Attention First Home Buyers
With an active real estate markets in Melbourne and Sydney's metropolitan areas, first home buyers in Australia seem to be struggling. According to the Australian Bureau of Statistics in November 2014 first home buyers accounted for only 11.6% of total owner occupied housing loan commitments, the long term average being 20%.
The First Home Owner Grant (FHOG) is still available…
From 1 st July 2013 the First Home Owner Grant of $10,000 was limited to metropolitan and regional buyers of new homes up to a maximum value of $750,000. Another incentive available to first home buyers is a reduction in stamp duty which from 1 st September 2014 was increased to 50%. For example if you have purchased a new home in Victoria for $400,000 and are eligible for the FHOG you will also qualify for a 50% saving in stamp duty, this is a saving of $8,185.
You can easily determine your FHOG and stamp duty benefits by using the app launched by the State Revenue Office for first home buyers.
If you or someone you know needs help in saving a deposit for your first home please contact us on 03 5032 9422 and we can help with our Money Matters service.
Liability Limited by a Scheme Approved Under Professional Standards Legislation
SWAN HILL OFFICE
14 Pritchard Street
Swan Hill VIC 3585
Phone:
03 5032 9422
Fax:
03 5032 9750
BALRANALD OFFICE
139 Market Street
Balranald NSW 2715
Phone:
03 5032 9422
Fax:
03 5032 9750
CHARLTON OFFICE
54 High Street
Charlton VIC 3525
Phone:
03 5032 9422
Fax:
03 5032 9750
BARHAM OFFICE
13 Mellool Street
Barham NSW 2732
Phone:
03 5032 9422
Fax:
03 5032 9750