Government incentives which you should know about

Buying your first home can be really exciting and financially stressful at the same time. But do know there are some government help available for people buying their first home. 

Some government benefits you should be aware of when buying your first home include stamp duty concessions, First Home Owners Grant and First Home Loan Deposit Scheme. 

For stamp duty, if it is your first home in Australia or overseas and you are going to live in the property as your principal place of residence, you may be eligible for first home concession. This is a discount for stamp duty instead of paying the full investment duty. There are time limits involved where you must move in within one year of settlement date and live continuously as your principal place of residence for one year.

Another government incentive is the First Home Owners Grant. This is a $15,000 grant towards the construction of your new home where the home is valued less than $750,000. There are also time limits which apply where you must move in within one year of settlement date and live continuously as your principal place of residence for six months 

The other new recently introduced scheme from the government is the First Home Loan Deposit Scheme. Historically, you needed 20% deposit to buy a home but now, under the new scheme, you only need as little as 5% deposit without paying any LMI. This is for first home buyers building or purchasing a home. Please note however there are price caps depending on which area you purchase your home. The time limit applicable is moving in within six months of settlement date and living in the property on a continuous basis.

Remember, the above information are just some general eligibility criteria for people buying their first home. If you need more information regarding your personal circumstances, feel free to reach us through our contact page. Good luck on finding your first home!