First Home Buyers Assistance In Australia
Are you thinking of buying a home? Are you a first-time buyer? If so, do you know all of the assistance currently on offer to help you buy your first home?
Australian Federal and State Governments have several schemes in place designed to help make it easier for first-time buyers to get a home of their own.
To help you build a deposit or purchase a home with a smaller deposit, the federal government has the First Home Super Saver Scheme (FHSS) and First Home Loan Deposit Scheme (FHLDS).
First Home Grants
There is also the First Home Owner Grant. Although it is a federal initiative it is managed by the State and Territory Governments. That means that the incentives on offer vary by locations. All States and Territories, except the ACT, offer a lump sum payment of $10-$20,000. All States and Territories, except South Australia, offer a Stamp Duty waiver. In addition, the Northern Territory is also offering a Home Renovation Grant of up to $10k, a Households Goods Grant of up to $2k and a BuildBonus grant of $20k.
Although not just for first time buyers, the Home Builder Grant is also available. You can claim a $25k tax-free grant towards the cost of building your new home or completing major renovations to an existing property. To claim the grant building contracts must be signed before 31st December 2020, so time is running out.
A New Home Is Closer Than You Think
The great thing about all of the incentives on offer is you can combine them. For some, it means finally getting the chance to buy a home, for others, it means they can afford to pay a little more and live where they want.
Whatever your circumstances, now might be the right time for you to consider escaping the rental market and using your money to pay for your home, not someone else’s!