Breaking down banking jargon
There’s few steps as big in life as buying your first home, and certainly few as exciting as you first hold those new keys. You’ll likely have spent years saving for it, and are close to finally achieving the dream. However, a little extra always helps you get there.
In response to the current property market, and Australian’s continued dream of home ownership, the Australian Government offers a helping hand. First Time Buyer Grants help those looking to take their first step into the property market with assistance that helps buy a newly constructed home, or build your own new home. Each state offers slightly different grants, and so it’s worth knowing what you’re entitled to, to make getting on the ladder even simpler.
Each state offers a different variation of concessions and grants for new, existing and vacant land purchases by first home owners. More details and resources are available on the below websites for each state.
NSW: Revenue NSW
SA: Revenue SA
VIC: State Revenue Office
ACT: Revenue ACT
TAS: State Revenue Office
Most grants are paid directly into your mortgage loan after settlement occurs, and as such many lenders will not allow the grant to be used as your deposit when applying for a loan. It’s worth talking to your lender about this before you start looking at buying a home.
Once you’re ready to purchase though and need to apply, your conveyancing lawyer will be able to assist you with all the paperwork to apply for the relevant grant where you are purchasing your first property.