Buying your first property is an exciting milestone. You've got your deposit saved and ready. You've narrowed down your top locations and now you feel confident to take the next step and explore your financing options.
It’s an exciting time but also a large investment, so it’s worth taking advantage of every eligible incentive available to help keep costs down.
In this quick guide, we'll touch on the top financial benefits available as a first home buyer. Keep in mind these differ from state to state, so always check your local rules.
The First Home Buyers Assistance Scheme
Known as the First Home Buyers Assistance Scheme in NSW, this concession waives or gives you a discount on stamp duty. Stamp duty is the fee you pay to transfer ownership of the property.
The specifics depend on where you live.
In NSW, for example, you'll pay a reduced rate when purchasing an existing home, a new home, or land on which you intend to build for up to $1 million.
Queensland has a similar scheme called the First Home Concession. It's valid on property purchases under $800,000 and helps you save up to $24,525.
Victoria has the First Home Buyer Duty Exemption, which works much the same way.
First Home Owner Grant (for new homes)
The First Home Owner Grant (FHOG) gives eligible first-time buyers a lump sum to use toward their property purchase. Just like the stamp duty concession, this incentive works a little differently depending on where you plan to buy.
In NSW, the $10,000 grant is only available for "newly built or substantially renovated" properties. Victoria's rules are similar, but the home must be valued under $750,000.
In QLD, eligible buyers can access either $15,000 or $30,000 to help them build or purchase a new home.
Lender incentives
Alongside government incentives, you might be able to access discounts or perks with your lender.
Greater Bank
Greater Bank offers a Family Pledge Loan. This option allows family members to act as guarantors on the loan. You can then borrow more money with a lower deposit. It's a flexible solution that could help you save thousands on paying Lenders Mortgage Insurance (LMI).
Other important considerations
Price matters, but buying a property is a long-term commitment. The lender you choose becomes your financial partner, so you want to make a balanced decision.
Consider the following:
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What is the lender's customer service like? If you want to chat with someone in person or simply have questions, you should be able to get quick and friendly answers.
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Do they have any industry awards? This shows their products are recognised as some of the best available.
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Do they offer a holistic banking experience? Quick and easy management of your loan online or via an app is a must.
Your journey starts here
Make homeownership a reality. We pride ourselves on exceptional customer care, a quick turnaround, and a strong network. If you're ready to take the first step, learn more about our first home buyer loans or get in touch.
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