How Can The First Home Owner Grant Help Me?
For first home buyers, breaking into the property market can be a real challenge.
Even before home loans are signed and mortgage repayments begin, meeting the requirements of a loan deposit, fees and taxes can be a financial hurdle.
Thankfully, there is a federal scheme aimed at helping those trying to buy their first home.
The first home owner grant is a subsidy provided by state governments to help eligible buyers purchase their first home.
Criteria vary for each state, but in general the grants are available to Australian citizens and permanent residents buying or building their first property.
You must occupy the home within twelve months of settlement or construction completion and there can also be restrictions on the value of the property.
Some states only provide a grant for off-the-plan or newly constructed properties, while others include the purchase of established houses, units and flats.
The first home owner grant is paid upon settlement and some lenders may allow you to use the grant to boost your deposit.
A mortgage broker can help you ensure you qualify for the first home owner grant in your state, as well as other concessions for first home buyers.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.