Almost $30,000 in subsidies available to eligible First Home Owners
February 7, 2017 | Market Updates
Make the most of an additional $5,000 boost to help you purchase your first home.
- $10,000 first home owner’s grant
- $5,000 first home owner’s boost
- $14,440 savings in stamp duty on a home worth $430,000
Some lenders will lend up to 95% of the purchase price and take into account rental history in lieu of savings. This is great news for cash-poor buyers because it means:
You can buy a home for $300,000, use your $15,000 grant as a 5% deposit and secure a loan for the rest without putting in any extra savings (obviously conditions apply).
To successfully qualify for the grant:
- Your purchase contract must be signed between 1 January and 31 December 2017.
- It only applies to brand new homes such as:
- developments such as apartments, villas or town houses sold off the plan
- newly built developments, sold by the developer and never lived in
- house and land construction packages (you cannot buy land alone, you have to buy land and enter into a construction contract).
- If you buy off the plan, construction must commence within 26 weeks of the contract date and be completed within 18 months of commencement (2 years total).
- The value of your first home (or house and land combo) cannot exceed $750,000, or $1,000,000 if you live above the 26th parallel.
- You pay no stamp duty up to $430,000.
- No income or asset tests apply, so as long as you’ve never owned property, you’re good!
- Don’t miss out on these great savings.
Call Loraine Scholten today on 0423 711 302 to explore your options. Or email email@example.com. Find our more about Loraine here http://www.resicomaccess.com.au/our-team/