To say it’s been a challenging year for everyone would be a gross understatement, and whilst many of us have had to deal with the pressures that come with an unprecedented event like Covid-19, the Federal Government has implemented financial incentives aimed to help individuals, families and businesses alike, all while trying to slow the economy from slipping further into decline.
The First Home Buyers Scheme is an incentive previous governments have used, and Covid-19’s version was given a boost during the week after the Federal Budget.
Those in the market for the first time can make that leap with as little as a 5% deposit (instead of the usual 20%) thanks to the First Home Loan Deposit Scheme if you are building a new home or purchasing a newly constructed home. And as of Tuesday’s budget, the price cap for eligible properties has been lifted to $950,000 for Sydney residents, $850,000 for Melbourne residents, $650,000 for Brisbane residents, $600,000 for Canberra residents and $550,000 for Perth, Adelaide and Hobart residents.
The government has also extended the deadline of this offer until June 30, 2021, with a further 10,000 buyers expected to take up the grant – on top of the reported 20,000 already to do so.
The extension of this package is expected to inject $800 million into the economy.
There is also the opportunity for first-home buyers to receive a $25,000 grant from the government’s Homebuilder scheme. To be eligible, contracts must be signed before the end of the year, with the building to be commenced within three months of that time.
Add on top of that, recent tax cuts from the budget will give potential buyers more money in their pocket, which means buying that new home doesn’t need to impact your lifestyle.
St Trinity Property Group have a range of projects on the market that fit the bill if you are a first-home buyer. To make an enquiry about any project, register your interest on the relevant project page or call us on (02) 9099 3412 for further information.
*For further information on government grants and schemes and your eligibility for any of it, individuals should do their own research.