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A new online calculator from the NSW government aims to assist first home buyers enter home ownership.
Under the First Home Buyer Choice scheme, eligible participants are presented a choice between a smaller annual property payment or a traditional upfront payment for properties with a purchase price of up to $1.5 million. It is reported the scheme — criticised by some factions for lacking adequate support for the state’s regions — could help over 80 per cent of home buyers.
The government’s calculator will help prospective purchasers deduce which method of purchase suits their situation, with Premier Dominic Perrottet outlining self-determination at the heart of what he described as a “game-changing reform that will put keys in the hands of new home owners much sooner and allow young people to capitalise on the financial security that home ownership delivers”.
Mr Perrottet noted that a key desire of the scheme is an aim to shave down the six years it takes the average Australian to save for a 10 per cent deposit.
“Home ownership is the investment that starts paying dividends from the moment you walk through your front door for the first time, and we don’t want people to have to wait an extra couple of years to reap those benefits,” he added.
Treasurer Matt Kean mirrored these sentiments, explaining that the First Home Buyer Choice calculator will accommodate first home buyers to choose their own pathway into home ownership based on their financial and personal circumstances.
“Treasury analysis indicates half of all owner-occupiers sell their home within 10.5 years, with first home buyers likely to sell even sooner. That means for the majority of first home buyers that don’t already receive stamp duty assistance, First Home Buyers Choice will not only allow them to break into the property market earlier, but pay less overall,” Mr Kean said.
“First Home Buyer Choice will help young families take their goals of home ownership into their own hands and fast-track their journey to the great Australian dream.”
Damien Tudehope, Finance Minister, explained that the calculator would help home buyers make the right decision and assist more young people across the state enter the housing market because “when you own your own home, you own a stake in our nation”.
“The calculator is easy to use and will find the land value of eligible properties under $1.5 million to calculate the options,” he concluded.
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