First Home Buyers

Queensland Government Assistance

Buying your first home is an exciting new chapter. A deposit for your first loan can be the biggest hurdle to overcome for first home buyers. Property prices seem to continually rise each year, making this seem an impossible task.

The Queensland Government currently provides assistance to first home buyers seeking to purchase their first home. The Queensland Government can assist with saving for your first home deposit and also provides savings on the stamp duty payable on the purchase of the property.

First Home Owners Grant

Refer: www.qld.gov.au

The First Home Owners Grant is available for first new home buyers. Seeking Queensland Government assistance can be challenging, so it is important to speak with somebody who understands what grants you may be eligible for.

If you are working towards buying your first home, speak to Crescent Lending Solutions today to see how these grants could help you purchase your first home.

Applicants need to have 5% in genuine savings to go towards the purchase. That means for a $500,000 home you will have to have $25,000 saved up before you can apply. Family guarantees still enable you to enter into a loan arrangement with no deposit needs.

From 1 July 2018, the Queensland Government will offer a grant of $15,000 per applicant for new homes under $750,000.

Save on stamp duty

Refer: www.qld.gov.au

For first home buyers stamp duty can be the forgotten cost of purchasing a house. The cost of Stamp Duty is usually a significant amount and must not be forgotten by the purchasers.

You may be eligible to reduce or eliminate the cost of paying stamp duty on the purchase. For example, a $500,000 property purchase will normally attract Stamp Duty of approximately $20,000.

Eligible first home buyers purchasing a new home valued at less than $500,000 will pay no transfer duty (previously known as stamp duty).

You will need to move into your first home within the first year and live in it for at least 6 months.