Financial help for first home buyers
We know it can be challenging and intimidating for first home buyers. The government knows too and so there are various incentives and bonuses, and financial help available for those about to start their new home journey for the first time.
The good news for the younger people building their first home is that there is some great help out there for them. To stimulate the building and construction sector, it is in everyone’s best interests to encourage young people to take the plunge and become first home buyers. So, here you have it, some great ways in which Australia helps it’s young people become home owners for the first time.
Young Australian people really are quite lucky when it comes to their first time as home builders and owners. The first home buyer grants and other incentives offer genuine help and are really valuable. If only it wasn’t a one-time deal!
First Home Buyers Grant
There’s no doubt about it, going into the new home building or buying process for the first time can cause a few butterflies to flutter. There’s saving a huge lump sum for your deposit, the loan amount, the repayments and so on. That’s where the government grant really helps.
The FHOG is a one-off payment to help our first home buyers purchase their primary residence. That is, it’s not for investment properties. It is a non-repayable (yay!) cash subsidy that is not included in your mortgage payments. It’s sole purpose is to help younger people own their first home.
Australian Citizen or Permanent Resident
Have never before owned a home in Australia
Have never previously received a FHOG anywhere in Australia
Must be 18 years or older
Required to live in the home for at least 6 months within the first 12 months of receiving the grant
WA Keystart Loan
The Keystart Home Loan is an initiative of the West Australian government to help people in WA buy into affordable housing.
Keystart offers home buyers a low deposit scheme without Lenders Mortgage Insurance and no ongoing monthly account keeping fees.
Stamp duty help
We also cover stamp duty in the Building section of The Guide. Stamp duty is a government tax applied to the transfer of property, including real estate and home loans.
First home buyers are eligible for concessions on stamp duty when buying vacant blocks of land and these concessions are worth investigating in detail and how they work and what they offer in your state.