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

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

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.

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.

No minimum income required to be eligible for the schemes

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

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/

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.

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

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

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.

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.

If you’re asking this question then maybe you shouldn’t be investing in property. Costs are just going up.

Sure can, you can do both

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

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

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Thanks for watching!