The First Home Owner Grant is a one-time payment provided by the Australian government to eligible first home buyers. The grant amount varies depending on the state or territory, but it is typically offered to those who meet certain criteria.
The eligibility criteria for the First Home Owner Grant vary between states and territories, but generally, you must be an Australian citizen or permanent resident, over 18 years old, and buying or building your first home. Additionally, there may be requirements regarding the property value, residency period, and other factors.
Many states and territories offer concessions or exemptions on stamp duty for first home buyers. The specific rules and thresholds differ between jurisdictions, so it’s essential to check with your local revenue office for up-to-date information.
The First Home Loan Deposit Scheme is a government initiative designed to help eligible first home buyers purchase a property with a smaller deposit. Under this scheme, the government guarantees a portion of the home loan, allowing buyers to access a loan with a deposit as low as 5% without needing to pay for lenders mortgage insurance (LMI).
The First Home Super Saver Scheme (FHSSS) allows eligible individuals to withdraw funds from their superannuation to help purchase their first home. There are specific criteria and limits associated with the scheme, so it’s important to understand the rules and implications before considering this option.
More info can be found here: https://ownhomeloans.com.au/first-home-buyers/