 months for first home
buyers and I know this storygets replayed and replayed and
replayed and to a lot of peopleit's just jargon, it's real
(01:40):
estate language that no oneunderstands.
So we're going to try andsimplify things for you this
morning.
Break it down and just talknormal english.
Speaker 3 (01:48):
Yeah, I think well, first home buyers.
There's, you know, always a newera of first home buyers, right
, it's like, yeah, you get born,you grow up a little bit, then
you buy your first home.
So there's always a new wavethat needs to hear things and
what's happening, and there's,as everything else changes, so
do the first home buyerincentives, so we can talk 100%
(02:10):
and you know national level onesand how lucky.
Speaker 2 (02:14):
I know everyone complains about the escalating
cost of prices, property pricesand interest rates, but how
lucky that these guys get theopportunity to get a little bit
of a helping hand from thegovernment.
But I've got to say, zach, likeyou know, working in real
estate, I literally had to sitand chat GPT a whole lot of
stuff, and my spiel to chat GPTwas can you break this down into
(02:38):
easy to understand terms?
And I think that's what we needto do today Break it down for
the people so that these guyscan understand exactly what's
going on with the first homebuyer scheme and the new ones
that are taking effect inJanuary.
So what is it?
What is the first home buyerscheme?
Let's just talk about thatreally briefly.
Speaker 3 (03:00):
Yeah, so there's FBAS is what it's termed is the
First Home Buyer AssistanceScheme in New South Wales.
So that's a state based schemeand that's incentivising first
home buyers around the cost ofstamp duty.
So at the moment it's $800,000.
You pay zero stamp duty ifyou're an eligible first home
(03:22):
buyer.
So there's some eligibilityrequirements around must be a
citizen over 18, must be buyingas a person, so not a company or
a trust, and you mustn't haveheld property previously.
Now the changes that are comingin, there are some changes that
will be offering repeat buyersthat stamp duty concession.
I think it's around 10 yearsthat they mustn't have owned a
(03:44):
property that they can thenagain be eligible for that stamp
duty concession.
I think it's around 10 yearsthat they mustn't have owned a
property that they can thenagain be eligible for that stamp
duty exemption.
So zero stamp duty will be thecost.
So zero dollars up to eighthundred thousand dollars, and
then there's a concession up toa million.
So we've got a.
Speaker 1 (03:59):
We've got a stamp duty table like calculator on
the back of our magazine weproduce every week you see it at
a lot of the open homes.
That's a saving of about$31,000 in stamp duty.
So it's a massive leg upbecause what happened previously
was buyers were taking $31,000out of their deposit to put that
(04:21):
aside for you know, the taxStairtude is around 4.2% of the
property price, right if you'renot eligible for the consent.
Speaker 3 (04:28):
So it's a big chunk back in the pocket and it's, you
know, allowing people to gettheir funds.
It's huge.
But $800,000.
Speaker 2 (04:37):
Now, correct me if I'm wrong.
Um, and I know I'm not becauseI work in property on the
northern beaches um, eighthundred thousand dollars used to
buy you quite a bit.
You know, you'd be able to getthat your foot into the door of
an older style two bedroomapartment on the northern
beaches, or you'd be able to buya really nice, fancy one
bedroom apartment.
(04:57):
But things have changed, billy,haven't they like?
Property prices went up.
Um, it's not going to buy you ahuge amount these days is is
that locked at eight hundredthousand dollars?
Speaker 1 (05:08):
we've got your concessional rate up to a
million dollars, where you getpart of the um concession.
However, you know, the closeryou get to a million dollars
which is now the new norm medianunit price for dy's is nine
hundred fifty thousand um.
You know, the closer you get toa million dollars, which is now
the new norm median unit pricefor DY is $950,000.
You know you're not saving agreat deal.
So that's where the changes aregoing to hopefully benefit
people because they're going toincrease those price caps.
(05:30):
But you're right, it doesn'tget you a huge amount and
fortunately for homeowners thatalready purchased.
You know, when the governmentintroduced the no stamp duty
under $800,000, it actuallyhelped push property prices up a
little bit because it wasgiving people those funds back.
That's the reality.
Speaker 2 (05:51):
Yeah.
So what's changing, zach?
There's some new changes cominginto play.
Is that correct from the 1st ofJanuary 2026?
Speaker 3 (05:59):
Yeah, so that's on the national level.
So there's the HousingAustralia first home guarantee
scheme, which is the low depositscheme.
So if you look at it in a sensethat you can enter the property
market as an eligible firsthome buyer under a national
scheme with as little as fivepercent deposit, there are price
(06:21):
caps associated with that aswell.
Currently it's 900 000 in.
So Metro, new South Wales, soyeah, newcastle and Sydney um
included as far as um there,from the first of uhuary 2026
the government is increasingthat price cap to 1.5 million
(06:42):
dollars, so your deposit theneffectively becomes 75 000 as
the entry point for that, thatprice range.
So I mean that's going to openup and consider a lot of where
the property prices have gone umand maybe capture a little bit
more of the first-time buyermarket that are on different
(07:02):
income levels, because the otherchange in the same scheme
that's underneath the price capis also the income caps.
So this financial year and forthe rest of the calendar year
the income caps will remain.
Sorry to the end of thisfinancial year the income caps
will remain at 125 000 and 200000.
If you're applying as a couplefrom first of july this year the
(07:26):
income caps are eliminated.
So if you're on 250 000 as asingle, you'll be eligible with
a five percent deposit.
Speaker 2 (07:34):
So so just five yeah, exactly right.
Speaker 3 (07:37):
So okay, even if you have a ten% deposit, it's
meaning that you don't have tosave as much or you can get into
the market sooner.
So that's going to reallycapture a lot of the rest of the
market for first-time buyersthat are above that income.
Speaker 2 (07:52):
I've got a question for you because we do find,
particularly in areas like DY Ido on the Northern Beaches I do
find that a lot of theseproperties circa, you know,
$800,000 to $900,000 aretenanted.
And so if I'm a first-timebuyer and there's a tenant in
the property that I'm purchasing, what happens there?
(08:12):
Like you know, say, forinstance, there's a lease on the
property for you know anothersix months what happens there,
because obviously that leaserolls over with the property,
for you know another six monthswhat happens there, because
obviously that lease rolls overwith the property.
But what do I do if I'm afirst-time borrower and I have
to move in?
Speaker 3 (08:27):
So you've got the time period that you will need
to move in within.
So if you settle the property,then six months later or 12
months later you've got to movein with the intent to be there
for at least 12 months.
So you've got to show that inthe first 12 months so you might
move in in the 11th month thatyou've owned it, so that lease
can run for another 11 monthssince you've owned it.
Speaker 2 (08:49):
Okay, wow.
Speaker 3 (08:51):
Yeah, and then you move in and I mean, look, it's
down to the forms that you fillout, and then you know you're
obviously moving in.
You'll have your water billsthere, your electricity bills
and your mail going there.
So that's obviously theevidence that you'll be having
to show that you've moved inthere in the required time frame
(09:12):
.
Speaker 2 (09:12):
To continue on the scheme, and that's really
helpful, isn't it, Billy?
Like I think you've been inthis situation yourself, you
know, I think that's quitehelpful.
If you've got a tenant alreadyin a property you've purchased
it, you're a first-time buyer.
I think that's quite fortunatein many ways, because you've got
that rent coming in every week,which is helping go towards
(09:33):
your mortgage repayments, right?
That's a huge help, Billy.
Speaker 1 (09:37):
Like the biggest, I think, fear for a first home
buyer is first of all spendingtwo years saving a deposit
longer you know then going andspending all the money and then,
having no cash flow to you know, basically go into repayment.
So if you can have a tenanthelp you just with a stepping
(09:58):
stone or give you sort of sixmonths preparation to moving in,
it's the easiest transitioninto the property and then set
it up as your principal place ofresidency.
Speaker 3 (10:07):
And I think there's also a little bit of
consideration from the lenders.
One in particular is nowconsidering for an
owner-occupied purchase andincluding for serviceability.
So when you do serviceability,it's income-based.
It's based on your job.
However, you're making income.
If you need some more servicingand you're buying a two-bedroom
(10:27):
apartment as a first-time buyer, we can use $150 a week as
proposed rental income as board,if you you know you get a
friend to move in or you've gotsomeone that's that's going to
move in with you, but they'renot going to be on the loan or
on the title with you, butthey're going to help you pay.
So yeah, there's that.
There's a couple of things thatthe banks are doing to help
(10:49):
that serviceability case, tohelp people get into potentially
more suitable asset.
Speaker 2 (10:54):
Yeah, genius so, guys , the million dollar question,
how do people apply?
Because you know we we've got a, we've got a daughter who's 19
and, um, we were just helpingher go through it all.
But you know, we were makingher do a lot of the homework and
I've got to say you punch infirst home buyer scheme into
google.
It's not fun.
It's not fun, it's very textheavy.
(11:15):
What's the best way?
For you know?
And look, I think most parentsare, you know, wanting their
kids to do a lot of thisresearch themselves.
How else are they going tolearn?
Um?
But I've got to say I took alook at it and I was like yeah,
it's true, yeah, oh, lookthere's.
Speaker 3 (11:32):
It's a bit of a minefield for information out
there and I guess the best waythat you can apply it's not like
something you apply for priorto you know, looking at property
or something like that it'ssomething that happens at the
same time.
So typically you get apre-approval and for the
(11:53):
national scheme, we would um, wewould lodge that documentation.
As the broker, we've got thehousing australia documentation.
For the low deposit scheme,yeah, that weed lodge.
And then for the state-basedstamp duty scheme, that's a form
that you fill out with yoursolicitor at the point of the
property transaction, so priorto settlement, when they're
(12:15):
doing all the adjustments forthe settlement figures.
So your amount that you'recontributing to the property,
the bank's funds that they'recontributing, and then you've
got the, the form that thesolicitor will provide you,
which is on the state level.
The state recovery office willnominate you as a first time
buyer.
Therefore it will waive orconcede on stamp duty costs.
(12:38):
So two parts For the NationalLow Deposit Scheme, it's through
your broker or your bank, withthe relevant forms at the time
of the loan application, yep,and then with your solicitor for
the stamp duty waiver.
Speaker 1 (12:54):
So the good news is I'll put this really simple.
For a buyer, you don't do anywork.
You just need to have a goodbroker and a good solicitor in
your corner, and that's why weharp on so much about just
building the property team inyour corner, and it's it's.
It's actually just aboutpositioning yourself with the
good people around you to helpthat process become a lot easier
(13:14):
.
Um, I can't, can't.
Um, you know, vouch enough forthe guys that help me.
It makes a world of differencewhen you've got someone good in
your corner.
So I think it's nice if you canbuild those relationships six
to twelve months out before youactually go and purchase.
It takes out a lot of thatstress because you, you know,
you've obviously got enough onyour mind whilst you're going
through open homes and justfocusing on trying to buy the
(13:37):
right place.
Speaker 3 (13:38):
You don't need the paperwork hassle, and that's why
, when you can get apre-approval and it's valid for
90 days, you might as well saywell, if I'm buying in, you know
, the middle of the year, I'llset myself up in the, you know,
first month or two yeah, exactly, and I think even keeping your
finger on the market, likefinger on the pulse sort of
thing, and speaking to peoplelike yourselves, because there's
a lot of first-time buyers stopin in dy and surrounds and with
(14:04):
the lift in the caps, you know,there's probably going to be a
little bit of a bubble.
Maybe we'll see a little bit ofupward pressure on prices.
Um, so, actually realizing whatyour borrowing capacity is,
what your funding goal is foryour savings and therefore what
your purchase price is, so youcan see what's suitable in your
area and you can see what'stracking in the market and watch
(14:27):
what Billy's selling, watchwhat Billy's got open.
Speaker 1 (14:30):
Look, yeah, we'd love to help and we've done the
averages across the price points.
They're not impossible to find,but they don't come up that
often.
These price caps will help that, but we do want to make sure
you're onto things quite quicklywhen the right place comes up.
So that's it, reach out.
Let us know if we can helpanymore.
I reckon this is going to be agreat first you know, next 12
(14:50):
months to buy as a first-timebuyer and, to be honest, we've
never seen more help, assistanceand incentives, so you couldn't
ask to be, you know, bettertiming.
Really Too right.
Speaker 3 (15:02):
Anything else to sign off with oh, better timing
really Too right.
Anything else to sign off with?
Oh, we can put some of thelinks in the comments, I guess
for the schemes.
Speaker 1 (15:13):
Yeah, the best website I've seen is the Housing
Australia scheme for thefederal stuff.
Yeah, and you just put thatinto Google Housing Australia
and it will pop up there.
Awesome, have a good day.
Good morning 2025.
This is your first homebuyerguide to purchasing your
property this year.
Stay tuned, we're going to giveyou all the tips.
Speaker 2 (00:24):
I'm the ringleader, so let's go.
Speaker 3 (00:30):
Well, well.
Speaker 2 (00:31):
Look at you guys, the twins.
Speaker 3 (00:35):
The twins Tweedledee and Tweedledum.
Speaker 1 (00:38):
One finds the property, one finances the
property.
Speaker 2 (00:42):
There, you go, there, you go, there, you go there you
go.
What's that Sorry?
Speaker 3 (00:49):
What a fresh face.
Nice change to have you on.
Yeah, well, I'm going to bejoining.
Speaker 2 (00:54):
I'm here every Tuesday now and I didn't get off
to.
I got off to a bit of a falsestart.
I hooked my phone up to wherewe usually pop it into and the
whole thing snapped.
I'm so hopeless with technology, so I'm actually sitting here.
You should see my setup.
It's hysterical.
I've got like a book and like apencil case holder and I'm just
holding my phone on it.
(01:15):
But whatever, the show must goon, right, boys.
Speaker 1 (01:18):
That's it.
Yeah, the show is at the end.
Keep the viewers watching for asec.
Yeah, exactly at the end andkeep the viewers watching for a
sec.
Yeah, exactly, we're talkingabout the first home buyer, I
guess changes coming into effectfrom the first of july.
Um, it's going to be quite abig 12 months for first home
buyers and I know this storygets replayed and replayed and
replayed and to a lot of peopleit's just jargon, it's real
(01:40):
estate language that no oneunderstands.
So we're going to try andsimplify things for you this
morning.
Break it down and just talknormal english.
Speaker 3 (01:48):
Yeah, I think well, first home buyers.
There's, you know, always a newera of first home buyers, right
, it's like, yeah, you get born,you grow up a little bit, then
you buy your first home.
So there's always a new wavethat needs to hear things and
what's happening, and there's,as everything else changes, so
do the first home buyerincentives, so we can talk 100%
(02:10):
and you know national level onesand how lucky.
Speaker 2 (02:14):
I know everyone complains about the escalating
cost of prices, property pricesand interest rates, but how
lucky that these guys get theopportunity to get a little bit
of a helping hand from thegovernment.
But I've got to say, zach, likeyou know, working in real
estate, I literally had to sitand chat GPT a whole lot of
stuff, and my spiel to chat GPTwas can you break this down into
(02:38):
easy to understand terms?
And I think that's what we needto do today Break it down for
the people so that these guyscan understand exactly what's
going on with the first homebuyer scheme and the new ones
that are taking effect inJanuary.
So what is it?
What is the first home buyerscheme?
Let's just talk about thatreally briefly.
Speaker 3 (03:00):
Yeah, so there's FBAS is what it's termed is the
First Home Buyer AssistanceScheme in New South Wales.
So that's a state based schemeand that's incentivising first
home buyers around the cost ofstamp duty.
So at the moment it's $800,000.
You pay zero stamp duty ifyou're an eligible first home
(03:22):
buyer.
So there's some eligibilityrequirements around must be a
citizen over 18, must be buyingas a person, so not a company or
a trust, and you mustn't haveheld property previously.
Now the changes that are comingin, there are some changes that
will be offering repeat buyersthat stamp duty concession.
I think it's around 10 yearsthat they mustn't have owned a
(03:44):
property that they can thenagain be eligible for that stamp
duty concession.
I think it's around 10 yearsthat they mustn't have owned a
property that they can thenagain be eligible for that stamp
duty exemption.
So zero stamp duty will be thecost.
So zero dollars up to eighthundred thousand dollars, and
then there's a concession up toa million.
So we've got a.
Speaker 1 (03:59):
We've got a stamp duty table like calculator on
the back of our magazine weproduce every week you see it at
a lot of the open homes.
That's a saving of about$31,000 in stamp duty.
So it's a massive leg upbecause what happened previously
was buyers were taking $31,000out of their deposit to put that
(04:21):
aside for you know, the taxStairtude is around 4.2% of the
property price, right if you'renot eligible for the consent.
Speaker 3 (04:28):
So it's a big chunk back in the pocket and it's, you
know, allowing people to gettheir funds.
It's huge.
But $800,000.
Speaker 2 (04:37):
Now, correct me if I'm wrong.
Um, and I know I'm not becauseI work in property on the
northern beaches um, eighthundred thousand dollars used to
buy you quite a bit.
You know, you'd be able to getthat your foot into the door of
an older style two bedroomapartment on the northern
beaches, or you'd be able to buya really nice, fancy one
bedroom apartment.
(04:57):
But things have changed, billy,haven't they like?
Property prices went up.
Um, it's not going to buy you ahuge amount these days is is
that locked at eight hundredthousand dollars?
Speaker 1 (05:08):
we've got your concessional rate up to a
million dollars, where you getpart of the um concession.
However, you know, the closeryou get to a million dollars
which is now the new norm medianunit price for dy's is nine
hundred fifty thousand um.
You know, the closer you get toa million dollars, which is now
the new norm median unit pricefor DY is $950,000.
You know you're not saving agreat deal.
So that's where the changes aregoing to hopefully benefit
people because they're going toincrease those price caps.
(05:30):
But you're right, it doesn'tget you a huge amount and
fortunately for homeowners thatalready purchased.
You know, when the governmentintroduced the no stamp duty
under $800,000, it actuallyhelped push property prices up a
little bit because it wasgiving people those funds back.
That's the reality.
Speaker 2 (05:51):
Yeah.
So what's changing, zach?
There's some new changes cominginto play.
Is that correct from the 1st ofJanuary 2026?
Speaker 3 (05:59):
Yeah, so that's on the national level.
So there's the HousingAustralia first home guarantee
scheme, which is the low depositscheme.
So if you look at it in a sensethat you can enter the property
market as an eligible firsthome buyer under a national
scheme with as little as fivepercent deposit, there are price
(06:21):
caps associated with that aswell.
Currently it's 900 000 in.
So Metro, new South Wales, soyeah, newcastle and Sydney um
included as far as um there,from the first of uhuary 2026
the government is increasingthat price cap to 1.5 million
(06:42):
dollars, so your deposit theneffectively becomes 75 000 as
the entry point for that, thatprice range.
So I mean that's going to openup and consider a lot of where
the property prices have gone umand maybe capture a little bit
more of the first-time buyermarket that are on different
(07:02):
income levels, because the otherchange in the same scheme
that's underneath the price capis also the income caps.
So this financial year and forthe rest of the calendar year
the income caps will remain.
Sorry to the end of thisfinancial year the income caps
will remain at 125 000 and 200000.
If you're applying as a couplefrom first of july this year the
(07:26):
income caps are eliminated.
So if you're on 250 000 as asingle, you'll be eligible with
a five percent deposit.
Speaker 2 (07:34):
So so just five yeah, exactly right.
Speaker 3 (07:37):
So okay, even if you have a ten% deposit, it's
meaning that you don't have tosave as much or you can get into
the market sooner.
So that's going to reallycapture a lot of the rest of the
market for first-time buyersthat are above that income.
Speaker 2 (07:52):
I've got a question for you because we do find,
particularly in areas like DY Ido on the Northern Beaches I do
find that a lot of theseproperties circa, you know,
$800,000 to $900,000 aretenanted.
And so if I'm a first-timebuyer and there's a tenant in
the property that I'm purchasing, what happens there?
(08:12):
Like you know, say, forinstance, there's a lease on the
property for you know anothersix months what happens there,
because obviously that leaserolls over with the property,
for you know another six monthswhat happens there, because
obviously that lease rolls overwith the property.
But what do I do if I'm afirst-time borrower and I have
to move in?
Speaker 3 (08:27):
So you've got the time period that you will need
to move in within.
So if you settle the property,then six months later or 12
months later you've got to movein with the intent to be there
for at least 12 months.
So you've got to show that inthe first 12 months so you might
move in in the 11th month thatyou've owned it, so that lease
can run for another 11 monthssince you've owned it.
Speaker 2 (08:49):
Okay, wow.
Speaker 3 (08:51):
Yeah, and then you move in and I mean, look, it's
down to the forms that you fillout, and then you know you're
obviously moving in.
You'll have your water billsthere, your electricity bills
and your mail going there.
So that's obviously theevidence that you'll be having
to show that you've moved inthere in the required time frame
(09:12):
.
Speaker 2 (09:12):
To continue on the scheme, and that's really
helpful, isn't it, Billy?
Like I think you've been inthis situation yourself, you
know, I think that's quitehelpful.
If you've got a tenant alreadyin a property you've purchased
it, you're a first-time buyer.
I think that's quite fortunatein many ways, because you've got
that rent coming in every week,which is helping go towards
(09:33):
your mortgage repayments, right?
That's a huge help, Billy.
Speaker 1 (09:37):
Like the biggest, I think, fear for a first home
buyer is first of all spendingtwo years saving a deposit
longer you know then going andspending all the money and then,
having no cash flow to you know, basically go into repayment.
So if you can have a tenanthelp you just with a stepping
(09:58):
stone or give you sort of sixmonths preparation to moving in,
it's the easiest transitioninto the property and then set
it up as your principal place ofresidency.
Speaker 3 (10:07):
And I think there's also a little bit of
consideration from the lenders.
One in particular is nowconsidering for an
owner-occupied purchase andincluding for serviceability.
So when you do serviceability,it's income-based.
It's based on your job.
However, you're making income.
If you need some more servicingand you're buying a two-bedroom
(10:27):
apartment as a first-time buyer, we can use $150 a week as
proposed rental income as board,if you you know you get a
friend to move in or you've gotsomeone that's that's going to
move in with you, but they'renot going to be on the loan or
on the title with you, butthey're going to help you pay.
So yeah, there's that.
There's a couple of things thatthe banks are doing to help
(10:49):
that serviceability case, tohelp people get into potentially
more suitable asset.
Speaker 2 (10:54):
Yeah, genius so, guys , the million dollar question,
how do people apply?
Because you know we we've got a, we've got a daughter who's 19
and, um, we were just helpingher go through it all.
But you know, we were makingher do a lot of the homework and
I've got to say you punch infirst home buyer scheme into
google.
It's not fun.
It's not fun, it's very textheavy.
(11:15):
What's the best way?
For you know?
And look, I think most parentsare, you know, wanting their
kids to do a lot of thisresearch themselves.
How else are they going tolearn?
Um?
But I've got to say I took alook at it and I was like yeah,
it's true, yeah, oh, lookthere's.
Speaker 3 (11:32):
It's a bit of a minefield for information out
there and I guess the best waythat you can apply it's not like
something you apply for priorto you know, looking at property
or something like that it'ssomething that happens at the
same time.
So typically you get apre-approval and for the
(11:53):
national scheme, we would um, wewould lodge that documentation.
As the broker, we've got thehousing australia documentation.
For the low deposit scheme,yeah, that weed lodge.
And then for the state-basedstamp duty scheme, that's a form
that you fill out with yoursolicitor at the point of the
property transaction, so priorto settlement, when they're
(12:15):
doing all the adjustments forthe settlement figures.
So your amount that you'recontributing to the property,
the bank's funds that they'recontributing, and then you've
got the, the form that thesolicitor will provide you,
which is on the state level.
The state recovery office willnominate you as a first time
buyer.
Therefore it will waive orconcede on stamp duty costs.
(12:38):
So two parts For the NationalLow Deposit Scheme, it's through
your broker or your bank, withthe relevant forms at the time
of the loan application, yep,and then with your solicitor for
the stamp duty waiver.
Speaker 1 (12:54):
So the good news is I'll put this really simple.
For a buyer, you don't do anywork.
You just need to have a goodbroker and a good solicitor in
your corner, and that's why weharp on so much about just
building the property team inyour corner, and it's it's.
It's actually just aboutpositioning yourself with the
good people around you to helpthat process become a lot easier
(13:14):
.
Um, I can't, can't.
Um, you know, vouch enough forthe guys that help me.
It makes a world of differencewhen you've got someone good in
your corner.
So I think it's nice if you canbuild those relationships six
to twelve months out before youactually go and purchase.
It takes out a lot of thatstress because you, you know,
you've obviously got enough onyour mind whilst you're going
through open homes and justfocusing on trying to buy the
(13:37):
right place.
Speaker 3 (13:38):
You don't need the paperwork hassle, and that's why
, when you can get apre-approval and it's valid for
90 days, you might as well saywell, if I'm buying in, you know
, the middle of the year, I'llset myself up in the, you know,
first month or two yeah, exactly, and I think even keeping your
finger on the market, likefinger on the pulse sort of
thing, and speaking to peoplelike yourselves, because there's
a lot of first-time buyers stopin in dy and surrounds and with
(14:04):
the lift in the caps, you know,there's probably going to be a
little bit of a bubble.
Maybe we'll see a little bit ofupward pressure on prices.
Um, so, actually realizing whatyour borrowing capacity is,
what your funding goal is foryour savings and therefore what
your purchase price is, so youcan see what's suitable in your
area and you can see what'stracking in the market and watch
(14:27):
what Billy's selling, watchwhat Billy's got open.
Speaker 1 (14:30):
Look, yeah, we'd love to help and we've done the
averages across the price points.
They're not impossible to find,but they don't come up that
often.
These price caps will help that, but we do want to make sure
you're onto things quite quicklywhen the right place comes up.
So that's it, reach out.
Let us know if we can helpanymore.
I reckon this is going to be agreat first you know, next 12
(14:50):
months to buy as a first-timebuyer and, to be honest, we've
never seen more help, assistanceand incentives, so you couldn't
ask to be, you know, bettertiming.
Really Too right.
Speaker 3 (15:02):
Anything else to sign off with oh, better timing
really Too right.
Anything else to sign off with?
Oh, we can put some of thelinks in the comments, I guess
for the schemes.
Speaker 1 (15:13):
Yeah, the best website I've seen is the Housing
Australia scheme for thefederal stuff.
Yeah, and you just put thatinto Google Housing Australia
and it will pop up there.
Awesome, have a good day.
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