Sydney’s property prices continue to soar especially in the Eastern Suburbs making it very difficult for first time buyers to get a foot in the door says Daniel Pym Director at Loan Market. Loan market is always looking for ways to save you on your mortgage. With this in mind we are thrilled that as of 1 July 2017 there are new rules allowing first time buyers to escape stamp duty on a home to the value of $650,000, this equates to a massive saving on that price of $24,740! On the purchase of a home of up to $800,000 stamp duty will be paid on a sliding scale.

To add to this incredible saving if you purchase a home off plan to the value of $600,000, you will also receive a $10,000 grant upon settlement. Should you be a first time buyer and want to build your home, you will automatically receive a $10,000 grant on building and construction costs to the value of $750,000 when building commences. These new rules will offer a slight respite to overburdened first time buyers said Daniel. For more ways to save on your mortgage click here.