Incentives For First Time Buyers
In Australia, the Federal Government currently has three different schemes available to help First time buyers own their own home.
First Home Owners Grant
The requirements and incentives for the Frist Home Buyers Grant vary State by State. All States and Territories, except ACT, offer a one-off payment between $10k and $20k. A reduction or waiver of Stamp Duty is available across all states and territories, excluding South Australia.
First Home Loan Deposit Scheme
A national incentive managed by the Federal Government. First home buyers can purchase a home with a minimum 5% deposit and no lenders mortgage insurance. Only a set number of places are available, and you must apply through your lender.
First Home Super Saver Scheme
As a First Home Buyers, you can use your Superannuation to save for a deposit. You can save $15,000 per annum in voluntary contributions up to $30,000 in total. Voluntary contributions are subject to a lower tax rate, so you can save your deposit faster.
There has never been more on offer for first home buyers. You can take advantage of all of these schemes and finally buy your dream home.