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FIRST HOME BUYERS SUMMARY

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As of 29 November 2020, you could save up to $25,000 (and more on stamp duty) on your first home if you meet the eligibility criteria for both the First Home Buyers Grant and also the HomeBuilder Grant.

FIRST HOME BUYERS GRANT

If you’re a first home buyer and you’re buying or building a new home, you may qualify for the below grants:

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  • A $10,000 First Home Owner Grant for builders of new homes up to $750,000 (inc. GST), and for purchases of new homes up to $600,000

  • No stamp duty for all homes up to $650,000

  • Stamp duty reductions on homes up to $800,000

  • No insurance duty on lender’s mortgage insurance

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ELIGIBILITY

  • You must be over 18 and one of the owners must be an Australian Citizen or a permanent resident.

  • You must have NOT owned or co-owned a home in Australia

 

CONDITIONS

  • You must move into the new home within 12 months of buying or constructing the property.

  • You must live there for at least 6 continuous months.

  • If you are buying the home, you can apply for the grant if it is the first time the house is being sold and it has never been lived in.

HOMEBUILDER GRANT (UPDATED AS OF 29 NOV 20)

HomeBuilder provides eligible owner occupiers with a grant of $15,000 to build a new home, substantially renovate an existing home or buy an off the plan home/new home. 

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ELIGIBILITY

  • You must be over 18 and one of the owners must be an Australian Citizen (this grant does not apply to permanent residents)

  • As an individual your earnings per year must be below $125,000.

  • As a couple your earnings per year must be below $200,000.

  • The value of the new property (house and land) must be below $950,000 (inc. GST)

  • If you are substantially renovating your existing home as a principal place of residence, the renovation contract must be between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million.

 

CONDITIONS

  • The new home must be a place of residence, eg. you must live there for 6 months. 

  • New Home has not previously been sold or occupied as a place of residence.

  • Contract must be signed before 1 January 2021 and  31 March December 2020 and work must commence within 6 months of the contract being signed.

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EXCLUSIONS

  • Cannot be used for investment properties or renovations on investment properties. Cannot be used for standalone granny flats, swimming pools, tennis courts, and structures that are not connected to the property (i.e. outdoor spas and saunas, sheds or standalone garages).

Get in touch with us to see how we can make the most of this opportunity to get your dream home.

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