Buying your home for the first time is a big deal. It is a huge investment of money and time, so a first home buyer must have all the possible concessions and incentives. It will help make his buying experience smoother and amazing. In Victoria, there is much more available to the first home buyers in terms of concessions and incentives. If you are also buying your home for the first time, you must know what does it have for you.
Here are a few concessions and incentives mentioned for the first home buyers in Victoria.
- First Home Owner Grants
This grant is for those who are buying and building a property for the first time. For instance, if you buy a house or apartment of worth $750,000, you will be eligible to receive $10,000 as a grant. However, the owner of the house must not have lived in any property before that is worth more than $750,000. Also, if the property you buy is in the regional area, the value of the grant will increase further. So, you must check the criteria of the first homeowner grant on the official online website to get answers to your queries.
- Saver Scheme
As a first home buyer in Victoria, you can also save your money with the help of saver scheme. You can contribute to your super fund either before or after tax. The money you can withdraw in a year is around $15,000 for each individual. So, if you are a couple, you can withdraw up to $30,000. It is even better if you hire an accountant before you opt for a saver scheme. It will help you get awareness regarding the rules and regulations of the scheme.
- HomesVic Shared Equity Scheme
It is a new scheme that is being offered to first home buyers in Victoria by the Government. It is especially for those buyers who are eligible to take bank loans but need help in the deposit. So, the buyer will have to contribute only 25% of the total value of the property. It will save him from the hassle of taking big loans as he will only require a 5% deposit. Also at the time of reselling the property, the buyers will need to pay back only 25% of the selling price of the property. You can take advantage of this scheme by consulting an expert who knows more about its eligibility criteria and conditions.
- Stamp Duty Concession
As it is obvious by the name, stamp duty concession is the concession you get on the amount of stamp duty you have to pay. If the property you are buying is worth less than $600,000, you won’t have to pay stamp duty. This way, you will be saving up to $32,000 that is a huge chunk of money. However, if your house is worth more than $600,000, the amount of stamp duty you get to pay will keep on increasing.