FHOG: NSWBuying your first home in New South Wales? Whether you are just thinking about it, or ready to take the plunge now, the best advice we can give you right now is to start getting prepared. 
This means finding out your borrowing limits, researching the suburbs you would like to buy in, and looking at a home loan and repayment structure.
If this all sounds a bit too complicated then we understand. Talk to one of our mortgage brokers, you'll soon know everything you need to know about buying your first home.
First Home Owner Grant
The Federal Government's increased first home owners grant of $14,000 for an established home and $21,000 for a new property will be cut to $10,500 and $14,000 respectively from October 1. From January 1, both grants will revert to the original $7000.
First Home Plus Scheme
First home buyers purchasing property up to the value of $600,000 can also claim the First Home Plus scheme, which gives exemptions or concessions on stamp duty for first homebuyers.
* For property up to $500,000 the buyer pays no stamp duty
* For properties between $500,000 to $600,000 there is only a concessional amount of stamp duty to be paid.
This means that on a property valued at $400,000 you could be saving as much as $13,490 on stamp duty, as well as claiming either $14,000 or $21,000 from the first home buyer grant. This kind of financial support when buying your first home can prove the difference between it being affordable or not. These grants and concessions are available to all first home owners who meet the criteria.
Local Advice
Our mortgage brokers are local just like you. When you call us, we offer a no-obligation assessment of your finances, borrowing power, home loan comparison and assistance with your loan application.
Don’t know how much you can afford? Experts warn to always factor in an extra 2 to 3 per cent in interest rates when buying a home. Over the course of the loan interest rates will rise and fall depending upon the economy. If you budget correctly now, your home will offer you financial benefits you only dreamt of before. But if you get it wrong, and you cannot keep up your repayments, your home could be at risk.
This is why getting a local perspective helps, as it is relevant to YOU.
Want to know more? Need some help finding the right NSW home loan? We have mortgage brokers across NSW waiting to help you. Call  or submit your details on line.
From October 1st 2009 the First Home Owners Grant is reduced to $10,500 for those buying an existing home, and $14,000 for those building or buying a new home. Then from December 31 it will be cut back to the original $7,000 for both categories.
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First Home Grants
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