Posts

2013 First Home Buyer Changes

/0 Comments/in

The Victorian Government has announced some changes to state taxes and grants which will be included in the 2013-14 State Budget when it is handed down on 7 May 2013.

Please be aware of the following important changes affecting First Home Buyers purchasing residential property in Victoria from 1 July 2013.*

First Home Buyer Grant

From 1 July 2013, the First Home Owner Grant (FHOG) will increase from $7,000 to $10,000 for newly constructed homes under $750,000.

The increase in the FHOG will apply for first-home buyers who enter into a contract to purchase or build a new home on or after 1 July 2013. This includes newly constructed houses and apartments built under a home building contract, built by an owner-builder, purchased off the plan or sold for the first time as residential premises.

The Government has also announced that the existing $7,000 FHOG on the purchase of an established home will conclude on 1 July 2013. To receive the FHOG on an established home, first-home buyers must enter into a contract to purchase the home on or before 30 June 2013.

First Home Buyer Stamp Duty Reduction

The Victorian Government is bringing forward stamp duty cuts of 40 per cent for all first home owners taking effect from 1 July 2013. Currently the concession is 30 per cent for eligible first home buyers purchasing a principal place of residence (PPR) valued at not more than $600,000.

Stamp duty concessions for eligible first home owners (whether newly constructed or established homes) will increase to 40 per cent from 1 July 2013 for homes valued up to $600,000.

Eligible first-home buyers will benefit from a further 10 per cent duty reduction from 1 September 2014 for homes valued up to $600,000, increasing total duty savings for eligible first-home buyers to 50 per cent.

Note the stamp duty concessions are determined by the settlement date not the contract of sale date. (ie, An eligible first home buyer will still be entitled to the 40 per cent duty reduction if they entered into a contract to purchase their first home before 1 July 2013, as long as settlement occurs on or after that date.)

For more information please feel free to contact a First Point Group Consultant for an obligation free discussion.

We look forward to working for you!

*Above details sourced from State Revenue Office Victoria and correct as of 06/05/2013 – http://www.sro.vic.gov.au/first-home-owner

 

First Home Buyers

/0 Comments/in

First Home Buyers

First Point Group has helped hundreds of first home buyers to take that next step and buy their first home. There is so much to think about when buying your first home – from how much you can afford, to what type of property you want and where. We can help you to understand all of these things, and the whole process will become much easier by discussing your needs with your First Point Group Consultant.

We make it easy for you by:

  • Helping you choose a suitable home loan from hundreds of different loans from our wide panel of lenders
  • Completing all the necessary documentation for you
  • Showing you what all of the costs are including stamp duty, conveyancing fees and bank fees
  • Helping you apply for the First Home Buyer’s Grant if you are eligible

At your first meeting we will discuss all of your needs, goals and objectives. We also gather your personal information so that we can make a comprehensive recommendation on the most suitable loan for you. From there, we will handle all of the lender conversations and phone calls, to ensure you receive your loan approval as soon as possible.

Pre approval for a loan really should be “Step 1” for any first home buyer. We can arrange this for you. A pre approval offers the lender a chance to review your situation (including income / employment, assets, liabilities and credit history) and provide you with a written approval BEFORE you sign a contract to buy a property!