Big gains for housing affordability planned for NSW

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With the federal government’s 2017 Budget announced last month and recent announcements by the NSW state government, some positive changes for first home buyers and existing home owners are promised in the near future to help with housing affordability, including:

  • The First Home Super Saving Scheme will allow first home buyers to make voluntarily contributions of up to $30,000 into their superannuation at the superannuation tax rate of 15%, rather than at marginal income tax rates, for withdrawal later as a house deposit.
  • In NSW, new stamp duty exemptions and concessions are planned from 1 July 2017, with no stamp duty to be payable for first home buyers purchasing new and existing homes for up to $650,000 and concessions for properties purchased for up to $800,000.
  • Stamp duty on lenders mortgage insurance will also be abolished for first home buyers.
  • For those over the age of 65 who are wanting to downsize their homes, there will be the ability from July 2018 to sell and deposit an additional after-tax amount of up to $300,000 from the sale proceeds into their superannuation on top of existing caps. This measure is hoped to improve housing affordability by increasing the supply of bigger homes available for purchase.

Please note that these measures may not yet have been passed through the various levels of government yet, so it would be best to seek legal and/or financial advice before proceeding with any of the above.

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Anita Bradley has been an absolute dream to deal with. Anita's conveyancing skills and knowledge knows absolutely no boundaries along with her effective communication skills which has made selling and buying a completely stress free exchange for us. We recommend PBL Law to everyone looking for outstanding service. We will definitely be returning clients.
Kushlan Aluwihare
PBL Law Group were fantastic. Anita from PBL worked with us closely during our property search and made the exchange and settlement process smooth and stress free. Highly recommended.
Gail Whitford
PBL handled my late mothers estate, they were very obliging and patient with any and all questions that we had, thank you to David , Sharon and the other staff that we dealt with, everyone was so easy to talk to and friendly .David came to the home where my Mother was living and helped her to get her will in order, Sharon helped us through the process of executing her wishes when the time came even doing a house call which was so much easier, thank you all so much
S M
I have experienced an excellent service from PBL (especially from Anita) during the sale of my recent property on Central Coast, and during the purchase of our current property in Sydney. Throughout many challengers, especially with the sale, Anita presented her very professional and knowledgeable conveyancer, positively solving all obstacles. "Above and Beyond" Award going to Anita!!! :-)
Amanda Reitzin
The five-star reviews are well-deserved. I needed a motion and a bylaw drawn up for urgent repairs of my strata unit and the AGM was in two weeks' time. My solicitor was friendly, efficient, knew what documents to ask for, and had all the paperwork prepared well within the timeframe. She also took the time to run through all the legalese and the different possible scenarios with me to make sure I understood. I am so glad to have found this firm and I will not hesitate to use their services again in future if the need arises.
Ricky Cooper
Anita is amazing! So attentive, approachable and communicates everything every step of the way. I have now bought and sold property with Anita and I cannot recommend her highly enough.
Ron Thomsen
Our Commercial Property conveyancing was handled very professionally. Anita’s experience and responsiveness was an asset in this transaction.
Trace M
I am so grateful for Anita Bradley from PBL Law Group helped me with this property settlement, she has went above beyond to ensure I understand everything because of our deafness. I will recommended Anita or their team. Thank you so much for all the hard work you have done for us.
Tricia Wheatstone
For almost 18 months I have been a client of Alex Ilkin. Alex is very knowledgeable and professional and has consistently provided me with thorough, honest and well set out advice, including steering my case through appeal proceedings. He always worked for my best interests with integrity and compassion. I recommend Alex and his team at PBL.