Good grant news for first home buyers
If you're in the market for your first home and your plan was to purchase later this year, you'll be happy to hear that the Victorian Government has announced plans to increase the First Home Owner Grant from $7,000 to $10,000 but rest assured if you're ready to buy now, you don't have to wait until 1 July to experience value added affordability.
Not only will the Victorian Government be adding $3,000 to your First Home Owner Grant (FHOG) entitlements for newly constructed houses from 1 July 2013, but they are also looking to reduce stamp duty for first home buyers by as much as 40%.
Victorian Treasurer Michael O'Brien stated that families purchasing a $400,000 newly constructed home would be approximately $16,500 better off with the new changes.
That means you'll have a neat $10,000 cash to put towards your first home and give you a helping hand to afford the great Australian dream but it's not just the Government bringing you more affordability, with many of our first home owner house and land packages already offering value added incentives.
Take for example our Low Deposit house and land packages in selected Peet communities with just a $3,000~ deposit required.
We really did just say that right now. You can afford a new house and land package with just $3,000~ saved.
Whether you're ready to buy now or looking to buy later, the best move you can make is to know your options.
Explore what's available to you by speaking to a qualified and experienced finance professional such as Choice Home Loans.
How does the grant increase or low deposit package help you?
~ $3,000 deposit is based on access to the current First Home Owner Grant of $10,000 subject to SRO eligibility criteria on building contracts (please visit SRO website for full details – www.sro.vic.gov.au). Where First Home Owner Grant is not applicable, a $13,000 deposit may apply depending on individual circumstances. Please speak with your Choice Home Loans consultant to discuss individual circumstances.