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Buying your first home in 2024 is a significant milestone, but it can be daunting due to the financial commitment and complex jargon involved. Here, we break down the available concessions, incentives, and grants for first home buyers in Lara, Victoria and Melbourne.
If your property is valued at $600,000 or less, you are exempt from paying any stamp duty, potentially saving up to $31,070. For properties valued between $600,001 and $750,000, you pay stamp duty on a sliding scale. Use our calculator to find out your savings.
Part of the Home Guarantee Scheme, the RFHBG supports eligible regional home buyers with 10,000 places available from 1 July 2023 to 30 June 2024. This guarantee allows you to buy a home with a 5% deposit without paying Lenders Mortgage Insurance. The guarantee covers up to 15% of the property value, as assessed by the participating lender.
The First Home Owners Grant provides $10,000 if you buy or build a new property in Melbourne or Victoria. To qualify, the property must be valued up to $750,000 and never previously occupied. Check your eligibility online.
The First Home Guarantee, formerly known as the First Home Loan Deposit Scheme, helps eligible buyers purchase a home with just a 5% deposit by guaranteeing up to 15% of the deposit. This scheme covers up to 35,000 borrowers per financial year through 27 different lenders.
The First Home Super Saver Scheme allows you to save money faster within your superannuation due to concessional tax treatment. You can contribute up to $15,000 per year and $50,000 in total. Couples can save up to $100,000 combined. Consult an accountant to understand the regulations and benefits of this scheme.
The Victorian government contributes up to 25% of a property purchase in a shared equity scheme through the Homebuyer Fund. This scheme is not available directly through brokers, but we can connect you with participating lenders.
Between these various programs, there are significant savings opportunities for first home buyers. To maximise your benefits and determine your eligibility for these incentives, get in touch with us today.
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Tahlia Eren (Credit Representative Number 531928) and Tcup Pty Ltd ABN 43 650 553 905 (Credit Representative Number 531930) are credit representatives of Purple Circle Financial Services Pty Ltd ABN 21 611 305 170 Australian Credit Licence Number 486112