Help for first home buyers
What incentives do Victorians have?
Buying your first home is a huge financial decision, its stressful yet exciting and with all of these government incentives being thrown around, it can become a little overwhelming. Here is some helpful information regarding the Grants available to First Home Buyers.
As a first home buyer, you may be eligible for a number of funding schemes to help you get into your home sooner.
The First Home Loan Deposit Scheme is an Australian Government initiative designed to help first home buyers have a chance at getting their foot into the property market door and get that little bit closer to owning their dream home.
The scheme enables eligible first home buyers to purchase a home with a minimum 5% deposit as opposed to 20%. One of the biggest obstacles for first home buyers is saving that lump sum for a deposit, this scheme will save you time and get you there sooner.
So how do you know if you are eligible?
-Be an Australian Citizen
-Couples must be married or in a defacto relationship ( you can not apply with a parent, sibling or friend)
-Individual applicants must have earned less than $125,000 in the last financial year and $200,000 for couples.
-Must live in the house for at least 6 months after purchase
-Need to be over 18
-Have never previously owned a home in Australia
Along side the 5% deposit scheme, Victoria also offers a grant of up to $20,000 for first home buyers building or buying a new home in Regional Victoria or up to $10,000 for homes in Metropolitan Melbourne.
The maximum purchase price of a new home is $750,000 and the home must be less than five years old, it can be a house, town house, unit, apartment or block of land. It cannot be a holiday house or investment property.
Stamp duty is also waved for first home buyers in Victoria for houses up to $600,000 and heavily reduced for homes over the $600,000 mark. That alone is a large saving in itself.
The Australian Government has also extended the HomeBuilders Grant of $15k until the end of March.
These grants are a game changer for young Victorians, with up thousands in incentives, opportunities such as these don’t come around often. What an excellent time to build a new home in Australia.
