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 1st 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 1st 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.