First-time new home builders are excited to commence with their project this year despite the ongoing pandemic. They don’t want to miss out on:
- the lowest interest rates on home and personal loans of all time
- the easiest credit card application and approval, and
- the generous government grants and financial incentives exclusively for first home buyers and home builders
All of these three factors significantly push a first-time homeowner to achieve the great Australian dream!
If you are planning to be a first-time homeowner too and you don’t want to feel the FOMO, take advantage of the different government-sponsored benefits we’ve listed below. Take note of the eligibility criteria and other terms and conditions for each one. If these grants and incentives are made available to you, you can receive tens of thousands of dollars!
First Home Owners Grant (FHOG)
Here, the state and territory governments offer cash grants to first-time buyers and home builders to assist them with the cost of purchasing a home or constructing a new house. The FHOG varies in every state and territory and features stamp duty concessions as well.
We discussed all the important eligibility requirements per state in our previous blog. See how you can turn your dreams into reality with help from the First Home Owners Grant here.
Apart from the FHOG, the federal government also grants $25,000 to Australians who are planning to renovate or build a new home. This stimulus was due to expire at the end of 2020 but has been extended to 31 March 2021 at the lower rate of $15,000.
First Home Loan Deposit Scheme (FHLDS)
Another popular incentive for first home buyers and homeowners is the First Home Loan Deposit Scheme (FHLDS). This program enables eligible homebuyers across the country to buy a home with a minimum deposit of 5% (instead of 20%) without being charged Lenders Mortgage Insurance (LMI).
For more information about the FHLDS and the participating lenders, head to the official website.
First Home Super Saver Scheme (FHSS)
The First Home Super Saver Scheme allows first home buyers to withdraw a maximum of $15,000 per financial year (with an overall limit of $30,000) from their super fund contributions.
To know more about the FHSS and how to save or withdraw funds for your first home, check out the official website.
Take advantage of the extensive financial support out there for new home builders and buyers
There are many financial incentives available to new home builders and buyers in Australia and it would be nice if you can take advantage of them all. Knowing all of these programs and understanding all the eligibility requirements can be a chore, however, investigating the process for obtaining these could potentially save you tens of thousands of dollars in the future.
For more information on all these new home builder grants, go to your state and territory website and check out the updated eligibility requirements and the terms and conditions that apply before making any major move.