3 reasons why now is still the best time to purchase your first new home
The extremely popular HomeBuilder scheme is concluding, but it is still the best time to purchase your first brand new home. Prices for house and land packages across Melbourne and Greater Geelong are still at their most affordable since 2018.
To help secure your dream first home, there are 3 Federal and State Government Grants and Schemes still available.
Here is a summary of what First Home Buyers can be apply for:
1. Stamp Duty Saving
In 2020, the State Government announced a land transfer (stamp) duty waiver for purchases of Victorian residential property with a dutiable value of up to $1 million.
For new residential properties, this means a 50% land transfer duty waiver for the purchase of a new home. This requires the residence to be built at the time of the transfer.
For further information on the stamp duty waiver, visit the State Revenue Office’s Land transfer duty waiver web page.
2. First Home Loan Deposit Scheme
The ‘First Home Loan Deposit Scheme’ (FHLDS), was also introduced in 2020.
The Federal Government scheme is co-ordinated by The National Housing Finance and Investment Corporation (NHFIC). It is eligible for the first 10,000 borrowers who apply each financial year.
Homes in Melbourne and Regional Victoria have a property price threshold (maximum property purchase price under the Scheme) of $600,000.
The scheme describes an eligible property to be a new-build dwelling, which includes a house and land package, a land and separate build or an ‘off-the-plan’ residence.
Twenty seven lenders have been selected to offer the guarantee-backed loans to first homebuyers.
An essential source of information on the Scheme is found at NHFIC’s website. It provides a range of fact sheets, FAQs and useful links.
3. First Home Owner Grant
The State Government’s First Home Owner Grant (FHOG) provides a $10,000 Grant when you buy or build your first new home in Metropolitan Melbourne. Regional First Home Buyers can receive a $20,000 Grant.
The amount paid for the home, (the contract price for construction when building the home), must be $750,000 or less.
You can gain further information on the First Home Owner’s Grant from the State Revenue Office here.
Red23 can help find your first brand new home
Red23 are leaders in the new homes market across Melbourne and Greater Geelong.
We assist First Home Buyers in sourcing and securing the right house design and land lot in communities that our buyers want to call home.
Our experienced team of property professionals understand the financial and lifestyle objectives of First Home Buyers and present a range of housing options for an informed decision.
Contact Red23 for a no obligation discussion on your first new home requirements.
We can also help with finance advice
Pierre Mindiel, our finance specialist from Red23 Home Loans, can discuss over the phone your finance questions and arrangements, including a basic finance qualification.
There is certainly no obligation to use Red23 Home Loans to manage your finance application, however there are many great benefits in using our service:
- Red23 Home Loans are First Home Buyer specialists
- We provide a complimentary service with access to over 25 lenders (including all the major lenders CBA, ANZ, Westpac, NAB)
- Our team comprises award winning, industry-leading, highly experienced house and land finance experts
- We have a dedicated team to guide you through the entire finance process. From initial application, the progress of your application, right through to settlement and post settlement
- Red23 Home Loans provide peace of mind that your finance is structured correctly the first time. We ensure that land and builder requirements and timeframes are met to avoid any delays.
Contact our lending specialist Pierre Mindiel on 0302 755 361 or firstname.lastname@example.org
15 April, 2021