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Welcome changes for first home buyers

By Louise Morrin

Buying your first slice of St George real estate can be hard. Not only do you have to spend some time finding the perfect property, but you'll need to save up a sizeable sum for your deposit. 

This amount is usually around 20 per cent, so it can be a substantial amount of time before you've put away enough for a home. 

Fortunately, the New South Wales state budget has given first home buyers a glimmer of hope. 

The state-provided First Home Buyer Scheme has lifted its upper threshold from $650,000 to $750,000. This means that brand new or off-the-plan houses valued up to $750,000 can now be eligible for up to $15,000 in funding through this scheme.

Once in action, this will open up doors for many first home buyers who are after the Australian dream of owning their own home.

Commenting on the announcement of the change, Housing Industry Association NSW executive director David Bare said it's "a more realistic figure" due to the growing prices for homes. 

"This provides young first home buyers a real opportunity to enter the market for a new dwelling and family home as median house prices are now around $600,000 in NSW," Mr Bare said.

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