Looking to break into the property market?
It always pays to check if you are eligible for a government incentive to help you on your way. Let your Coolangatta, Murwillumbah & Kingscliff mortgage broker team help you benefit from what's on offer!
What home-buying incentives are currently on offer?
The Team at Mortgage Choice Kingscliff will help you determine your eligibility for any government grants, schemes or incentives, state and federally. Currently, there are a number of programs that our team can explain to you in detail and help you benefit from if you fit the criteria.
Here's a snapshot of state (NSW & QLD) and federal incentives and some handy links to find out more:
State - NSW
- First Home Owners Grant - New Homes
The First Home Owner Grant is a lump sum of cash available to first home owners to help with the cost of buying a newly built, substantially renovated or a purchased off the plan build. Your first new home can be a house, townhouse, apartment, unit or similar, with the grant not covering established homes.
The Grant doesn’t have to be repaid, and it’s not taxable, but there are terms and conditions for the grant and also an eligibility criteria.
Like more info?
- First Home Buyers Assistance Scheme (Transfer Duty Concessions & Exemptions) - New, existing & vacant land
** As of 1 July 2023 the scheme has expanded!**
Transfer duty (once known as stamp duty) is a tax imposed on real estate purchases. If applicable the FHBAS may provide a concessional rate of transfer duty or even a full exemption from paying it.
Contracts exchanged (signed) after 1 July 2023 for new and existing homes up to $800,000 can access a full exemption and new and existing homes from $800,000 to $1,000,000 can access a concessional rate.
Land purchases are also included - you may access a full exemption for the land up to $350,000 and for land $350,000 to $450,000 can access a concessional rate.
It can be complicated to understand and to figure out if you are eligible. Our Kingscliff mortgage brokers can help you calculate what exemptions or concessions on stamp duty you’ll be eligible for depending on the value of your property.
This assistance scheme applies to first home buyers:
- buying an existing home
- buying a new home
- buying vacant land on which you intend to build a home
NSW Government Overview - First Home Buyers Assistance Scheme
- Shared Equity Home Buyer Helper
Like more info?
The NSW Government will contribute a proportion of the purchase price of a property in exchange for an equivalent interest in the property, requiring as little as a 2% deposit.
Participants who must be employed as key workers and who meet the eligibility criteria, can make voluntary payments to progressively increase their ownership share in the property.
NSW Government Overview
Introduction video to Shared Equity Scheme
State - QLD
- First Home Owners Grant
The First Home Owner Grant is a lump sum of cash available to first home owners to help with the cost towards buying or building your new home. The Queensland grant covers new houses, units and townhouses — off the plan or choose to build yourself.
The Grant doesn’t have to be repaid, and it’s not taxable, but there are terms and conditions for the grant and also an eligibility criteria.
Like more info?
QLD Government Overview
Mortgage Choice Overview
Federal
- First Home Guarantee
** As of 1 July 2023 the scheme has expanded!**
Federal Government scheme which helps first home buyers purchase a property with as little as 5% deposit without paying LMI. Eligibility criteria applies, however this has recently been expanded in the 2023 budget. Limited 35,000 spaces per year.
Now expanded eligibility to include friends, siblings and other groups of family members. Non-first-home buyers who have not owned property during the last 10 years can now also apply.
Like more info?
Mortgage Choice Overview - Family Home Guarantee
Aimed at single parents, the Family Home Guarantee allows the purchase of a home with as little as 2% deposit without paying Lenders Mortgage Insurance. 5,000 places available per year (until 30 June 2025) to eligible single parents who are looking to build a new home or purchase an existing home. Eligibility criteria applies.
Like more info?
Mortgage Choice Overview - Regional First Home Buyer Guarantee
** As of 1 July 2023 the scheme has expanded!**
Supporting purchases in designated regional areas, the government will support first home buyers buy their first home with a deposit of as little as 5%.There are 10,000 places available each financial year (up until 30 June 2025). Eligibility criteria applies.
Now expanded eligibility to include friends, siblings and other groups of family members. Non-first-home buyers who have not owned property during the last 10 years can now also apply.
Like more info?
Mortgage Choice Overview
Ready to find out how we can help you today, as well as down the track?
02 6617 4230 | 0425 293 453
🏠 8/38 Ocean Avenue , Casuarina, NSWAppointments Available:
Monday - Friday: 8:30am - 5:00pm
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