A Guide to First Home Buyer Incentives
Hey there, future homeowner!
Stepping into the property market for the first time? It’s an exciting journey, and guess what? There are some pretty cool benefits and schemes designed just for you.
To help you figure out what you might be entitled to, check out our cheat sheet below.
First Home Owners Grant
Dreaming of a brand-new home that still smells like fresh paint? You might be in luck! Several states offer a cash grant specifically for first-time buyers purchasing new, substantially renovated, or to-be-built homes. This grant can help make up part of your deposit, getting you into the property market sooner. There are specific criteria you need to meet, so check out the links below to see if you’re eligible in your state!
Schemes to Help You Buy with Just a Little Upfront:
First Home Guarantee Scheme: Imagine buying your first home with just a 5% deposit and skipping the dreaded LMI (Lenders Mortgage Insurance). Sounds too good to be true? It’s not! The government might back you up on this, acting as your unofficial guarantor. They won’t own a piece of your home, but they’ll help you buy it with a much smaller deposit upfront. Even better, it’s available for established or new homes! Make sure your income and property purchase price don't exceed the set caps. Dive into the details below.
Stamp Duty Discounts/Exemptions: That pesky tax on your home’s purchase price can come with a hefty price tag, but if the home you are purchasing is under the state’s price threshold, you could pay $0 in stamp duty, or at least get a nice discount. That means keeping more dollars in your pocket for, say, a fancy couch or maybe an extra room…
First Home Super Saver Scheme (FHSS): Need to boost your savings? The FHSS lets you save for your first home inside your superannuation fund, potentially reducing your tax you pay and boosting your savings faster. It’s like an express pass for your savings.
Buy Back Schemes: Not as common but definitely worth mentioning, these schemes can help you buy into a property through a co-ownership arrangement with developers or the government, making homeownership more accessible.
Mix & Match
The best part? You can combine these schemes if you meet all of the eligibility requirements. It’s like stacking your favourite coupons for the ultimate deal on your first home. Not sure how it all works together? Reach out today, we’re here to help!
State-Specific Incentives
Many states and territories offer additional bonuses or more specific entitlements tailored to regional needs or particular demographics, such as regional buyers or those purchasing energy-efficient homes. These can range from extra grants to further tax rebates or tailored lending facilities.
Ready to Take the Leap into Homeownership?
Deciding to buy your first home is a big step, but you don’t have to do it alone. Whether you’re trying to navigate grants, save for a deposit, or just need some friendly advice, we’re here to help.
Contact us today to explore your options and turn your dream of homeownership into a reality. Let’s make your first home purchase as smooth and rewarding as possible!
Your broker,
Tara
