We honestly believe there has never been a better time to buy than right now.
Now we know what you’re thinking. This is the usual real estate agent bullsh#t.
And normally we would probably agree with you – but stay with us for a second..
Because as of the 4th of June there is up to $74,000 in grants & incentives going towards your first home in QLD.
Yes, you read that right. $74,000.
Check them out below…
1. $25,000 HomeBuilder scheme from the Australian Government
The Australian Government has released the mother of all incentives. It has been revealed that the Morrison Government is pledging $25,000 for new home builds and renovations as part of the HomeBuilder scheme.
To be eligible for the HomeBuilder scheme, you must:
- Be an Australian citizen aged 18 years or older and be an individual, not a company or trust.
- Be on an income of less than $200,000 for couples, and $125,000 for singles.
- Be spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million.
- Be building a new home worth less than $750,000 (this includes land value).
It is available for anyone who wants to build and then live in the home – not just first home buyers.
You must however start construction within 3 months of signing a contract, which means that the land must be almost ready to build on.
The best part? You can add it on top to the below incentives!
2. $15,000 First Home Owners Grant from the QLD State Government
Though it might seem like old news now that the HomeBuilder $25,000 grant is out – the QLD Government is still offering first home buyers a $15,000 grant to use towards any new home.
To be eligible for the First Home Owners Grant in QLD, you will need to meet a number of conditions:
- You need to be a natural person (not a company or trust) aged 18 years or older.
- You must be an Australian citizen or permanent resident (or applying with someone who is).
- You need to be a permanent resident or Australia citizen.
- You or your spouse must not have previously received a First Home Owner Grant in Australia.
- You must not have previously owned property in Australia that you lived in.
- Be building a new home that’s worth less than $750,000 (this includes land value)
3. Up to $10,000 from Urbane Homes towards your rent
So you’ve now got $40,000 of cash on the table and you haven’t even touched your own wallet yet!
But wait, there’s more…
Building your first home can be tricky. Once you start building you will have to start paying back your loan. This means you can be juggling rent and a repayments all at the same time. That isn’t always easy.
That’s why we’re giving up to an extra $10,000* to cover your rent.
Boom. Problem solved.
You’ve now got $50,000 without lifting a finger.
4. Up to $15,000 in savings from the First Home Loan Deposit Scheme
Saving for a 20% deposit these days is impossible. In fact most people are buying with deposits in the range of 5-20%.
Once your deposit is smaller than 20%, you have to pay a thing called Lenders Mortgage Insurance (LMI). This can be up to $15,000 on a $475,000 house and land package.
To help first home buyers get into homes with deposits as small as 5% WITHOUT having to pay LMI, the Government brought in the First Home Loan Deposit scheme.
This scheme involves the Government guaranteeing the remainder of your deposit to bring it up to 20% – outside of the LMI range.
This means if you have a 5% deposit, the Government will guarantee the other 15% to get you to 20% and to avoid LMI. If you had 8%, they would guarantee 12%. You get the idea.
To be eligible for the First Home Loan Deposit Scheme:
- You must be an Australian citizen and at least 18 years of age
- Be on an income of less than $200,000 for couples, and $125,000 for singles
- You must have a deposit of 5% or more
- You must live in the home you purchase under the scheme – it can’t be an investment property
- You must be a first home buyer who have not previously owned a property in Australia
5. Up to $8,750 in Stamp Duty savings
Stamp duty is a tax imposed by the QLD government on the purchase of land or homes. The more the property costs, the more stamp duty you must pay.
The cost of stamp duty can be significant, so the Queensland Government wants to help out first home buyer by giving them a concession. This means that up to a certain amount, First Home Buyers do not need to pay stamp duty.
This can save First Home Buyers up to $8,750 when buying their first home.
See below comparison between a First Home Buyer and a non-First Home Buyer when buying a $500,000 new home.
To be eligible for the Stamp Duty concession, you’ll need to:
- Have never previously claimed the first home or first home vacant land concession
- Never have owned a residence in Australia or overseas
- Move into the property within a year of settlement
- Be over 18 (although this may be waived)
- Not sell the property within a year of settlement.
So there you go First Home Buyers – up to $74,000 of grants and incentives on the table for you right now.
I think you’ll probably agree with us now that there hasn’t been a better time to buy.