There is much to consider and plenty to research. Firstly you need to work out how much you can borrow. This is where our services will really help you. Make sure you have an accurate and detailed budget that takes into account all expenses associated with purchasing a property including stamp duty, council rates and other fees. We can help you identify these extra costs. Use our budget planner to get a realistic picture of where your money goes now. Use our loan calculator to estimate your repayments.
Many first home owners forget to budget for things they haven’t been used to paying for themselves like electricity, water and other utilities and for items such as insurances.
Budget for maintenance and even simple things like stocking up the fridge and pantry for the first time – many of the things we take for granted when living at home.
Ensure you go to many open inspections and do your research on the internet before purchasing to ensure you have a good indication on property prices in your desired location. If you find that you cannot afford to buy your dream home in your desired location consider adjacent suburbs that may be more affordable.
First home owner grant
The FHOG scheme was originally introduced on 1 July 2000 to offset the effect of the GST on home ownership. It was a national scheme funded by the states and territories and administered under their own legislation. Since that date the government has introduced new grants and benefits to home owners. Grants vary from state to state.
First home saver accounts
- are aged between 18 and 65,
- have not previously purchased or built a first home in which to live,
- do not have or have not previously had a first home saver account, and
- provide your tax file number to the provider
you can open a first home saver account.
This account provides a simple tax effective way for Australians to save for their first home through a combination of Government contributions and lower taxes. The Government will contribute 17% on the first $5,000 (indexed) of individual contributions made each year. This means an individual contributing $5,000 will receive a Government contribution of $850.
Stamp duty concessions
When you buy a home in Australia, the government imposes a stamp duty tax. This tax is added to the purchase price of your home and is assessed on the sale price of the property. Stamp duty and concessions vary from state to state. First home buyers may be eligible for rebates in the form of stamp duty rebates or exemptions. We will assist you to calculate your stamp duty if applicable.
Click here to use our How much can I borrow calculator to see how much we could save you.