Looking to buy your first home? Here are 3 government initiatives that should be on your radar.
For home buyers at Broadstead, several Government incentives may help you purchase a property sooner.
That’s why we’ve put together a round-up of the current incentives available from both the Victorian and Australian Government, for your consideration as you navigate the process of purchasing land to build a home.
Government Guarantee Schemes
The Australian government has several initiatives that may help buyers with a 5% deposit (or 2% for eligible single families) purchase a property sooner without the additional cost of Lenders Mortgage Insurance.
These schemes are not just limited to first home buyers and include the First Home Loan Deposit Scheme, New Home Guarantee, Family Home Guarantee, and Regional First Home Guarantee.
The government releases new places at the start of each financial year and works with allocated lenders to help determine your eligibility. Offering new homes in a regional location at Broadstead there may be several categories that buyers may be able to take advantage of under these schemes. For more information: https://www.housingaustralia.gov.au/support-buy-home
First Home Owner Grant
If you’re a first home buyer who is buying or building a new home that’s valued up to $750,000, you may be eligible to receive a First Homeowner Grant of $10,000 from the Victorian Government.
Established homes are no longer eligible for this incentive, making a purchase of land or house and land at Broadstead an ideal option.
Stamp Duty Exemption
You may also be eligible for a stamp duty exemption or concession from the Victorian Government if you meet their eligibility criteria.
For first home buyers, an exemption may be applicable if your home has a dutiable value of $600,000 or less, or a concession if the dutiable value is between $600,001 – $750,000.
The State Revenue Office for Victoria also provides additional exemptions, for pensioners and concession holders, who also qualify as a first home buyer. For more information: https://www.sro.vic.gov.au/first-home-owner
With Titles not anticipated until Q2 2025, Broadstead offers an incredibly unique opportunity for you to plan your property purchase in a sought-after regional location, and all you need to secure your lot is a 5% deposit.
Ready to start? Visit us at Broadstead’s Sales Suite for details.