Practical Assistance for First Home Buyers

Whilst the property market continues to remain strong and prices make it seem difficult for first home buyers there are a number of concessions and schemes aimed at making it easier for first home buyers to realise their dream.  We detail below the various assistance available.

First Home Guarantee Scheme

Under this scheme eligible home buyers are able to purchase a modest home with a deposit of little as 5% of the purchase price without having to pay lenders mortgage insurance.  The eligibility criteria is as follows:

  • Australian citizens or permanent residents at least 18 years of age;
  • Taxable income for the 2023 financial year (Individuals less than $125,000 or couples less than $200,000);
  • Loan terms must be principal and interest with a maximum 30 year term; and
  • Property must be below the price threshold in Queensland $700,000 for capital city & regional centres & $550,000 for the rest of the State (note different thresholds apply in different States).

First Home Super Saver Scheme

The First Home Super Saver Scheme can be used by first home buyers to save money inside their superannuation fund to help buy their first home.

The amount that can be saved is up to $15,000 in any one financial year and up to a maximum of $50,000 across all years.  You are also able to access an amount of deemed earnings that relate to those contributions.  The contributions that can be made under this scheme include salary sacrifice contributions and personal voluntary contributions.

The amount withdrawn from superannuation under the scheme will be taxable at the recipient’s marginal tax rate less a 30% tax offset.

In order to access the funds under this scheme you will first need to apply for a First Home Super Saver determination which can be accessed through your mygov account.  This must be done prior to signing any property contract.

First Home-Owner Grant – (QLD) – New Homes

If you are buying a new home in Queensland valued at less than $750,000 you may be eligible for  the $15,000 first home buyers grant. The eligibility criteria is as follows:

  • Australian citizen or permanent resident;
  • You or your spouse must not have owned residential property;
  • You must move into the new home within 1 year of purchase and live there continuously for at least 6 months; and
  • The property must be a new home.

Stamp Duty (QLD) – First Home Concession

You can claim a first home concession for transfer duty when acquiring your first residence if you meet certain requirements.

The first home concession only applies to a home valued under $550,000 and can save you up to $15,925.

To be eligible for a first home concession when you buy or acquire a home, you must:

  • be legally acquiring the property as an individual;
  • have never claimed the first home vacant land concession;
  • have never held an interest in another residence anywhere in Australia or overseas;
  • be at least 18 years of age;
  • move into it with your personal belongings and live there on a daily basis within 1 year of settlement (this time cannot be extended); and
  • be paying market value if the residence is valued between $500,001 and $549,999.

Whilst the great Australian dream may seem out of reach starting with a modest dwelling and utilising the grants, schemes and concessions above buying your first home may be more achievable than you think.

Should you or any of your family members require assistance or further information please do not hesitate to contact us on (07) 3910 5675 or [email protected].

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