Buying your first home is one of the most exciting purchases you can make – but also one of the largest. The good news is, there is a range of government schemes and grants that can help get you into your brand new home.
We’ve outlined the grants and schemes available in South Australia, below. It’s important to note, each scheme is subject to limitations and eligibility criteria that may change from time to time, so it’s best to do your own research when the time is right for you to buy.
SA’s First Home Owner Grant (FHOG)
This is a cash grant designed to help people who have never owned property buy their first home. Every state and territory offers their own version of the FHOG. Here in South Australia, those who are eligible can receive a grant of up to $15,000.
To be eligible, you need to be buying or building a new home (including a house, flat, unit, townhouse or apartment) that will be your principal place of residence. A new home means it has not been previously occupied or sold as a place of residence and includes a substantially renovated home.
There are a number of additional criteria including the value of the property, which can be found on the Revenue SA website.
The First Home Guarantee (FHBG)
This is another useful resource and applies to House and Land packages, such as those at Oaklands Green.
The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner. It is administered by Housing Australia on behalf of the Australian Government.
Under the FHBG, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to buy a home with as little as 5% deposit without paying Lenders Mortgage Insurance.
For the FHBG, any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan. Eligibility criteria apply.
Read more about it here: www.housingaustralia.gov.au/support-buy-home/first-home-guarantee
First Home Loan Assistance
Along with the government incentives, HomeStart can help with the finance for your first home purchase too, with reduced upfront costs. Deposits start from as little as 2% with its Graduate Loan and 3% of the purchase price for its Low Deposit Loan. Useful information about guiding you through your finance for your first home loan can be found here: www.homestart.com.au/learn-more/im/buying-my-first-home
If you have any questions about home finance, our Oaklands Green Sales Director, Richard Joy, will be able to help – including referring you to a professional advisor. Please contact Richard via – richard@oaklandsgreen.com.au.
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