If you are in the market for your first home, make sure you explore the benefits that could be available to you.
First home buyer grant
The first homeowner grant is a once-off payment to encourage and assist people who are building, renovating or buying their first home. $10,000 grant is available for eligible first homeowners who use the home as their principle place of residence.
First home buyer stamp duty or concession rates of duty
While the government tends to take a cut of everything these days, first home buyers can take advantage of discounted stamp duty rates, or avoid the cost altogether under certain government initiatives. Avoiding thousands of dollars in stamp duty means you can put the funds to better use. You can buy a new couch or a television, or put it into an offset account to reduce interest.
The home buyers assistance account
A grant from the Home Buyers Assistance Account reimburses some of the incidental expenses incurred during the purchase of a first home in Western Australia. If applicants meet all criteria, they’re eligible to receive a grant of up to $2,000!
First home super saver scheme
You can make voluntary contributions into your super fund to save for your first home. You can then apply to release your voluntary contributions, along with any associated interest earnings, to help you purchase your first home. You must meet the eligibility requirements to apply for the release of these super savings.
Government mortgage guarantee scheme
From January 2020 eligible first home buyers with a 5% deposit or more will be able to avoid Lenders Mortgage Insurance, saving you thousands! The government will effectively be the first home buyer’s “guarantor” on the loan. Only 10,000 guarantees will be available each year, so you’ll need to get in quick to take advantage of this option.
Bank-based discounts
Some banks are working to support first home buyers by offering specific loan products with special discounts and extras added in. Along with reduced rates, you may be able to avoid annual fees and charges that non-first home buyers have to pay.
Bank purchase incentives
How does $2,000 sound? When looking to buy your first home make sure you ask your lender (or get your broker to ask them!) if you are eligible for a cashback incentive for choosing them over your other options. Lenders and banks are offering as much as $2,000 cash back, and this much-needed cash will cover a large portion of purchase costs that you normally have to cover.
Buying your first home is a big step, but you don’t have to do it alone. We negotiate with lenders on your behalf and we have the experience and industry knowledge to ensure you can take advantage of all the rebates, discounts and incentives on offer.
Get in touch with us to find out which grants you’re eligible for and ensure the purchase of your first home is a great experience with minimal stress.
