The rush is on for first home buyers in NSW following government’s decision to scrap stamp duty exemption

Wednesday, September 14, 2011

Aussie has seen a surge in the number of FHB’s from NSW requesting appointments with its brokers as they rush to get the stamp duty exemption which will be phased out at the end of the year.

The number of FHB’s requesting appointments with Aussie brokers via the website www.aussie.com.au has almost doubled following the NSW State Government’s decision last week to scrap stamp duty concessions to FHBs.

In NSW, FHB’s currently receive an exemption from paying stamp duty for property purchases under $500,000, with graduated discounts between $500,000 and $600,000. From January 1 next year, the stamp duty concessions will apply only to new homes, including those built off the plan.

Aussie founder and executive chairman Mr John Symond said the NSW State Government’s decision had accelerated the buying process for many FHBs.

“This decision has spurred many FHBs into action and will bring forward many buyers who may have been waiting to see what happens with the economy,” he said.

“While we may see a few months of action in this sector, it’s likely to cause property sales in this sub $500,000 range next year to slow down.””

Mr Symond urged FHBs to carry out extensive research and due diligence on any property they are interested in purchasing.

“There will be a lot of competition in that price range, so it pays to do your homework and allow enough to cover mortgage repayments, and extra just in case interest rates go up,” he said.

Mr Symond said it was wise to speak to an Aussie broker as they are dealing with the major lenders on a daily basis, and can analyse hundreds of loans quickly and ensure the FHB is on the most appropriate product for their circumstances. The FHB is supported by the broker throughout the application, lodgement and settlement process.

“Buying your first home can be a very nerve-wracking and confusing experience, so it pays to have an Aussie broker handling the entire process at no cost,” he said.

As one of the country’s largest non-bank providers of financial services, Aussie has a loan book of over $40 billion, with more than 700 brokers across the country.

An Aussie broker will offer guidance, assess eligibility, lodge the application and then support the first home buyer borrower through the home loan process. Aussie brokers are available seven days a week in your home or at one of our 140+ stores at the request of customers who call Aussie on 13 13 33.

For further information please call:

Brooke Stoddart
Aussie
(02) 8297 0381

Tim Allerton
City PR
(02) 8916 4849 or 0412 715 707

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