First Home Buyers Entitlements

Published Wed 09 Nov 2016

We all know that time old saying ‘A man’s home is his castle’ With Interest rates at record lows,  many mortgages cost less than rent. Rent money is now truly dead money!. With new home ownership filled with inducements and appeal, let’s have a look at first home buyers’ entitlements, so that those looking to open the door on their first home, can have that door blown off its hinges

First Home Buyers Entitlements

First Homes Owners Grant

Like winning Family Feud or receiving a call from Sunrises Cash Cow the First Home Owners Grant* is a flat $10,000 towards your first home construction, cha-ching! That’s a feeling of instant equity and growth in your deposit and new home. This grant from the Victorian Government further encourages new home construction and growth facilitating the growing population. Your finance broker or bank will help organise this on your behalf to have you seamlessly accepting a lovely $10,000 towards your brand new home.  

Half Price Stamp Duty

IF you know someone who has bought land before and constructed a new home you’ll know the savings buying land and building has over buying an established home. The stamp duty cost from the government is approximately halved when building new. Taking the line from any Danoz Direct commercial or Larry Emdur in his Price is Right days, but wait there’s more… For first home buyers the stamp duty* cost is halved again! That means stamp duty cost goes from roughly $8,000 to $4,000 depending on the land value and cost for first home buyers.
If you’ve ever considered entering the property and home ownership pool, the timing has never been better. Dip your toe and test the waters, pop into one of the Warralily Sales centres to discuss the possibilities of starting your new home journey.   
The First Home Owner Grant is available to first home buyers and if eligible you can receive a payment of up to $10,000. First home buyers may also be eligible for a duty reduction when they purchase a new home. To check your eligibility visit the State Revenue Office website.

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