Buying your first home is a dream for many, but for some first time home buyers it can feel too far out of reach. The good news is that the Victorian government has changed legislation to make buying your first home easier.
Buying a home is an exciting step, and with a number of first time home buyer programs available it’s becoming more achievable.
First-time home buyer grants can make things a lot easier. In Victoria, you can obtain a $10,000 First Time Home Owner Grant if you build your first home.
Grants for first-time home buyers are not the only benefit of buying a new home. Recent changes to stamp duty mean that if you buy off the homebuilder floor plan, you’ll only pay stamp duty on the land your property occupies.
If you’re having trouble saving for a deposit, the government has pledged a shared equity scheme so that you could save just 5% and have the government contribute up to 25% of your deposit.
The government also has plans to make it easier for first-time home buyers to find property by introducing a land tax on vacant residential land.
Choosing a first-time home buyer loan is a big decision. It’s a good idea to obtain financial advice or the services of a mortgage broker so that you can check out your options. Many banks will offer flexible finance schemes, so make sure you’re taking advantage of the best offer.
The smart way to buy a home is to be organised and do your research. We provide the advice you need to prepare for the first home-buying journey. You can also check out government websites, bank and credit lenders, speak with your real estate agent or mortgage broker and seek legal guidance.
There are a few eligibility requirements, including not having received a FHOG in Australia before. You must also occupy the home for at least a year within 12 months of when the keys are handed to you or the new build is complete. There are also further eligibility requirements for a first time home buyer grant, so the first step is double-checking you meet the criteria.
With our exciting range of home designs and house and land packages available, Fairhaven is the first choice for first home buyers.