Navigating the First Home Guarantee and Grants
For first-home buyers, the property market can feel like a maze, especially when you’re trying to understand how federal and state incentives overlap. With the First Home Guarantee kicking off next month, and grants and stamp duty concessions still in play, the key is knowing how to make the most of these opportunities.
How the Thresholds Work
- $30,000 First Home Buyer Grant still applies for eligible new builds.
- Stamp duty exemption kicks in under $700,000, then tapers off between $700,000 and $750,000.
- First Home Guarantee can apply even at higher purchase prices, cutting out lenders’ mortgage insurance (LMI) costs.
That means even if you stretch beyond the stamp duty threshold, you may still avoid paying tens of thousands in LMI, giving you more room to breathe financially.
Why Timing Matters
With the scheme officially starting on 1 October, competition is expected to heat up quickly. Not only will first-home buyers be rushing to take advantage, but investors will also be looking to secure opportunities before caps are reached. Banks and lenders will be busy, so being organised early is critical.
The Role of a Broker
Trying to work out whether you should buy under $750k, or push closer to $1 million, isn’t straightforward. That’s where a broker comes in. BrokerCo can crunch the numbers, model out the scenarios, and guide you towards the best strategy based on your circumstances.
What to Remember
- The First Home Guarantee and grants can save buyers tens of thousands.
- Stamp duty exemptions taper off above $700k, but grants may still apply.
- LMI savings can make higher-priced purchases more achievable.
- Acting early is essential, as demand will surge once the scheme launches.
Ready to Take Advantage?
If you’re planning to buy your first home, now’s the time to get organised. BrokerCo will help you understand your options, crunch the numbers, and get your paperwork in order before the rush begins.