Are you a first home buyer looking to save money and take advantage of available government schemes? Here are some fantastic opportunities that can help you on your journey to homeownership:

Stamp Duty Savings

One of the key benefits for first home buyers buying off the plan is the stamp duty savings. When purchasing a new home, you only pay stamp duty on the land, not the house. This can result in significant savings, amounting to thousands of dollars compared to buying an existing home.

First Homeowner Grant (FHOG)

The First Home Owner Grant (FHOG) offers $10,000 to eligible first home buyers in Victoria.  This financial boost can make a substantial difference in making homeownership more affordable for first-time buyers.

First Home Super Saver Scheme (FHSSS)

The First Home Super Saver Scheme allows you to make extra superannuation contributions that are taxed at a reduced rate of 15% compared to your income tax rate. These contributions are 100% tax deductible, which means more cash in your pocket to help with your deposit. This scheme not only provides a tax advantage but also accelerates your savings, making it easier to accumulate the necessary funds for a home deposit.

First Home Guarantee (FHBG)

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative aimed at supporting eligible home buyers to purchase a home sooner. Administered by Housing Australia on behalf of the Australian Government, the FHBG guarantees part of an eligible home buyer’s home loan from a Participating Lender. This allows home buyers to purchase a home with as little as a 5% deposit without paying Lenders Mortgage Insurance.

Under the FHBG, the guarantee covers up to 15% of the property’s value, as assessed by the Participating Lender. Please note that this guarantee is not a cash payment or a deposit for the home loan. Eligibility criteria apply. Housing Australia will announce the number of placements available for the upcoming financial year on July 1st, 2024.

These financial incentives offer significant benefits to first home buyers looking to build new homes, providing substantial savings compared to purchasing established housing.

For further information and to check your eligibility, please visit the State Revenue Office website.