Buying your first home is such an exciting time. In years past, generally older homes needing a great deal of renovation work or homes located in less favourable areas were purchased as a first home. In today’s busy world, young couples do not have time to complete the renovations, so there has been a significant shift in Australia to purchasing new properties, especially apartments, as a first home.
Government Incentives for the First Home Buyer
This has been bolstered by government assistance which has multiple benefits. By stimulating the construction industry, jobs are created across many other industries as well, including interior & exterior design, manufacturing, electronics and finance. The grants and allowances for First Home Buyers has provided an almost assured flow of purchasers for the end product.
From July 1st, 2016, the Queensland Government increased the First Home Owners Grant (FHOG) by $5000 until 30th June 2017. Now at $20,000, the grant is available for brand new houses, units or townhouses, valued less than $750,000. It can be applied to purchases “off-the-plan” also. Full eligibility requirements can be found at the Queensland Government website.
Alleura on Fairfield is an intimate complex of just 6 townhouses. It is located in the sought-after riverside suburb of Yeronga. Alleura on Quarry is a boutique development of 10 large 3 bedroom townhouses. This complex is located close to the Northern Brisbane Wilston-Grange café-precinct. First Home Owners will be delighted with the advantages of living in a low-maintenance property as they go about their active daily lives.
The Victorian Government is also introducing similar initiatives. From the 1st July 2017 the FHOG for purchasers in regional Victoria will be doubled to $20,000. This is applicable to new properties valued up to $750,000 in those areas. From 1st July 2017, Stamp Duty has also been removed from properties valued up to $600,000 for First Home Buyers in Victoria. Properties with a value between $600,000 and $750,000 will also be eligible for a concession, applied on a sliding scale. This will allow for a saving up to $15,000 (average $8000) on eligible properties. Combined with the First Home Owners Grant, the savings could be up to $35,000. For further details regarding the First Home Owners Grant and Stamp Duty concessions, please refer to the Victorian Premier’s website .
Victorian First Home Buyers are encouraged to make enquiries now on developments such as Alleura on Mills and Alleura on Robin in Altona. Find out what properties are available that will attract the benefits offered by these initiatives. Make owning your first home more achievable.
Alleura recommends each individual seek the services of a qualified service provider before undertaking any financial investment. This information in this article is for general information purposes only. It is not intended as financial or investment advice.