If you’re a first homebuyer planning to build this year, then news of the super-sized First Home Owners Grant (FHOG) will be music to your ears. Temporarily boosted from $10,000 to a chunky $15,000 as of 1 January 2017, the grant is a one-off payment that can help get you into your first home sooner.
Yes, it’s a gift! And it’s tax-free!
If you’ve been scrimping and saving like mad to build a place of your own, the bigger grant payment could make all the difference to your plans. Some lenders will even let you use your grant towards your deposit, which could surely get the ball rolling for you sooner rather than later.
What’s more, there are some great off-the-plan designs around at the moment that have been specifically designed to get you onto the property ladder quick smart.
Take Domain by Plunkett’s super-affordable four-bedroom, two-bathroom design the Cavern, for example. It’s currently priced at just $137,530 and includes a double garage, a study, an alfresco and an open-plan living area with computer nook.
You don’t need to be a maths genius to work out that the price of the Cavern effectively drops to a little over $120,000 when you take into account the $15,000 that’s now available to first-time buyers. Are we being too bold if we say a deal like this could be a no-brainer?
Let’s take the example one step further.
Choose one of our cost-effective house and land packages featuring the Cavern and before you know it, you could have your block and your brand new house all done and dusted for as little as $279,000.
As with most things, there is some fine print when it comes to the First Home Owners Grant, but as a rule of thumb, you’re eligible to apply for the $15,000 if you’re an Australian citizen or permanent resident over the age of 18 who has never owned property in Australia before, and are building a new home or buying a newly-built home.
It’s worth mentioning here that the grant is not available if you’re purchasing an established home that has already been lived in. As if you needed another reason to build your own place!
The team at Domain by Plunkett is full bottle on the ins and outs of the grant and can guide you through all the paperwork. Our experts know everything there is to know about getting you into your first home, from applying for the grant and finding you the right home loan, to putting together an awesome house and land package.
Our experts also know that eligible first homebuyers pay no stamp duty on vacant land priced up to $300,000, and a reduced amount of duty if its less than $400,000. That’s less money you have to find to make your dream of home-ownership come true. Bye-bye landlord!
Remember! The State Government is making the increased First Home Owners Grant available only until the end of 2017. It’s estimated that an extra 650 first homebuyers will step onto the WA property ladder this year as a result of the cash boost. Will you be among them?
Want to know more? To find out more, call 9366 0300 or visit www.domainbyplunkett.com.au