The extraordinary growth in value of the Australian property market throughout the 2012 -2017 period has made the dream of owning your own home especially challenging for first home buyers.
Generous tax concessions for investors, record low interest rates and a flood of foreign buyers have all contributed to rampant price growth. Many first home buyers have found property prices increasing faster that they can save.
In an effort to assist First Home Buyers to enter the property market both the Federal Government and the Queensland State Government have introduced several schemes to assist.
In the guide we demonstrate how a first home buyer could maximise their benefits from these government grants and concessions to the tune of about $47,000. This would allow them to purchase a brand new $475,00 home, for less than $11,000 out of pocket!
The eligibility criteria for the Queensland governments First Home Owners Grant (FHOG).
The eligibility criteria for the Queensland governments First Home Transfer Duty Concession.
The eligibility criteria for the Federal governments First Home Super Saver Scheme (FHSSS).
The eligibility criteria for the Federal governments First Home Loan Deposit Scheme (FHLDS).
The details of these four schemes, what they are, how they work, their eligibility criteria and how they can help you get into your own home sooner, are outlined in the sections below, along with a case study demonstrating how best to maximise your benefits from these schemes.