Everything you need to know about the HomeBuilder & NSW First Home Buyers Grant
Learn how to get the governments to work in your financial favour:
Graham George
1. NSW 1st Home Buyers Assistance Scheme:
You can remove full State stamp duties straight off your first brand new home or even an existing home providing you can meet the following criteria:
- Existing home is less than $650,000
- Partial exemption for homes between $650,000 and $800,000
NSW Stamp duty is 4% so if your new or existing home purchase price is $650,000 that’s a saving of $26,000 in grant money form the NSW government.
“You can remove full State stamp duties straight off your first brand new home or even an existing home “
2. Federal First Home Buyers Assistance:
For First home buyers of New Homes and additional grant of $10,000 is available on top of the 1st Home Buyers Assistance scheme. Criteria for eligibility:
- Must be a 1st Home Buyer
- Must be a new home
- You must be a resident of your new home for at least 6 months for eligibility
- You can still apply after signing of contracts
3.Super First Home Owner Super Scheme:
- Allows you to withdraw up to $15,000 in 1 financial year and a total of $30,000 across all years of voluntary contributions to support purchase of your home. Please contact your super fund to find out how much can you withdraw in this year.
This is a new Federal Govt COVID-19 initiative The good news is you don’t have to be affected by COVID access the benefit. By signing a contract to build or renovate your home between the June 4th & Dec 31st you can access $25,000 on the proviso construction starts within 3 months of your contract date.
5. First Home Loan Deposit Scheme:
For low to middle income earners the national Housing Finance and Investment Corporation has secured a guarantee if aspiring home owners have a deposit of less than 5%
So there you have it folks, the generous NSW First Home Buyers Assistance Scheme including the Federal Government Home Builders Scheme and ATO Super Scheme make this the greatest time financially for home buyers in Australian history.
So if you’ve been sitting on the fence now is the time to start bolting for that finish line of home ownership! Download the government fact sheets/application forms by following the links provided and get cracking! There’s no better time to start than now!
And don’t forget to make your money go even further by making your next house a Grouse House!
Download the PDF’s
- Graham George
- August 13, 2020
- 9:34 pm
- No Comments