Are you a First Home Buyer?

All states and territories in Australia offer some form of stamp duty concession or exemption for first home buyers.

If you are buying in ACT or VIC, There is no stamp duty for property values upto $750,000 (ACT) & $600,000 (VIC) for first home buyers. For an example, you could save up to $31,070 on a home valued at $600,000 in VIC or less.

The other states also offer concessions. for further details, please get in touch with us or a conveyancer in your state prior to planning your purchase. 

Receive a cash boost of upto $10,000 (VIC, NSW, WA), upto $15,000 for SA and upto $20,000 (TAS & QLD)  towards your new home in Australia. 

The First Home Super Saver Scheme allows you to save money faster  within your superannuation due to concessional tax treatment. You can  contribute up to $15,000 per year and $50,000 in total. Couples can save up to $100,000 combined. For more detailed information and to determine your eligibility, it is recommended to consult with a financial advisor or visit the website of the Australian Taxation Office (ATO).

These government schemes enables eligible home buyers to buy their first home with as little as 2-5% deposit without paying Lenders Mortgage Insurance, making it easier to get them into the property market.

FHBG - This scheme is for eligible home buyers to buy their first home sooner, in any area including metropolitan suburbs. This enables the eligible home buyer to purchase their first home with as little as 5% deposit without paying Lenders Mortgage Insurance. There are 35,000 places available in each financial year (subject to change).

RFHBG - This scheme is for eligible regional home buyers to buy their first home sooner, in a regional area. This enables the eligible home buyer to purchase their first home with as little as 5% deposit without paying Lenders Mortgage Insurance. There are 10,000 places available in each financial year (subject to change).

FHG - This scheme is for single parents or eligible single legal guardians of at least one dependent to buy a home sooner. This enables the eligible home buyer to purchase their first home with as little as 2% deposit without paying Lenders Mortgage Insurance. There are 5000 places available in each financial year (subject to change).

* Eligibility criteria apply - Please get in touch with us to find out if you are eligible

New Zealand citizens living in Australia are generally eligible for the same first home buyer schemes as Australian citizens. However, there may be some specific requirements or restrictions that apply to New Zealand citizens. it is important to consult this prior tostart looking for a property.

The above schemes are really great initiatives by the Australian government to support the first home buyers. To find out whether you are eligible for any of the above schemes, Get in touch with us today!!