Making the decision to buy your first home is exciting, but it can also feel a little daunting. Especially if you don’t know what type of property you want, how much you need to save, and which grants and incentives are going to help you get into your dream home.
Your new home could finally be in sight.
Your first home – it’s exciting simply thinking about it. But be sure to understand the key details of what’s out there. Some of the assistance available depends on whether you are looking at federal or state government incentives.
- First home owner grants are for people buying their first property or building their first new home. Find out more about the First Home Owner Grant.
- Stamp duty exemptions or discounts may apply for new homes – the level of exemption/discount varies between states. Use our stamp duty calculator.
- First Home Loan Deposit Scheme allows eligible buyers to borrow up to 95 per cent of the purchase price without paying potentially thousands of dollars on lenders’ mortgage insurance. Find out more about the First Home Loan Deposit Scheme.
- HomeBuilder grants may be available for new home purchases or renovations, ranging from $15,000 to $25,000 depending on the contract date. Find out more about HomeBuilder grants.
- Defence Home Ownership Assistance Scheme (DHOAS) gives eligible members in the Australian Defence Force (ADF) a boost to owning their own home sooner.
Some things to consider.
- Be informed about the caps and limits, and don’t buy the wrong property just to get a grant - the cost of selling and buying again might take this option off the table.
- Seek out information as to how long certain banks are taking to process your application. Many incentives are capped, so the longer you are in the queue waiting for your application to be processed, the higher the risk of missing out this time ‘round.
Defence Bank home loan consultants can help you navigate the grants and incentives you may be eligible for. Each state and territory has its own rules, so you might be able to access more than one grant or scheme at the same time.