It's a fact of life that buying a property, any property, can be expensive, especially if it's your first time. There's a reason why a home is considered your biggest asset, but if you're committed to buying, there's a number of grants and concessions you might qualify for that can help keep costs down, and today we're looking at the best three.
First Home Owners Grant
A longstanding government grant designed to help buyers first enter the market, the First Home Owners' Grant
is currently worth $20,000, although the State Government recently announced this will drop to $15,000 after 30 June
this year. If you're making your first buy, and it's a brand new property, you may qualify, and this can be a big help to cover initial costs.
First Home Concession
If you're buying your first home and it's under $500,000, then with the First Home Concession
you might not have to pay any stamp duty, which can save you thousands. Unlike the First Home Owners Grant, this property doesn't have to be brand new, but you do have to live in the property for at least one year, and you have to be moved in within a year of purchasing.
First Home Vacant Land Concession
If you're interested in buying land rather than a property, if it's under $400,000 then you could pay reduced stamp duty under the First Home Vacant Land Concession
. Similar to the First Home Concession, you have to build a home and be living there within two years of buying, and you can only build a single property there.
Of course, there are some other factors you need to consider to see if you qualify, but if you're looking to buy your first home, it doesn't have to be as expensive as you might first think. At LJ Hooker Sunnybank Hills, we're always trying to get the best result for you, so talk to us today to see what's possible!