There are several government incentives designed to make purchasing a home more affordable:
First Home Owner Grant (FHOG): This grant provides up to $10,000 for eligible first-time buyers to help purchase or build a new home. Home Guarantee Scheme: This includes the First Home Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee. These schemes allow eligible buyers to purchase a home with a deposit as low as 2-5%, without paying Lenders Mortgage Insurance (LMI). Stamp Duty Concessions: Many States offer stamp duty concessions or exemptions for first-time buyers. For example, in Victoria, first-time buyers can get a full stamp duty exemption on homes valued up to $600,000. Try our calculator to estimate your stamp duty costs. Understanding these options can significantly ease the financial burden and help you get into your new home sooner. Contact us today to discover which incentives you may qualify for as a first home buyer.