By 
23 June 2020
There has never been more support available for First Home Buyers (FHB) in NSW.
As a Doctor in Training you have the added benefit of 90% funding with no lenders mortgage insurance saving you thousands of dollars and you can avoid applying for the First Home Loan Deposit Scheme, which has limited places.
Some of the schemes, strategies and favourable interest rates FHB’s can currently benefit from:
First Home Buyers Assistance Scheme
- Stamp Duty Waiver for established homes up to $650,000 value and stamp duty concessions up to $800k.
- Stamp Duty Waiver for newly built homes up to $800,000 value and stamp duty concessions up to $1m.
First Home Owners Grant
- Provides $10,000 when buying or building a new home.
Parental Guarantee
- A limited guarantee to assist a medico FHB in to their first home.
- Parents can provide 10% of the property value secured against their own residential property to enable the medico FHB to purchase their first home and avoid Lenders Mortgage Insurance.
- The 10% funding secured by parents property is a loan in the medico FHB’s name.
- Good potential strategy for those with less than 10% deposit.
Historically Low Interest Rates
- Fixed term principal and interest home loans from 2.19% for up to three years. Lowest interest rates in history are available now!
The team at Cutcher & Neale are here to help, please get in touch if you would like further assistance.
