First home buyers
Unlock Your Dream Home with the First Home Owner Grant
Purchasing your first home can be both exciting and overwhelming. There are numerous things to do, from saving for a down payment, researching various types of home financing, and deciding where to purchase. The most important thing to consider is the various First Home Buyers Programs in Australia that can help you qualify for an exemption when buying your first home. Taking advantage of the First Home Buyers Grants in Australia is important when purchasing your first home.
Your Path to Homeownership Starts Here!
There might be numerous questions like whether you are eligible for a first home owner grant (FHOG), whether your state or region offers First Home Buyers Stamp Duty Exemption in Australia and more. With the right expert guidance and advice, buying your first home experience becomes easier.
That’s where we at Desire Loans can help you. We have all the answers you need, guide you to your first home, and help you with the available First Home Buyers Assistance Scheme in Australia.
Understanding First Home Owner Grant (FHOG)
The First Home Owners Grant is a state-specific, one-time payment for offering first-time homebuyers much-needed financial assistance. While the grant is uniform nationwide, the amount awarded by the FHOG and the eligibility requirements differ by state and territory.
If you are considering how to qualify for first home buyers in Australia, you must meet the essential eligibility requirements as mentioned here in the list. The fundamental eligibility requirements for the FHOG continue unchanged for all Australians.
- You must be an Australian citizen or a permanent resident.
- The minimum age is eighteen years old.
- It is exclusive to first-time homebuyers. You and your partner or companion cannot have previously owned property.
- You must relocate into the property within one year and reside as your primary residence for at least six to twelve consecutive months.
- Depending on the state or territory, the maximum buying cost is between $575,000 and $750,000.
- In addition, the total worth of the land and residence you plan to build must be below $750,000.
- The property must almost always be brand-new or "substantially renovated" (i.e., significantly beyond a new kitchen).
State governments fund the First-Time Homebuyer Grant, so different amounts exist in every territory and state. How much you get will vary where you make your purchase. In most cases, the FHOG is worth between $10,000 and $15,000.
First Home Buyers Loan Options in Australia
You will also have to determine how much interest you are willing to pay throughout the loan. Desire Loans can help you select the right loan options per your financial goals. A few options available are:
- Variable rate loans: The interest rate on these loans can fluctuate over time.
- Fixed-rate loans: These loans possess an interest rate fixed for a specified period.
- Split. A split-rate mortgage is a financing in which a portion of the interest rate is fixed, and the remainder is variable. In this instance, a split does not necessarily mean 50/50; a split loan may be 70/30 or 60/40.
First Home Buyers Stamp Duty Exemption in Australia
Stamp duty is a one-time levy payable when purchasing a high-value asset, such as a property (or transferring the property title towards your name). Typically, the total amount is due upon settlement, and the amount due will vary based on the location and conditions.
Usually, stamp duty is proportional to the property’s value. Generally, stamp duty exemptions are open to first-time buyers who purchase a residence for less than the applicable property price limit. Each territory and state has specific concessions and eligibility criteria for stamp duty.
