First home buyers changes
First home buyers can benefit from government assistance through a range of financial incentives.
The main two areas for first homebuyers are the First Home Buyers Savings Account (FHSA) and the First Home Owners Grant (FHOG). To be eligible for both schemes you must be between 18 -65 years of age and have not previously purchased or built a first home in which to live.
First Home Owners Grant The first home owner grant is a one off grant of $7,000 for all eligible first home buyers.
The scheme is provided by the Federal Government and is aimed at helping first home buyers onto the property ladder. To apply for the grant you must be aged 18 year or over, and also be an Australian Resident or Citizen. You cannot have previously owned a property in Australia and you must live in the home for a minimum of six months during the first 12 months of ownership. For more information on what you can claim as a first home buyer, contact your nearest mortgage broker. First Homebuyer Savings AccountsThe scheme is aimed at helping first home buyers get into the market. For every dollar put in to the account, the Government will put in 17 cents - up to a maximum contribution of $850 a year - and account holders can withdraw funds only four years with contributions of at least $1000 a year. The overall account balance will be capped at $75,000. The funds must be used to purchase a property. Should you decide not to use the savings to buy a property, the money will be transferred to your super plan. You can find out more about the changes to the First Home Buyers Grant by talking to your local mortgage broker or by visiting http://www.firsthome.gov.au/
/SPAN>
|
Find a mortgage broker
Home Loan Research
|
|