Prime Minister Scott Morrison has just announced an additional grant of $25,000 for new homes. Called HomeBuilder, Mr Morrison said it was now time to get building. And for first home buyers, you can get even more bang for your buck by adding the HomeBuilder grant to incentives already offered by both the Commonwealth and Queensland Government.
1. Homebuilder Commonwealth Grant - $25,000 for new homes up to $750,000*;
2. Qld First Home Owner Grant (FHOG) – $15,000 for new homess up to $750,000;
3. Qld Stamp Duty Exemption – Full exemption on new homes up to $500,000;
4. Federal First Home Loan Deposit Scheme (FHLDS).
Applicants for HomeBuilder need to meet the following two income caps to qualify for the scheme. The grant is only available until New Year’s Eve.
– Singles must be earning $125,000 or less based on their 2018/19 tax return or later.
– Couples must have a combined income of less than $200,000 based on their tax returns.
When the townhouse.com.au team recently met with Mark Edbrooke from Aussie Paddington, he said, "If you are over living with the in-laws, renting or struggling to save your deposit, now is the perfect time to consider the purchase of your own brand new property"
Mark said, "As a category of buyer in Queensland, there has never been a better time for first home purchasers. These buyers currently have the following benefits available to them, when purchasing a property that qualifies for one or more of the new home owner schemes available".
On top of record low interest rates and the RBA further slashing rates, the range of incentives on offer has never been more attractive. "A good broker will help you manage every step of the process, from helping you to securing your First Home Owners Grant, applying for your loan, qualifying for the FHLDS and all steps through to Settlement and beyond", said Mark.
The Federal Governments scheme allows first home buyers to purchase a property with a deposit as little as 5 per cent, but operates on a "first-in, best-dressed" basis, meaning you should speak with your broker sooner than later.
Under the scheme launched in January, the Government is offering loan guarantees (instead of Lender’s Mortgage Insurance) for Brisbane Properties worth up to $475,000.
*More information on HomeBuilder: Go to the Treasury website
More information on FHOG: Go to the Queensland Government’s first homeowner grant website
For a free, no-obligation enquiry on all the incentives now available to first home-buyers, contact the team at Aussie Paddington or your local broker.
To find your ideal first home, the team at townhouse.com.au have access to hundreds of brand new properties, with many not yet launched to the general market. Simply let the team know your ideal budget and they can help source the perfect property for you. And don't forget to like their Facebook Page or request a copy of the free townhouse buyers guide.
