If you’re looking at buying your first home, you are probably struggling with all the available loans, rebates and government incentives floating around. With current residential house prices skyrocketing, it can be hard to see how you could own your first home in the next few years.
First home buyers have a lot of enthusiasm and want to buy a property sooner rather than later. With the most recent cuts to stamp duty costs, it seems like the dream could become a reality.
What is available for first home buyers and how can these incentives help you?
There are numerous opportunities available for first home buyers: from grants to government offers, conveyancing rebates which means you could be in your new home quicker than you ever thought.
When taking the step towards buying your first home, it is important to consider all options. Owner occupied properties often receive significantly lower interest rates than comparable investment properties. Coupled with the First Home Owner Grant, you are already looking at savings coming in from multiple avenues.
The First Home Owner Grant (FHOG) is key for most first home buyers. It is a one-off grant that can drastically reduce your upfront costs. It is important to note that the FHOG is different for every state and territory and comes with eligibility criteria.
Apart from the FHOG, recent changes to legislation have also reduced or completely removed stamp duty costs for first home buyers whom are purchasing property under certain price brackets. All government incentives, grants and offers are available to encourage home ownership and allows you to get your ‘foot in the door’.
The sum of all available incentives can be between $10,000 and $26,000 in upfront payments; with other savings equating to over $40,000. This is the accumulation of stamp duty reductions, lower interest rates, First Home Buyer Grants, duty reductions, off-the-plan concessions and there are even concessions available in some states if you’re planning on using the home as your principal place of residence.
Entering the world of home ownership and finance can be quite daunting but with the right advice, you could save yourself thousands.