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15 Jul 2016

BENEFITS OF BUILDING FOR FIRST HOME BUYERS

As it gets increasingly difficult for first home buyers to get on the property ladder, it is important to take advantage of the incentives available for first home buyers. The majority of the states and territories encourage first home buyers to purchase a newly built house or apartment. There are a range of grants available along with stamp duty exemptions. Contact our office and we can talk you through your eligible incentive. In addition to the grant and/or exemption, there is also the ability to save significantly on stamp duty. When you purchase land then build you pay stamp duty on the land portion only, meaning you save significantly on the build portion. Considering that there is a saving on stamp duty together with a government incentive, it makes it that little bit easier to get on the first home buyer ladder. In saying this, to get the relevant loan the bank will want to see that you can make loan repayments. This can be in the form of renting through a real estate agent (to the equivalent of loan repayments) or through regular savings (to show that you can commit to loan repayments). For peace of mind, you should prove to yourself that you can make the loan repayments. It is then easier to prove this to a bank.

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