Latest NewsSpike in Interest from First Home BuyersSunday, 04 June 2017

Data from Loan Market Group has confirmed first home buyers in New South Wales are acting quickly to gain pre-approvals in an effort to secure finance before the stamp duty concession runs out at the end of the year.

Loan Market chief operating officer Dean Rushton said in the past three weeks, 60 per cent of the company’s brokers in NSW were reporting a spike in first home buyer enquires, while 76 per cent of brokers outside of Loan Market are reporting similar results.

"The increase in activity around pre-approvals is a clear indication that parts of the NSW property market are due for increased competition," he said.

"What we’re starting to see in the NSW market right now is a similar scenario to the end of 2009 when the government withdrew the increased First Home Owners Grant. Market demand has been pulled forward and buyers are accelerating their purchasing plans.

As of January 1, 2012, first home buyers in NSW will no longer be able to claim stamp duty exemptions on existing homes valued up to $600,000. Instead, only first home buyers purchasing new homes will be eligible for the concession.

RFi director Alan Shields said the changes to stamp duty exemption on existing property are going to create a rush of first home buyers coming into the market.

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