With a new financial year, comes new budget measures. There have been several changes made to housing affordability schemes that could affect you. Here are the changes to keep in mind when you start your new home building journey.
Victoria:
Great news for Victorians who are living in regional areas – you are eligible for an extra $10,000 under the First Home Owners Grant. Moving out of the city might just be the big sea change you are after. From the 1st of July, building in areas deemed regional by the state government (which includes Geelong) will have an added bonus. If you are looking for a home builder that services your preferred location, make sure you use the iBuildNew.com.au location settings to simplify your search.
If you are buying a new home under $600,000 you will not have to pay stamp duty. This will work on a sliding scale and could add up to a huge discount for many. For properties between $600,000 and $750,000 stamp duty will be phased in.
Not building a home in a regional area? Individuals or couples buying a new home under $750,000 will still be eligible for the $10,000 First Home Owners Grant. Adding this to an existing deposit may be just what you need to secure your dream home finance.
For more information head over to the Victorian State Government site.
New South Wales:
Huge news for anyone building their first home in NSW. With house prices continuing to increase unlike ever before, the NSW state government have announced that first home buyers will not have to pay stamp duty. This change is an effort to give first home buyers an advantage over investors who will now have to pay their stamp duty upfront. This is fantastic news at least for first home buyers in NSW as this provides a saving of some $15,000+ on current land values, helping First Home Buyers get into their first home sooner. If you need more clarity on this head over to the New South Wales State Government site.
The First Homes Owners Grant still remains at $10,000 for anyone building or purchasing a new home. This grant is available for anyone building their first new home under $750,000.
Queensland:
If you’re building in the beautiful state of QLD, you have until the end of 2017 to access the $20,000 grant. Make sure you access this now, head over to their state government site here.
Western Australia:
With a change of state government, unexpected changes have been made to housing affordability schemes. Money is being moved out of the First Home Owners Grant, with the grant dropping from $15,000 back to $10,000. The $5,000 boost, which was supposed to remain for the remainder of the 2017 year has been cut to support First Home Buyers in other ways.
Luckily,Western Australians have access to a fantastic scheme that has now also been introduced in Victoria. The Shared Equity Scheme allows First Home Buyers to access the property market with assistance from the government in the form of 25% equity of the home. This is a sustainable way to help people save for their first home.
South Australia:
No changes have been made the housing affordability schemes in South Australia. The First Home Owners Grant still sits at $15,000.
For more information head over to the South Australian State Government site.
How Can iBuildNew Help?
Getting the most out of your money is key when it comes to building your first home. Make sure that you compare all of your options and get the best deal with builders and land developers. It can be difficult to compare all the options that are available but with iBuildNew you can access house designs and house and land packages from many builders and developers, all in the one location.
If you are after personalised advice and assistance you can always call one of our expert consultants who will be happy to provide independent insight into the building industry. You can call them 7 days a week on 1800 184 284 or book a call online.
Source: www.firsthome.gov.au/
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Zoe Langenberg
Zoe is passionate about coffee and interior design. You can find her most weekends exploring an art gallery or devouring a good book.
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