A guide to Buying a Home – Grants and Concessions
How exciting … you are looking into buying a new home!
Whether you are buying your first home or a new home there is a lot to consider. As your Finance Broker I am here to guide you on your journey.
As part of the finance process, I like to get my customers off on the right foot with some general advice around what to consider when looking into purchasing residential property. Depending on where you are at in your journey, we might discuss a range of topics.
One topic I love is what concessions and grants you might be eligible for, and what concessions are available to see where you can potentially save some dollars. Now of course I can’t assess your eligibility for you, though I can most certainly direct you where to find more information.
Are you a First Home Buyer?
You may want to take a look at the Queensland First Home Owners’ Grant where you can read up on all the ins and outs of the First Home Owners Grant (or what is known in the industry as the FHOG).
There is currently $15,000 up for grabs for eligible first-time home buyers, to go towards buying or building a new home.
Fun Fact: Did you know that some lenders have a FHOG department so if you are eligible, then I can submit your application for the FHOG with the lender at the time of submitting your Home Loan application.
Not a First Home Buyer?
That’s okay, there may also be some assistance for you. Subject to availability there is Support for eligible home buyers to purchase a home sooner through the National Housing Finance and Investment Corporation via the Australian Government (NHFIC). This scheme is designed to reduce the cost of Lenders Mortgage Insurance (LMI) with Participating Lenders, providing a limited guarantee for eligible buyers. This is not a cash payment or a deposit. There are limited spaces available, and full terms and conditions are available on the NHFIC website.
The Queensland Government has heaps more fantastic information on their website, so depending on your situation you may want to explore the site further.
Don’t forget the Tax!
Another area where you might be able to save some dollars is with your Land Tax and Transfer Duty. Check out Financial help and concessions and Transfer duty for some more information around these two.
If you are a First Home Owner then you may be eligible for the First Home Concession which applies to a home valued under $550,000. Have you checked your eligibility?
If you have owned before then you may be eligible to claim the Home Concession. The Home Concession applies to the first $350,000 of the value of the residence, which can be quite a saving and certainly worth checking your eligibility.
While you are checking your eligibility for Transfer Duty, why not take a look at the calculator to estimate the funds required to cover this cost. Alternatively, you can check out the Calculator in My Toolshed to obtain an estimate.
If this has been of help then why not send me some feedback, and if you would like to know more about a certain topic, please send me an email to let me know. As always, I am happy to help.