For most people, buying their first home is a huge challenge, both financially and personally. With the cost of the “average” home in New South Wales exceeding a million dollars, saving a 20% deposit is itself a substantial undertaking, usually requiring years of sacrifice. The deposit is not the only amount that buyers in New […]
What is PEXA and how does it work?
If you are purchasing or selling a house in NSW is it likely that you have heard of the word PEXA. PEXA is an acronym for Property Exchange Australia. It is a public company with majority shareholders owned by Link, Commonwealth Bank and Morgan Stanley that completes around 20,000 settlements a week or 80% of […]
Things to know before buying into a Strata Scheme
A strata scheme is a building or collection of buildings that has been divided into ‘lots’. Lots can be individual units/apartments, townhouses or houses. When a person buys a lot, they own the individual lot and also share the ownership of common property with other lot owners. Common property generally includes things like gardens, external […]
Foreign Resident Capital Gains Withholding FRCGW & Clearance Certificates
Foreign resident capital gains withholding (FRCGW) applies to all vendors disposing or selling of property under contracts entered into from 1 July 2016. FRCGW is different to the foreign person surcharge when purchasing a property but is often confused. The withholding obligation applies to both Australian resident and foreign resident purchasers. The FRCGW tax rate is […]
First Home Buyer Schemes and Grants
First Home Buyer Assistance Scheme Buying your first home can be confusing and stressful, understanding these grants is important to understand where you are at financially. The First Home Buyer Assistance Scheme is the more common scheme especially, in the greater Sydney Metropolitan area and New South Wales. Both these scheme operate to allow a […]
Changes to Stamp Duty from 1 August 2020 during COVID-19
These changes are part of a range of changes made by the New South Wales Government under the COVID-19 Recovery Plan. From 1 August, 2020 and for the next 12 months thresholds for exemption from payment of stamp duty for first home buyers who buy new homes or vacant land. NEW HOMES Pre 1 […]