If you are a first home buyer you may qualify for one or all of the current state and federal government programs to help first home buyers get into the property market.
A full stamp duty exemption is available for purchases up to $600,000 and a partial exemption on a sliding scale for properties between $600,000 and $750,000.
A first home owner grant of $10,000 is available for new homes up to $750,000. This includes
newly built homes, properties that have not been sold previously as a place of residence or occupied as a home (such as short-term accommodation, Airbnb or builder has lived in prior to selling) and house and land packages on which a home will be built.
And finally, the Australian government Home Guarantee Scheme assists eligible purchasers to purchase a home with as little as 5% deposit, by guaranteeing to the lender up to 15% of the property value, which eliminates the requirement to pay mortgage insurance or 20% deposit. The property value must not exceed $800,000 in capital and regional centres or $650,000 in other areas of Victoria.
Eligibility criteria apply to all of the above. To check your eligibility visit:-
State Revenue Office: https://www.sro.vic.gov.au/first-home-owner
Until next week,
Nick Lord (Director)