First home buyers, you could own your own piece of luxury/custom built on 5% deposit
As of July 1st 2020, the Federal Government has opened up 10,000 more spots for first home buyers looking to crack the Australian property market with a minimal deposit. Known as the First Home Buyer Deposit Scheme, the benefit allows first-time buyers to put down just 5 percent deposit for a property with the government acting as guarantor for an additional 15 percent, so that the usual Lenders Mortgage Insurance is not required – Big savings!
As of January 1 this year 10,000 applications – for couples and singles alike – were made available, with a second 10,000 made available July 1 2020, for the 20/21 financial year. It’s a promising initiative for those looking to buy or build, but industry research has found that as many as eight-in-ten first home buyers don’t understand what the scheme is or if they are eligible to take advantage of it.
First Home Loan Deposit Scheme Price Caps:
In order to access one of the 10,000 First Home Loan Deposit Scheme applications, the property you are purchasing/building must fall below a certain threshold.
Capital City/Regional Centre:
Rest of State:
There are a few other grants to be taken advantage of. This includes the new HomeBuilder Scheme and the First Home Owners grant.
The HomeBuilder program, was due to finish at the end of last year, has been extended until March 31. Contracts signed between January and March this year will attract a lower rate of $15,000.
What is the new HomeBuilder Scheme?
The new HomeBuilder Scheme is a one-off, tax-free payment of $25,000 from the government to property owners. It is to help build or substantially renovate homes.
Are you eligible for the new HomeBuilder Scheme?
To be eligible for this grant, you must be; An Australian Citizen over the age of 18, earning less than $125,000 a year or $200,000 per couple. You must be an owner-occupier; this means that you must live in, or intend to live in the property that you would use the grant for.
Are homeowners allowed to access the grant to renovate their investment property?
No. Investment properties do not count, you must be the owner-occupier.
Can I use the HomeBuilder grant to build a swimming pool?
Unfortunately, only renovations that improve the accessibility, liveability, and safety of your property are eligible for the grant. This means that swimming pools, tennis courts, outdoor spas and saunas, sheds, or garages are not applicable.
Some more information:
If you are using the grant to build a new home as your main residence, the value of that property including land must not exceed $750,000. If you are using the grant to renovate your existing home; The renovation contract must be valued between $150,000 and $750,000, and the value of your home prior to renovations must not be worth more than $1.5 million. Renovations can include knockdown and rebuilds.
Is this grant only for first home buyers?
The HomeBuilder grant is available for any property owner provided they meet the eligibility requirements above.
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