Currently the first home owners grant includes a waiver of stamp duty for properties up to $550,000 that are newly constructed or never been lived in before. For properties between $550,000 to $650,000 a part waiver applies. For the before mentioned scenario, first home owners are currently eligible for a $15,000 grant from the government payable upon settlement of your property, or if constructing, payable once the slab has been completed.
If you are purchasing vacant land to build upon, you will pay no stamp duty up to $350,000 and a reduced amount between $350,000 to $450,000.
This current incentive is active until January 2016. After this date, the grant will reduce to $10,000. If you are looking to receive over $30,000 in concessions to assist you towards your first home, you will need to act fast.
To be eligible for the $15,000 grant, he value of the property must not exceed the First Home Owner Grant Cap of $750,000 for contracts dated on or after 1 July 2014.
You will still be required to hold 5% genuine savings in many cases. Contact us at Bee Finance Savvy on 1300 140 554 or firstname.lastname@example.org to help you prepare to be eligible for your first home loan. The sooner you call, the sooner we can ensure your planning is on the right track!.
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