The 2024 Guide To First Home Buyer Schemes
First Home Buyer Schemes
Thinking about starting your journey to home ownership? It’s a great time to get familiar with the many support schemes available to help first home buyers. These are amazing opportunities to get you out of paying rent and into your own home faster!
In this guide by Kathryn Asmussen from Barwon Mortgages, we'll explore the First Home Buyer Schemes available in our region.
From the familiar First Home Owners Grant to the upcoming Help To Buy Scheme (set to launch in 2024), we'll uncover the opportunities that can fast-track your path from paying rent to owning a home in our beautiful corner of the world. Let's dive into how these schemes can turn your dream of home ownership into a reality.
Here is an overview of current schemes/concessions:
⭐️ First Home Owners Grant
If you are buying or building a new home, you may be eligible for the FHOG ($10,000). Your new home must be valued at $750,000 or less and be a new home. The property must not have been previously sold as a place of residence, occupied as a home, or leased out or used for short-term accommodation, such as Airbnb.
⭐️ Stamp Duty Concession
First-home buyer duty exemption or concession – a one-off duty exemption for a principal place of residence (PPR) valued up to $600,000, or a concession for a PPR with a dutiable value from $600,001 to $750,000. This duty exemption or concession is separate from the First Home Owner Grant. The grant is a payment made to you, whereas the first home buyer duty exemption and concession is a reduction in the amount of land transfer duty you pay.
⭐️ First Home Guarantee
This scheme allows eligible first-home buyers to purchase a new or existing home with a deposit of just 5%, without paying tens of thousands of dollars in Lenders Mortgage Insurance (LMI). There are 35,000 spots available for eligible first-home buyers.
⭐️ Family Home Guarantee
This helps eligible single parents with dependants purchase a family home sooner. With this scheme, single parents can buy a home with a 2% deposit without paying Lenders Mortgage Insurance. There are 5,000 spots available for eligible first-home buyers.
⭐️ First Home Super Saver Scheme
The First Home Super Saver Scheme allows first-home buyers to save money for your first home in your super fund. The scheme allows you to make voluntary contributions to your super fund pre-tax to help you save for your first home. You can then access up to $50,000 of these contributions to put towards a deposit for your first home.
⭐️ Regional First Home Buyer Support Scheme
This scheme supports first home buyers buy their first home, in a regional area. This allows buyers to purchase a home with a 5% deposit without paying Lenders Mortgage Insurance.
There are 10,000 spots available for eligible first-home buyers.
⭐️ Help To Buy Scheme – Coming Soon In 2024
The Help to Buy Scheme is a shared-equity scheme where the government helps first-home buyers purchase a home by contributing up to 40% of the property price for a new home and up to 30% for an existing one.
The scheme is set to start in 2024.
Learn more about tips for buying your first home here.
For more information and support in buying your first home please contact the team at Barwon Mortgages for your free consultation.