First Home - Where in Sydney?
- Thread starter awoawo
- Start date
What is your budget?
I understood that the for a first home to get the grant and stamp duty waiver it is $550,000, which is my budget.
I thought this threshold was lifted in the last NSW budget?
It needs to be brand new btw.
From contracts signed today it's $750K http://www.osr.nsw.gov.au/grants/fhog
Jordan Springs is a way out even for $550K. Have you tried established houses closer in eg: Quakers Hill, Dean Park, Blacktown etc?
Jordan Springs is a way out even for $550K. Have you tried established houses closer in eg: Quakers Hill, Dean Park, Blacktown etc?
We don't know your circumstances, so you may be looking at new entry level housing or if 'daddy' is helping out it could be $millions.
Hi Jacque
Thanks for pointing in the direction of Quakers hill, dean prk etc.
but purchase of established prop = no first home grant or stamp duty waiver.
The question is, are you overpaying for a new property by even more than the FHOG and stamp duty waiver?
^ Exactly.
I see some many of my frds buying 1 bedders in inner west for mid to high $550-560 and they are happy....like seriously it's almost $70-100k over priced for what you get
just to save $30-40k in grants.
Of cours this is not the case for every OTP property and buyer...
End of the day it's great that you get a grant but you need to make sure the buy makes sense...Your buying the property to either to live in and enjoy or for capital gain/wealth creation purposes NOT for a "grant"....
Hi my husband and I have almost finished building our new house at Ropes Crossing which will be connected to Jordan Springs by road in the future. We had a look at Jordan Springs but went with Ropes Crossing because it was more established with shops, regular bus service, childcare and a primary school. However, Jordan Springs does now have shops and a bus service but it still doesn't have a primary school or childcare centre. They are proposed but that is no guarantee that they will put them in. Ropes Crossing is also closer to a train station. St Marys station is a 5 minute drive with a multi-storey commuter car park or a 10 minute bus trip. The station closest to Jordan Springs is Penrith which is a 10 minute drive or 20 minute bus trip. We also just liked the appearance and feel of Ropes Crossing better but Jordan Springs is still quite a nice place and we probably would have bought there if Ropes Crossing wasn't an option. We have family in Quakers Hill, Glendenning and Cherrybrook so Ropes Crossing suited us better in that respect too. The last lots of land at Ropes Crossing have been sold but there are still a lot of house and land packages. We are so glad we bought a new home rather than an established home because it did save us a lot of money. We bought our land a year and a half ago for $240k and we were eligible for a promotion Lend Lease had at the time where they gave us $10k. Then the build cost of our 5 bedroom, 3 bathroom, double garage home was around $310k but we didn't have to pay stamp duty and we got the $15k grant. So our house that would have cost $550k actually only cost us $525 and no stamp duty. For that money, in Western Sydney we would have gotten an old house in not as nice an area. It definitely has been a good investment for us because homes like ours have been selling for about $100k more than we paid.
Little wonder that crappy properties across the road in Mounty country are selling at $350k !
OTP are seriously overpriced by 10-20% and due to that it also becomes difficult to get the valuation approved at the contract price.
True! I wouldn't buy OTP properties now. They are overpriced for 20%. Banks are aware of this and one of my friend got rejected by 3 banks now for the valuation.
gcb160;1183104 Then the build cost of our 5 bedroom said:
I don't think it's too surprising. If you look at the costings on a lot of those new house and land estates from some of the bigger names (Rawson, Wisdom, Eden Brae etc), the figures are about on par with that $310k.
We are building with Clarendon.
Watch their contractors work and have an experienced builder give your new property a once over at handover.
