Unlock Your Dream Home in 2024: Government Schemes for First Home Buyers Explained

In this informative video, we break down the key government schemes and incentives available for first home buyers, single parents, and those who haven't owned a property for a decade or more. Learn how the Home Guarantee Scheme can save you up to $25,000 on Lenders Mortgage Insurance with just a 5% deposit. Discover the First Home Super Saver Scheme and other grants and concessions that can help you step into the property market sooner. Join us on this journey to homeownership!
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[@abhiology5991]

Awesome content . I had a query. We are looking to buy our first IP in the early 2024 quarter , would we be eligible for any of the first home buyer grants and schemes if we opt for an IP instead of residential. Many thanks

[@SmanDiva]

Nope. IPs are not eligible for any Government grants. Think about it, why will the government give you money for an investment? 😊

[@abhiology5991]

Hi, thanks for replying . I missed the latter part. If I decide to buy a residential property after owning an IP first, would any of the grants/schemes be applicable in this instance.

[@MortgageBrokerAustralia]

Thank you for reaching out with your query, it's great to hear you're planning to buy your first investment property (IP) in early 2024! Regarding the eligibility for first home buyer grants and schemes, it's important to note that these incentives are typically designed to assist first home buyers who are purchasing a property to live in as their primary residence, rather than for investment purposes.

[@bradleyjohns7575]

I brought a investment property with 2 other people in 2006 in nsw and sold it in 2010 and because of this i wasn't eligible for government grants untill this financial year.
Unfortunately im still not eligible for stamp duty tax because of this but i am now eligible for the federal government grant...
The nsw government need to come to the table and fix this

[@MortgageBrokerAustralia]

Thanks for sharing your story Bradley, agreed that more needs to be done here by the government

[@aidenclark5161]

Awesome Video, Just a question of the first home buyer guarantee, does the 15% the government gives to avoid paying LMI decrease the overall loan amount?
example I save 50,000 dollars which is a 5% deposit for a 1 million dollar house. The gov would guarantee 15% so 150,000 dollars. How does the guarantee affect the loan?
would I owe 950,000 or do I owe 800,000?
it has been tricky finding the answer through google.

[@MortgageBrokerAustralia]

Great question, your loan would be for $950,000.

[@kylo9534]

What’s the best approach for value in melbourne if I am eligible for all grants? I’m happy to live in it for 12 months no problem

[@MortgageBrokerAustralia]

When considering the best approach to maximize value in Melbourne while being eligible for all available grants, here are some key strategies to consider:
First Home Owner Grant (FHOG): If you're a first-time home buyer in Victoria, you may be eligible for the FHOG. This grant offers a one-off payment to assist with the purchase of a new home, which can significantly reduce your initial costs.
Stamp Duty Concessions: Victoria offers stamp duty concessions for first home buyers. Depending on the value of your property, you might qualify for a reduced stamp duty rate or even a full exemption, which can lead to substantial savings.
Choose a Strategic Location: Look for areas in Melbourne that offer growth potential. Suburbs with upcoming infrastructure projects or those that are in the process of gentrification might offer good long-term value.
New vs Established Property: New properties might allow you to leverage the FHOG more effectively. However, consider the long-term value and potential rental yields of the property. Living in it for 12 months as required can also give you a feel for the area and the home's potential.
Budgeting and Financing: Ensure that your financing is in order. As a mortgage broker, we can help you find the most suitable loan product from our panel of over 30 lenders. This can help you get the best interest rates and loan features that match your needs.
Long-term Goals: Consider your long-term property goals. Are you looking for a starter home, or is this a step towards a larger property? This perspective can influence the type of property you buy and its location.
Professional Advice: It's advisable to seek professional advice. This includes consulting with a mortgage broker for your financing needs, a real estate agent for property insights, and a legal advisor for any contractual or legal matters.
Remember, every individual's situation is unique, so it's essential to consider your personal circumstances, financial situation, and long-term goals when making your decision. As your mortgage broker, we're here to assist you in navigating these decisions and finding the best mortgage solution for your new home in Melbourne.

[@xBaDaBiNgx]

What grants would someone be eligible for with say $30k savings in Victoria?
Can you combine different grants to get the best value possible?

[@MortgageBrokerAustralia]

You might be eligible for the first home owners grant, stamp duty concession and home guarantee scheme. Hit up our brokers and we can discuss www.huntergalloway.com.au/

[@abinmace]

Can we buy a home on 482 visa ?

[@MortgageBrokerAustralia]

Its possible but you may need FIRB approval as its considered a temporary visa plus most banks will only consider you if you are applying with a PR or Australian Citizen. Once you are a PR regular lending options apply.

[@somaiyamilind]

If we sell the property after a certain number of years (after satisfying government terms of residing in the house) then will Government claim their 15% share in equity developed on House?

[@MortgageBrokerAustralia]

It depends which scheme you are looking at - the Home Guarantee scheme which we spoke about in this video the government is only guaranteeing the loan if you default so you still own 100% of the property and 100% of the equity etc.

[@robryanduag]

I'm a NZ Citizen who migrated here 2022. Would there be any issues with application for FHSS and Government grants?
I live in NSW and planning to get into the market mid-year. Thanks.

[@MortgageBrokerAustralia]

Hi Rob, great question. For the FHSS that would be fine and details on eligibility can be found here: www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/early-access-to-super/first-home-super-saver-scheme#Eligibilityandconditions. For the first home buyers grant, the government requires Australian Citizen or Permanent resident: www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/first-home-owner-new-homes-grant#heading3

[@dinnerwinner1982]

am i still allow to get the $30000 first home buyer grant with just a 5% deposit ?

[@MortgageBrokerAustralia]

Sure can, you can do both

[@RaTaiwhati364]

Is the first home buyers scheme for brand new homes $30K now? or is it still &15K?

[@MortgageBrokerAustralia]

That's right, can be sandwiched up with $30k grant in QLD for brand new or builds

[@keegangrantham516]

@@MortgageBrokerAustraliais there a price cap ? I know previously is was $750k if I’m not mistaken (I’m located in QLD)

[@sandorvarga.6982]

❤

[@sandorvarga.6982]

VRAU.bani.mej.ches 990.billion/DATA.26.APRIL. 2023.

[@sandorvarga.6982]

VRAU.bani.mej.ches 990.billion/DATA.26.APRIL. 2023.

[@MortgageBrokerAustralia]

Thanks for watching!