First Home Owners Grant (FHOG)
If you are buying your first home, it can be quite daunting as it is a big financial commitment. To address this issue, the Government is actively creating incentives to get Australians into their first home. The First Home Owners Grant (FHOG) is a $10,000 one-off payment to encourage first home buyers to buy or build a new property only. If you’re buying an established property, you can be eligible for reduced stamp duty.
First Home Super Save (FHSS) Scheme
And there’s more – the Government has now introduced the FHSS Scheme. It is an incentive designed to help first home buyers save up for their deposit faster, through voluntary super contributions.
You can now save a lot faster than you would with a standard deposit account. Making voluntary contributions to your Superannuation account allows you to put money aside for your first dream home. You can make voluntary contributions up to $15,000 per year or a total contribution of not more than $30,000 into your Super account. You can later access these funds and use them towards purchasing your new home. From 1st July 2018, you can start accessing these voluntary contributions.
Are you eligible?
To qualify for the FHSS Scheme, you must –
- not have owned any property in Australia previously
- not have used the FHOG or the FHSS funds previously
- live or intend to live in the property you are buying as soon as possible
- intend to live in the property you are buying for a minimum of 6 months after it is practical to move in
What are you waiting for?
Start making your voluntary contributions towards your Super account!
For a full list of terms and conditions, please visit the ATO website by clicking here or simply contact your Pacific Finance Australia Broker now on 08 9321 2120. Alternatively, you can send us an email via info@pacificfinance.com.au