If you are a first home buyer and you are buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme.
- The purchase price of your new home must be no more than $600,000
- If you are buying land to build a new home, the total price (including the land and home) must be no more than $750,000
You can apply for the First Home Owner Grant (New Homes) Scheme (FHOG) through your bank or financial institution when you arrange finance to buy your home. If you have already completed the purchase process or construction has commenced, you can apply directly to Revenue NSW. For more information and to check your eligibility visit: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes
If you are a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).
Unlike the Frist Home Owner Grant the FHBAS applies to:
- Homes valued at less than $650,000 can apply for a full exemption so that you don’t have to pay transfer duty; or
- Homes valued between $650,000 and $800,000 you can apply for a concession of transfer duty (depending on the value)
The FHBAS applies to vacant land on which you plan to build your home.
For more information go to: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers to purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5% (lenders criteria apply). It is available to 10,000 eligible first home buyers each financial year.
For more information and to check your eligibility visit: https://www.nhfic.gov.au
The First Home Buyer Super Saver Scheme (FHBSSS) is another government incentive that allows first home buyers access to release funds from their Superannuation accounts in order to purchase their first home.
A first home buyer can release up to $30,000 of super. For more information and to check your eligibility visit https://www.ato.gov.au
Purchasing your first home is one of the biggest decisions you will ever make.
Finding a home loan that best suits your lifestyle and budget is even more important. That is why it is so important to obtain sound and trusted advice from experts who will guide you through this sometimes, daunting process to make it as easy as possible.
Need assistance with your first home loan? We can help!
Urban Land Housing have aligned with a local mortgage broking company who has an extensive panel of accredited financiers that include all of Australia’s major banks as well as hand selected boutique banks, who can assist with the following:
- Find out the deposit required to get into your first home
- Check your eligibility and complete the First Home Owners Grant and other government incentives that may assist.
- Understand how family members with equity can help you buy your home
- Complete the loan application
- Find out the amount you can afford to borrow
- Choose a Conveyancer
- Compare financial products of all major banks and lenders to find the right loan for you
- Understand the costs and fees you need to consider and include when buying your home, including stamp duty, application fees, insurance, legal costs and other expenses.
Please ask us today for more information.