It has never been a better time to be a First Home Buyer. With Interest rates currently the lowest in history and the Governments First Home Owners Grant, waived stamp duty and their newest grant, The First Home Loan Deposit Scheme!
The First Home Loan Deposit Scheme was introduced towards the end of 2019 and is an Australian Government initiative to support eligible first home buyers purchase a home sooner. Under the Scheme, part of an eligible first home buyer’s home loan from a participating lender will be guaranteed by NHIFC. This is aimed at enabling first home buyers to purchase a home with a deposit of as little as 5 per cent. The NHFIC released 10,000 First Home Loan Deposit Scheme places this financial year. Another 10,000 Scheme places will be available from July 2020.
First Home Buyers are able to reserve a scheme place with participating lenders. Before making a reservation, first home buyers should carefully consider whether they will apply as a single or as part of a couple. Once a reservation is made as a single or as a couple it can only be changed by withdrawing and making a new application. Your ability to secure a Scheme place when doing so will depend on whether a Scheme place is available at that time. For your application you (and your partner) will need your Notice of Assessment for your taxable income for the previous financial year.
The First Home Owners Grant is an additional grant where First Home Buyers receive a once off sum when purchasing or building a new home. First home buyers across New South Wales who build or purchase a new home valued at $750,000 or under can receive a lump sum of $10,000. And if you purchase a new property under the value of $650,000, you won’t get charged with a hefty Stamp Duty Tax.
If your a First Home Buyer and looking to take advantage of these amazing grants, then our First Home Buyers Seminar is for you! This free no obligation event is aimed at providing First Home Buyers in the local area with the need to know information on building your first home. With presentations from local industry experts including NAB Wagga. The team at Hurst Homes see it way to often where First Home Buyers don’t have the essential information on building and find it all very daunting. As locals and as Wagga’s best builder we know that knowledge is key and want to educate our local community on the building process to take the uncertainty away from building and help them make the most of the current market.
Our next First Home Buyers Seminar is on Thursday 19th March 2020 at The Oakroom Wagga. Limited spaces are available, so be sure to register today to secure your spot.