For many Australians, buying their first home marks a significant and memorable milestone. And like most of our biggest achievements, we need to be resourceful and careful with the choices we make. Saving for a deposit is hard, and so it’s important to look for any leg up you can get as a first home buyer. Apart from the government’s HomeBuilder grant, other grants like the First Home Owner Grant can top up your investment and help you to get your dream home.
If you’re a first home buyer, you may be entitled to a concessional rate on stamp duty or even an exemption from paying it altogether under the First Home Buyer Assistance Scheme.
What does the First Home Buyer Assistance Scheme offer?
- Full or partial exemption on transfer duty.
The applications are considered separately but the main criteria that must be present in your application are:
- You are buying your first home in Australia
- Its value is no more than $800,000
- The contract date must be on or after 1 July 2017 and must be for the whole property
- You must be an individual, not a company or trust
- You must be over 18
- You, and your spouse or partner, must never have owned or co-owned residential property in Australia
- You and your spouse or partner must never have received an exemption or concession under this scheme
- At least one of the first home buyers must be an Australian citizen or permanent resident.
You or one of the other first home buyers must:
- move into the new home within 12 months after buying the property and
- live there for at least six continuous months.
What about the First Home Owner Grant?
If, rather than buying an older property, you’re buying or building a brand-new home to live in, you may also be eligible for the First Home Owner Grant. This grant gives you $10,000 towards the purchase price of your new home, but comes with some conditions.
- You must be buying or building your first home
- The property must be a new home that no-one has lived in before
- The property must be worth no more than $750,000
More information can be found on the Government website: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme
Have more questions about buying your first home? Give us a call today!
Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.