Monday 19th August 2019
Buying a home is a big undertaking, which is why the government offers a range of initiatives to make things a little easier for home buyers. These initiatives are available to every Australian so it is important to take advantage of them as other people in the market will be. Here are some of the main ones to be aware of when you go shopping for a new home.
First Home Owner Grant
The first home owner grant (FHOG) is a government payment of up to $10,000 that can help towards the cost of purchasing your first home. This money is useful for paying costs like stamp duties, legal fees, and title searches, or adding to your deposit.
You may be eligible for the first home owner grant if you are buying property for the first time as long as you intend to live in the property yourself.
The eligibility requirements and grant criteria caries slight across Australian States but the FHOG is offered nationally. Check out http://www.firsthome.gov.au/ to learn more.
First Home Buyers Assistance Scheme
For the First Home Buyers Assistance Scheme, the house you’re buying does not need to be a new home. The only eligibility requirements are that it is your first home and the price of the house does not exceed $800,000. If the house is less than $800,000, you will be eligible to get a transfer duty concession. If it is less than $650,000 you can receive a full exemption on transfer duty. Like the FHOG, buyer’s assistance varies between states so check your state governments website to be sure of the differences.
Home Purchase Assistance (HPA)
HPA is offered nationally but each state has its own forms of HPA that it offers to its residents. Some examples include direct lending, concessional loans, mortgage relief, interest rate assistance or deposit assistance. Check with your local state government to find out what HPA you are eligible for in your state.
If you’re looking to purchase your first home, these government schemes can really help you achieve home ownership.
If you would like to learn more about these schemes or would like to speak to our team about a home loan, contact us today.