It's an exciting time to be a first home buyer!
1. The $7000 Grant is still available
2. There are big savings on stamp duty on land transfer
(in most states)
3. There are No deposit and Low deposit loans available
4. There is FREE help to get your loan approved
You just need to know who to ask.
Are you eligible for the $7000 First Home Owners Grant??
The broad principles of the grant are:
Eligible applicants from 1 July 2000 are entitled to a one-off $7,000 payment.
Eligible applicants must be natural persons, who are Australian citizens or permanent residents, who are buying or building their first home in Australia.
To qualify for assistance, neither the applicant nor their spouse (or de facto) must have owned a home prior to 1 July 2000, either jointly, separately or with some other person.
Neither the applicant nor their spouse (or de facto) must have owned and occupied a home after 1 July 2000.
Neither the applicant nor their spouse (or de facto) must have claimed this grant previously.
Entering into a binding contract or commencement of building, in the case of owner-builders, must have occurred on or after 1 July 2000.
An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self contained fixed dwelling that lawfully can be used as a place of residence.
An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of completion of construction or settlement of the home.
Application for the grant must be made within 12 months of completion of construction or settlement of the home.
Assistance will not be means tested.
There is no tax payable on the grant.
Joint applicants will be restricted to a single application for a single property and only one payment of $7,000 will be made.
-> When does that get paid?
For an established house - at settlement.
If you are building - after the slab has been laid.
For more information see http://www.firsthome.gov.au/
-> What stamp duty concessions and bonuses apply?
It varies from state to state.
NSW VIC WA
SA QLD TAS
NT
New South Wales
For the purchase of an established House - no stamp duty payable on houses under $500 000
Discounts apply on house $500 000 - $600 000.
For vacant land:
No stamp Duty payable on land under $300 000
(discounts apply for land priced between $300 000 and $400 000)
For more information see www.osr.nsw.gov.au
Victoria First Home Bonus
- available when you purchase property less than $500 000
Bonus $5000 for contracts signed between 1 May 2004 and 31 December 2005
Bonus $3000 for contracts signed between 1 January 2006 and 30 June 2007
Normal stamp duty charges on land transfers apply
For more information see www.sro.vic.gov.au
Note: There is no stamp duty on mortgages in victoria
Western Australia
Stamp duty concessions are available when:
- you purchase a house under $350 000
- Or land under $250 000
For Purchases that include a Home you pay:
Value of property Rate of stamp duty
0 - $250 000 NIL
$250 001 - $350 000 $13.20 per $100 above $250 000
Purchases of Vacant Land you pay:
Value of property Rate of stamp duty
0 - $150 000 NIL
$150 001 - $200 000 $12.40 per $100 above $150 000
For more information see www.dtf.wa.gov.au
South Australia
For properties where the contract to purchase the first home is entered into on or after 27 May 2004, first home purchases up to $80,000 will continue to receive a full concession.
For first home purchases where the property is valued between $80,001 and $100,000, the concession will reduce from 100% to 50% (2.5% reduction per $1,000 of property value) and will remain at 50% where the property is valued between $100,001 and $150,000.
Thereafter the concession reduces by $24 for every $1,000 increase in property value above $150,000 and phases out completely for first home purchases above $250,000.
For more information see http://www.revenuesa.sa.gov.au
Queensland
No stamp duty payable on houses up to $250 000. There are concessional rates of duty for houses up to $500 000.
For more information see http://www.osr.qld.gov.au
Tasmania
There is a discount on the duty payable for houses up to $350 000.
The maximum discount is $4000.
Offer expires 30 June 2005
For more information see http://www.treasury.tas.gov.au
Northern Territory
A concession of up to $6 800 off the stamp duty payable. This represents the duty on the first $200 000 of the purchase price of the property.
For more information see http://www.nt.gov.au
In fact any sort of
First Home Buyer Loan. Every home loan is different, but you can utilise our
expertise and save yourself time, money and heartache....
Contact
us for a FREE home loan consultation
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