first home buyer incentives
For a First Home buyers, buying a first home is both exciting and daunting at the same time. You may be getting married, moving in with your partner, or beginning your own journey out of the family home.
A deposit for your first loan can be the biggest hurdle to overcome for first home buyers. Maybe you are young and you don’t have a high income. Property prices seem to continually rise each year, making this seem an impossible feat.
Well, be encouraged.
The Federal Government currently has incentives for first home buyers to assist with saving for your first deposit and save on stamp duty on the purchase of the house.
The First Home Owner Grant is for New Homes – both new builds and home and land packages.
This process can be difficult to navigate so it is important to speak with somebody who understands what assistance you may be eligible for.
If you are working towards buying your first home, speak to an Oracle Lending Specialist today to see how the government could help you purchase your first home.
The First Home Owner Grant scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a grant.
- From 1 July 2017, the First Home Owner Grant Cap for new home purchases is $600,000;
- For a property where you enter into a contract to build or are an owner builder the total value cannot exceed $750,000.
- For eligible transactions made on or after 1 January 2016, the grant amount is $10,000.
That’s $10,000 each.
Save on stamp duty
For first home buyers, stamp duty can be the forgotton cost of purchasing a house and the amount can be significant.
You may be eligible to reduce or eliminate the cost of paying stamp duty on the purchase. For example a $500,000 home purchase will normally attract stamp duty of approximately $20,000.
For more information about the First Home Buyers Grant, click here. Conditions apply.