April 18, 2024 UFinancial

What grants and discounts are available?

Exploring available grants and discounts for homebuyers in Australia

Are you considering purchasing your first home? Understanding the various grants and discounts available to homebuyers can significantly impact your ability to achieve your homeownership goals, by assisting to ease the financial burden associated with buying property. From government initiatives to state-specific programs, it’s important to explore the various grants, discounts and opportunities available. 

 

First home owner grant (FHOG):

The First Home Owner Grant (FHOG) is a well-known incentive provided by the Australian government to support first-time homebuyers. Eligible individuals or couples purchasing their first home may receive a financial grant to assist with the purchase or construction costs.

 

 The grant amount and eligibility criteria vary between states and territories, so it’s essential to research the specific requirements in your location.

 

First home loan deposit scheme (FHLDS):

Facilitated by the Federal Government, the First Home Loan Deposit Scheme (FHLDS) aims to help first home buyers enter the property market with a smaller deposit. Under this scheme, eligible buyers can secure a home loan with a deposit as low as 5%, with the government guaranteeing up to 15% of the deposit amount. This reduces the need for a larger upfront deposit and can make homeownership more accessible for many Australians.

 

Stamp duty concessions:

Stamp duty, also known as transfer duty, is a significant upfront cost associated with purchasing a property. Many states and territories offer concessions or exemptions on stamp duty for first home buyers, helping to reduce the financial burden of property purchase. 

 

These concessions vary depending on the property value, location, and buyer’s circumstances, so it’s essential to check the eligibility criteria in your area.

 

HomeBuilder grant:

Introduced in response to the COVID-19 pandemic, the HomeBuilder grant provides financial support to eligible owner-occupiers undertaking new home builds or substantial renovations. While not exclusive to first home buyers, this grant can still be a valuable incentive for those looking to build their first home or improve their existing property. Eligible applicants can receive a one-time payment of $25,000, subject to income caps and property value limits.

 

First home super saver scheme (FHSSS):

The First Home Super Saver Scheme (FHSSS) allows first home buyers to save for a deposit within their superannuation fund, benefiting from the tax advantages of super contributions. Participants can make voluntary contributions into their super account, which can later be withdrawn, along with associated earnings, to use towards purchasing their first home. This scheme enables individuals to save for their first home within their superannuation fund, benefiting from concessional tax treatment.

 

Navigating the array of grants and discounts available to homebuyers in Australia can be complex, but with the right guidance and research, you can maximise the financial assistance available to you. Be sure to check the eligibility criteria and application processes for each incentive, and consider seeking advice from one of our financial advisors or mortgage brokers today, to help you make informed decisions on your homeownership journey.

 

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.

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