Do you want to live in your own home?
There are so many grants available at this time for people who want to build a new home or buy an existing home.
First home buyer assistance scheme in NSW: This grant can take the stamp duty off your first home which is a new home or an existing one provided the cost of the home is less than $650,000. You can get a partial exemption if your home is more than $650,000 but less than $800,000. Stamp duty is 4% in NSW so if your home costs $650,000, you can get a grant of $26,000.
1. First Homeowner grant (New Homes) of $10,000: is available in addition if your house is a new home. You will have to live in the new home for 6 months in order to be eligible but you can apply once the contract is signed. https://www.revenue.nsw.gov.au/help-centre/resources-library/072017-ofh001.pdf
2. Super FHSS Scheme: You can withdraw $15,000 in one year and $30,000 in all years of voluntary contributions to support purchase of your home. You will have to call your super fund to find out how much can you withdraw in this year. https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-scheme/
3. Homebuilders Grant: This is a new COVID initiative, but you don’t have to be affected by COVID to avail the benefit. If you sign a contract to build or renovate a home between 4 June to 31 Dec, you can get $25,000 provided the construction starts within 3 months of the contract date. https://www.revenue.nsw.gov.au/news-media-releases/covid-19-tax-relief-measures/homebuilder-program
4. First Home Loan Deposit Scheme: The national Housing Finance and Investment Corporation will provide a guarantee for eligible first home buyers on low and middle incomes so that they can purchase a home with a deposit of as less as 5%.
with love from Parul and Wagga Accounting!