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Lake Macquarie first home buyers encouraged to go new.

By Nicholas MacIntyre

“Talk to Tim” – #1

Lake Macquarie first home buyers encouraged to go new.
(12th August 2012)

First time real estate buyers in Morisset and surrounds  may be holding out for the generous first home buyer scheme due to come into  effect in October this year.

Announced in the recent    state budget, NSW first home  buyers will be provided the greatest financial assistance   in the country but there are some rules around it. Local property expert Tim Bateman of Ray White Morisset said the first home buyer incentive of $15,000 will be a great boost for the market place – provided buyers are interested in new properties.”

“In fact buyers of existing property will be less than impressed as the $7000 first home owner grant – in operation since 2000 – will cease to exist.”The scheme only affects new premises and the reality of our marketplace is that around 90 per cent of first home buyer’s trend towards existing property. The generosity of the grant may well reshape that tendency,” Tim said.

“The scheme also only affects properties under $650,000, which will be welcome news for locals given the average house price of $350,000 – (median sale price for Morisset, June 2012 RPData)

All in all, Timsays the financial assistance may well trend prospective first home buyers towards new homes.

“Along with most people at the moment, first-home buyers are finding it hard to save the extra cash to satisfy the requirements of their lenders and with many lenders looking at the first-home owners grant as a form of savings for borrowers, this should make the process a lot easier for them,” Mr Bateman said.

For more information email: tim.bateman@raywhite.com  or call the office

02 4970 5411    raywhitemorisset.com.au

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