First Home buyers Schemes
First Home buyers in Australia are eligible to few government schemes provided
by all states & territories in Australia, knowing these schemes can be
beneficial to the First home buyers.
First Home Owners Grant (FHOG)
This scheme is available throughout Australia since July 2000, It is a national
scheme where a grant of $7000 is paid to the first home owners who satisfy all
the eligibility criteria (you can refer to your state government website), the
scheme is offered basically to offset the GST on home ownership.
The benefits of this scheme are
·
Additional expenses can be covered with this
grant.
·
You can use this grant as part of your deposit.
Other than the FHOG, you may eligible for additional grant and stamp duty
concessions depending upon the State you live in.
Shared equity Scheme
This scheme is available to first home buyers, where homebuyers can buy or
construct a home up to a value of $375,000 in conjunction with the Department of
Housing & Works. The Department of
Housing & Works can co-own up to 40 percent of the property depending on various
factors. This scheme is available only in Western Australia.
The benefits of this scheme are
·
The initial cost of owning the home is low as you
are required to make payments only against your equity of the property.
·
As the Department of Housing & Works will co-own
the property, you can go for a more expensive home than you could buy it
completely yourself.
·
When you buy full or part of the equity from the
Department of Housing & Works, the value is calculated depending on the market
value for that time.