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First Home Buyer Incentives

There’s a whole bunch of reasons to buy right now!

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    Why the time to buy is now!

    First Home Buyer? We’ve never seen a better time to get into the market. Interest rates are historically low, and there has never been so much government assistance available.  If you live in Victoria, you can get up to $35k (or $45k if you live in Geelong) towards your home. when you combine the First Home Owners Grant with HomeBuilder. That’s a lot of FREE money! 

    As an extra sweetener, they are also extending their First Home Loan Deposit Scheme meaning you can secure your home with a  5% deposit without paying a cent in Lenders Mortgage Insurance. That could be an extra $20k savings if you’re looking at a $550k loan.

    Keep reading below to find out more about the current grants and incentives helping you into your first home. And just a note that this advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

     

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    First Home Loan Deposit Scheme

    Can’t save 20%? The First Home Loan Deposit Scheme is here to help!

    As of October 4, the Government revealed they are extending their First Home Loan Deposit Scheme. It means an extra 10,000 first-home buyers will be able to purchase their new home with deposits as low as 5 per cent under an extension to the federal government’s First Home Loan Deposit Scheme. It also means you don’t have to pay pesky Lenders Mortgage Insurances which could save you $20k if you’re looking at a $550k loan.

    The extension runs from October 6 to June 30, 2021, applies to newly built homes and a higher price cap of $850k in Melbourne and $650k in Queensland. 

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    HomeBuilder

    On June 4, the Government revealed their latest grant, the HomeBuilder Scheme. The HomeBuilder Scheme will see $25,000 provided to new builds or renovations contracted between 04 June 2020 until the end of the year. We have limited availability with HomeBuilder eligible homes so are encouraging buyers to contact us quickly if they would like to take advantage of this incentive.

    To access HomeBuilder, you will need to be an owner-occupier and meet the following eligibility criteria:

    • Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
    • Be on an income of less than $200,000 for couples, and $125,000 for singles.
    • Be spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million.
    • Be building a new home worth less than $750,000 (this includes land value). 
    • Enlist a licenced builder to complete the construction
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First Home Owners Grant

  • The First Home Owner Grant scheme (FHOG), is a government assistance program designed to help you get into the property market. Incentives for people living in Victoria include a $10,000 First Home Owner Grant (FHOG) for new homes valued up to $750,000 (or $20,000 if you’re in regional Victoria) as well as stamp duty concessions. Incentives for people living in Queensland include a $15,000 FHOG for eligible first home buyers who are buying or building a new home up to the value of $750,000 – including off-the-plan.

     

  • There are a bunch of conditions that apply that do vary from state to state. The main one includes that the eligible property must be a brand new home (purchase or construction) up to a maximum value of $750,000, you can’t have previously received the grant or owned a residential property and you will need to live in the house for a minimum of 12 continuous months (the grant isn’t available on investment properties). Read more on the FHOG here.

    Keep in mind that like all government schemes, they are subject to change. So get the latest information from the State Revenue Office website relevant to your State.

  • Top Tip
    Eligibility requirements vary from state to state, so be sure to visit your state's office of revenue website
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    Low interest rates

    The historically low interest rates are great news for First Home Buyers.  Because lower interest rates means lower repayments, your borrowing capacity can be higher compared to a high interest environments. That means you could potentially be approved for a higher loan amount compared to what you would if there were higher interest rates.  While lenders will still work with a buffer just in case interest rates rise – interest rate rises aren’t likely to happen any time soon.

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