As a first home buyer, there are numerous government schemes available that can assist you when purchasing your first home.
Below are the current First Home Buyers Schemes.
You may be eligible for Stamp Duty Exemption or Stamp Duty Concession if you buy an existing home, a new home or vacant land providing you meet certain requirements and within certain price range.
To apply for this scheme, your conveyancer will lodge the application for you.
The Scheme works by giving first home buyers the opportunity, to:
- Purchase a home with a 5% deposit
- Avoid paying Lenders Mortgage Insurance (LMI)
The National Housing Finance and Investment Corporation (NHFIC) that released the Scheme limited the available number to 10,000 per year and is available through participating Banks and lenders.
To apply for this Scheme, your lender will lodge the application for you and they will be able to advise you of the availability.
From 1 July 2018, you can apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home.
If you would like to take advantage of this, you must apply BEFORE you sign the contract.