How to Buy a House Sooner – Take Advantage of Government Incentives & Grants
The Australian Government has a variety of incentives and grants that citizens can apply for and be approved for depending on certain specifications. It is important that potential buyers take advantage of these incentives that can lessen the overall purchase price of a home.
First Home Owner Grant: Introduced on 1 July 2000, funded by the territories and states. A one-time grant is available to eligible first-time homeowners.
First Home Guarantee: Introduced on 1 January 2020, administered by the National Housing Finance and Investment Corporation. Allows first-time home buyers to purchase a home with a deposit of as little as 5% to eligible buyers.
If a first-time buyer is eligible for either of these grants a good portion of their money could be saved on home-buying expenses. Contact us today at Mortgage House to see if you qualify for any government incentives or grants. First-time buyers may also be eligible for renter’s assistance during the home buying process if needed.
While the above incentives and grants will not cover the total cost of purchasing a home, they can ease some of the financial strain that countless first-time owners experience when purchasing a home.
Government Incentives & Grants Conclusion
The Australian Government has certain incentives and grants available for potential first-time buyers to apply for and receive if eligible. Mortgage House is a specialized lender that can work with first-time buyers to find a financial plan that works best for them.