Starting your journey of buying a home?
Embarking on your homeownership journey can feel overwhelming. Doubt and uncertainty are normal. But you don’t have to navigate this alone. Our expert guide cuts through the confusion, providing clear answers to your biggest questions.
Stamp Duty Exemption
You can save up to $30,000 on the duty exemption which applies to homes valued at $600,000 or less. This is a one-off option for the first home buyers. If you are unsure if you qualify, contact us and we can clarify any doubts you may have.
Stamp Duty Concession
If the property is valued between $600,001 and $750,000, you are eligible for a stamp duty concession instead. It's a discount on the land transfer duty you need to pay. However the home must be a principal place of residence (PPR).
The First Home Guarantee (FHBG)
With this scheme you can save up to approximately $20,000 in Lenders Mortgage Insurance (LMI). This scheme is designed for first-home buyers buying a residential property (includes an existing one, a house and land package or off-the-plan apartment or townhouse). It allows buyers to secure a loan with as little as a 5% deposit without needing to pay LMI.
Eligibility Criteria for FHBG
To be eligible, couples must have a combined household income of $200,000 or less, and singles must have an annual income of $125,000 or less. Applications' annual income assessment is based on the previous financial year. You also must be an Australian citizen or permanent resident and intend to occupy the purchased property.
First Home Owner Grant (FHOG)
Available only if you buy a new build or if you build a brand-new home from scratch. The property can be an apartment, unit, house or a townhouse, and it must be valued at $750,000 or less. This one-off payment for homes in Melbourne is $10,000 and $20,000 in regional Victoria (PPR).
Eligibility Criteria for FHOG
This grant eligibility criteria depend on the property type & price, as well as your residency status. You or your spouse/partner must be an Australian citizen or permanent resident, and neither of you should have owned a residential property in Australia before.
Off-the-Plan Concession
You might be entitled to a concession on stamp duty when you’re buying an off-the-plan land and building package. Buyers need to pay duty on the value of the property and construction at the time of the contract date. As this happens much earlier than construction completion, buyers don't have to pay the usual cost of stamp duty.
Other Grants & Schemes
There are a few additional schemes available, such as First Home Super Saver (FHSS) scheme, Young Farmer or the First Home Owner with Family Duty Exemption or Concession. They have more specific eligibility criteria. To learn more about these and see if you qualify, please get in touch with us for more information.
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From explaining key terms, getting pre-approval, making an offer to securing a home loan — all explained step by step. To start your journey in Australian property market, download our free guide.
