$40K PLUS up for grabs for first home buyers/new builds

Have you heard about the government incentives that can help you save big dollars on your first home/new build? With multiple incentives on the table, it pays to do your homework and to be organised. Terms and conditions apply to each grant/scheme and for some, there are limited placements. We have put together a quick guide to help get you started before time runs out!

1. $25,000 Home Builder Scheme

  • What’s on offer // A grant of $25K to build a new home or substantially renovate an existing home.

  • Eligibility // You must:

  • be an Australian citizen.

  • be over the age of 18 years.

  • meet income requirements: $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or $200,000 per annum for a couple based on both 2018-19 tax returns or later.

  • enter into a building contract between 4 June 2020 and 31 December 2020 to either: build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000; or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property (house and land) does not exceed $1.5 million;

  • commence construction within three months of the contract date.

  • How to find out more // Visit: https://bit.ly/3cTY3yE

*There are no limits in terms of applicants for this grant, only a time-limit applies.


2. $15,000 Queensland First Home Owner Grant

  • What’s on offer // A grant of $15K towards buying or building your new house, unit or townhouse. It is paid per home; not to each applicant for the same home.

  • Eligibility // You must:

  • be 18 years of age or over.

  • be an Australian citizen or permanent resident, or be applying with someone who is.

  • not have previously owned property in Australia that you lived in (you or your spouse).

  • be buying or building a brand new home.

  • not exceed $750,000 for the value of the home including the land.

  • move into the new home as your principal place of residence within one year of the completed transaction and live there continuously for six months.

  • How to find out more // Visit: https://bit.ly/2XWFrd4

3. First Home Loan Deposit Scheme

  • What’s on offer // Eligible first home buyers can purchase or build a modest home with a deposit as little as five per cent – the scheme guarantees to a participating lender up to 15 per cent of the value of the property.

  • Eligibility // You must meet:

  • an income test.

  • a prior property ownership test

  • a minimum age test.

  • a deposit requirement.

  • an owner-occupier requirement.

  • How to find out more // Visit: https://bit.ly/2zuDviu

*Spots are limited for this scheme, with 10,000 places available from 1 July 2020. You must apply via a participating lender – click on the link above for details.



4. Other tax benefits

  • There are also tax benefits available with savings utilised through your super. Chat with your financial planner for details.

Navigating building/buying your first home can be an overwhelming and complex process. Chat with your lender for more information about the available grants/schemes. If you need help in the legal department, chat with our team about our flexible services at competitive rates.




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