Buying your first home can feel like a big step, especially with the cost of living and rising property prices. The good news is there are a number of government grants and schemes designed to make it easier for first home buyers to get into the market.

When you combine these incentives with the affordable price point at Watsons Reach, owning your first home may be more achievable than you think.

Here is a quick round up of the government grants that home buyers may be eligible for.

Victorian Government First Home Owner Grant

If you’re building or buying a brand-new home in Victoria, you may be eligible for the $10,000 First Home Owner Grant. The grant is available to eligible first home buyers who purchase a newly built home that has not previously been sold, lived in or rented out, or who build a new home with a total value of up to $750,000.

Home Guarantee Scheme

Saving a 20% deposit can take years, which is why the Australian Government’s Home Guarantee Scheme has become a popular option.

Eligible buyers can purchase a home with as little as a 5% deposit, while the government guarantees part of the loan. This means you can avoid paying Lenders Mortgage Insurance (LMI), potentially saving thousands of dollars and helping you get into the market sooner.

Help to Buy

The Help to Buy scheme is another option for eligible buyers who need extra support. Under the program, the Australian Government can contribute up to 40% of the purchase price of a new home in return for a share in the property’s equity.

Because you’re borrowing less, you’ll generally need a smaller deposit and your mortgage repayments may also be lower, making home ownership more manageable.

First Home Super Saver Scheme

If you’ve been making voluntary contributions to your super, you may be able to use them towards your first home deposit through the First Home Super Saver Scheme.

The scheme allows eligible buyers to withdraw those voluntary contributions, along with associated earnings to help purchase their first home. It’s another way to build your deposit while taking advantage of the tax benefits available through super.

Which One Is Right for You?

Every buyer’s situation is different. The right scheme will depend on your income, savings, employment and future plans, so it’s worth taking the time to understand what’s available and whether you’re eligible.

Speaking with a mortgage broker or financial adviser is a great place to start, as they can explain which options best suit your circumstances.

If you’re considering buying at Watsons Reach, our sales team is also here to answer your questions. We can help you understand the buying process and connect you with the right people to make your home ownership journey a little easier.

 

Image Source: https://www.vic.gov.au/

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