Property purchase concessions and grants: How much could you save on your first Mirvac property?
Every $1000 makes a significant impact when it comes to buying property, which is why being aware of the savings and grants you may be eligible for is vital. Financial initiatives to boost first homeownership varies state-to-state; however here's a round-up of some of the grants the could be available to buyers in the four states Mirvac have master-planned communities.
New South Wales First Home Buyers
First home buyers who are buying a property in New South Wales may be eligible for the First Home Buyers Assistance Scheme and the First Home Owner Grant for new homes.
The First Home Buyers Assistance Scheme is a full or partial exemption of stamp duty. The value of the home must be no more than $1,000,000, and to qualify you must be an Australian citizen or permanent resident and at least 18 years old.
The First Home Owner Grant is for brand new properties, which includes all Mirvac off-the-plan homes. With this grant, you could receive $10,000 towards the purchase price in addition to the First Home Buyers Assistance Scheme. The home must be brand new and be worth no more than $750,000.
You can find more detailed information on the Revenue NSW website.
Victorian First Home Buyers
In Victoria, eligible first home buyers could receive $10,000 through the First Home Owner Grant. The property must be less than $750,000 and it cannot be an investment property or holiday home. When buying a brand new home, you may be eligible for a stamp duty exemption for a property where the dutiable value is up to $600,000. Dutiable value is the price paid for the property or market value (whichever is greater) including any GST. As a first home buyer, you may also be eligible for the Principal Place of Residence concession (PPR) if you intend to live in the home for a year within 12 months of settlement.
You can find more detailed information on the Revenue VIC website.
Queensland First Home Buyers
For new home contracts, first home buyers in Queensland may be eligible for a grant of $15,000 towards buying or building a new house, unit or townhome valued at up to $750,000. Applicants for this grant must be over 18, Australian citizens or permanent residents and the home must be brand new. You'll also need to purchase with the intent of living in the property as your primary place of residence for six months after settlement.
You can find more detailed information on the Revenue QLD website.
Western Australian First Home Buyers
In Western Australia, eligible first home buyers could receive $10,000 for a new home. The property must be your permanent place of residence for at least six months, within 12 months of settlement.
You can find more detailed information on the Revenue WA website.
MIRVAC | FIRST HOME BUYER HUB
How do I go about buying my first home?
If this is a question you find yourself asking, use the Mirvac First Home Buyers checklist to learn the 11 key steps in the buying process for first home buyers.
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Important note: The information in this article is general information only and has been prepared without taking into account your personal circumstances. While every care has been taken to ensure the accuracy of the information, Urban cannot be held liable for any inaccuracies, errors or omission.
The information in this article does not constitute legal, tax or financial advice and you should always seek professional advice before purchasing property in relation to your individual circumstances.
