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Top 7 Benefits of being a First-Time Home Buyers

16 February 2024

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Becoming a first-time home buyer opens the door to a world of opportunities and benefits extending far beyond your new home’s walls. It marks the beginning of a new chapter filled with excitement, opportunities, and responsibilities. From financial assistance programs and long-term investment to personal fulfilment and creating a legacy, First time homeownership offers many advantages that can positively impact your life for years to come.

Don’t wait any longer! Let’s dive right into the incredible benefits of being a first-time homebuyer and make your dream home a reality!

First Time Home Buyers

Stamp Duty Amount Exemptions Benefits For Eligible First Home Buyers

Stamp duty, a one-time fee imposed when an Australian resident legally acquires property ownership, exhibits considerable variation across states and territories. The levy lacks uniformity in its calculation method, resulting in disparate charges nationwide. For instance, on a $500,000 owner-occupied property without concessions:

  • Australian Capital Territory (ACT): $11,400
  • New South Wales (NSW): $17,235
  • Northern Territory: $23,928.60
  • Queensland: $8,750
  • South Australia: $21,330
  • Tasmania: $18,247.50
  • Victoria: $21,970
  • Western Australia: $17,765.

However, Here’s a breakdown of stamp duty exemptions and concessions for first-home buyers across various Australian regions:

Australian Capital Territory:

  • Full stamp duty exemption for properties valued below $1 million.
  • Concessional rates are available for eligible transactions above $1 million.

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New South Wales:

  • Full exemptions for new/existing homes up to $800,000 and vacant land below $350,000.
  • Concessional rates for homes between $800,000-$1 million, and land between $350,000-$450,000.

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Northern Territory:

  • Limited exemptions for new house and land packages; no concessions for established properties.

Queensland:

  • Full exemptions for properties up to $500,000 and vacant land up to $250,000.
  • Concessional rates for properties up to $550,000 and land below $400,000.

South Australia:

  • Full exemptions for properties below $650,000 and land below $400,000.
  • Concessional rates for properties below $700,000 and land below $450,000.

Tasmania:

  • 50% concession on existing homes below $600,000 purchased before June 30, 2024.

Victoria:

  • Full exemption for properties valued at $600,000 or less.
  • Concessional prices for properties between $600,000-$750,000.

Western Australia:

  • Full exemptions for properties below $430,000 and land below $300,000.
  • Concessional prices for properties between $430,000-$530,000 and land below $400,000.

Now, let’s get an overview of all the Government Schemes, Grants and benefits available to first-home buyers:-

2. First Home Guarantee Benefits

The Australian government introduced the First Home Guarantee (FHBG) scheme to aid first-time buyers in stepping onto the property ladder. This initiative permits qualifying first-home buyers to purchase residential property with only a 5% deposit, significantly lower than the standard 20%. Essentially, the government guarantees the remainder of the deposit, eliminating the need for Lender’s Mortgage Insurance, typically borne by borrowers to safeguard lenders in the event of home loan repayment difficulties.

Ready to make your dream of homeownership a reality? Let Dhursan Construction help you navigate the maze of government schemes for you. Start your journey today!

First Home Super Saver Scheme

The First Home Super Saver (FHSS) Scheme, an initiative by the Government, enables first home buyers to accumulate their deposits through their superannuation. With this scheme, you can voluntarily contribute up to $15,000 per financial year and a total of $50,000 to your super. Depending on your contributions, you may be eligible for reduced super tax rates or tax offsets.

Family Home Guarantee Benefits

The Family Home Guarantee (FHG) is part of the Home Guarantee Scheme (HGS), aiding eligible single parents or legal guardians with at least one dependent to purchase a home sooner, whether they’re first-time buyers or previous homeowners. Administered by Housing Australia on behalf of the government, it benefits approved applicants to buy with a 2% deposit, avoiding Lenders Mortgage Insurance, with the government covering the remaining 18% to meet the typical 20% requirement.

first time home owner

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5. Regional First Home Buyer Schemes and Grants

The Regional First Home Buyer Guarantee (RFHBG) aims to assist eligible regional buyers in acquiring a home sooner, specifically in regional areas. From 1 July 2023 to 30 June 2024, 10,000 RFHBG spots are allocated. Through this scheme, Housing Australia guarantees a portion of an eligible regional buyer’s home loan with a Participating Lender. This facilitates the purchase of a home with as little as a 5% deposit, bypassing the need for Lender’s Mortgage Insurance.

6. State-specific First Home Owner Grant Benefits

The state-specific scheme offers a variation of the First Home Owner Grant (FHOG). While technically a national scheme, there are variations among states. Let’s learn about all of them.

Australian Capital Territory:

In the ACT, the FHOG is now the Home Buyers Concession Scheme, where stamp duty is waived for property purchases if you meet specified income criteria. Learn everything from the ACT Government.

New South Wales:

In New South Wales (NSW), first-home buyers have access to two schemes:

1. First Home Buyers Assistance Scheme:

  • Offers exemption from transfer duty (full or partial).
  • The main requirements include being an Australian citizen or permanent resident over 18 and having a property value of less than $800,000.

2. First Home Owner Grant (New Home):

  • Provides $10,000 towards property purchase, usable alongside benefits from the First Home Buyers Assistance Scheme.
  • Main requirements: It must be your first home (purchased or built), with no prior occupancy, and the value must not exceed $750,000.

As seasoned home builders in NSW, Sydney, we offer expert guidance and unwavering support every step of the way. Let us be your trusted ally in this exciting journey! Book a Free Consultation today.

Northern Territory:

In Northern territory, buying your first home can be beneficial as:

  • $10,000 First Home Owners Grant is available to first-home buyers.
  • $10,000 Home Renovation Grant for renovations.
  • $2,000 Household Goods Grant Scheme.

Queensland:

In Queensland, first-home buyers can benefit from the following:

  • $15,000 through the FHOG scheme for those buying or building a new home valued under $750,000.
  • $5,000 through the Regional Home Building Boost Grant for purchases in regional Queensland with properties valued under $750,000.
  • Stamp duty relief via the First Home Concession for properties under $550,000.
  • Stamp duty relief via the First Home Vacant Land Concession for vacant land under $400,000.

South Australia:

First-time homebuyers in South Australia can access a one-time $15,000 FHOG when constructing or buying a new residence.

Tasmania:

In Tasmania, first-home buyers can benefit from:

  • $30,000 FHOG for those purchasing or building a new property.
  • 50% stamp duty discount for established homes valued at $400,000 or less.

Victoria:

In Victoria, first-home buyers can access:

  • The $10,000 FHOG for homes valued at $750,000 or less and under 5 years old.
  • Stamp duty exemptions or reductions for properties valued up to $600,000, with a concession for properties between $600,000 and $750,000.

Western Australia:

In Western Australia (WA), available schemes include:

  • $10,000 FHOG for first-home buyers purchasing or building their new residential property.
  • Stamp duty waiver for first-home buyers if the property value exceeds $430,000. Properties between $430,001 and $530,000 may still qualify for discounted rates.

benefits of buying a home for the first time

Start exploring the benefits and take the first step towards owning your dream home today with Dhursan Construction!

Additional Benefits

Beyond the Government schemes and financial considerations, owning a home opens doors to many advantages extending far beyond the confines of four walls. From creating cherished memories to leaving behind a lasting legacy, the path to homeownership is paved with opportunities to build, grow, and thrive. Let’s understand all of them-

Personalisation: Designing Your Dream Sanctuary

Owning a home offers the freedom to personalise and create a sanctuary that reflects your unique style and preferences for home designs. From choosing the colour scheme to deciding on the layout, every aspect of your home can be tailored to suit your individual tastes and needs. This level of customisation fosters a deep sense of pride and ownership, making your house truly feel like a home.

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Fulfilment and Memories: Creating Your Own Haven

Purchasing or building your first home is not just about acquiring property; it’s about embracing personal fulfilment and creating a haven filled with cherished memories. It provides a space to foster a sense of belonging, where you can design and curate a living environment that resonates with your unique style and personality. Moreover, buying or building a home allows individuals to establish a legacy, leaving behind a tangible asset for future generations to cherish and enjoy.

Community Engagement and Belonging: Investing in Your Neighborhood

Moreover, homeownership fosters a sense of community and belonging. As homeowners, individuals often become more invested in their neighbourhoods and local environment. They actively participate in community events, contribute to local initiatives, and form meaningful connections with their neighbours. This sense of belonging not only enriches personal lives but also strengthens the fabric of the community as a whole.

Embracing Financial Stability and Security

First-time homebuyers unlock a wealth of additional benefits beyond mere property ownership. Beyond the financial aspect, owning a home signifies a long-term investment in stability and security. It offers a solid foundation for building a future, providing a sense of financial security and stability that renting cannot match.

That’s where Dhursan Construction, an expert home builder in Syndey, NSW, comes in, guiding buyers every step of the way towards your ideal home. Our experienced team of craftsmen and advisors will navigate you through the entire process, from securing government grants to putting the finishing touches.

Schedule a Free Appointment today!

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