Your First Home Might Be Closer Than You Think
I love working with young clients, often they have their eyes wide open to the possibilities that the future may hold and having a chance to turn these goals in realities is incredibly rewarding.
While every person is unique, I do notice that for a large percentage of my younger clients their goals tend to include both travel and owning their own home.
For the inner traveller, I can help establish savings plans and recommend some great restaurants in many cities I do have to admit that I have no idea about what countries require visa’s or flight times.
Fortuitously though, I can be a lot more helpful when it comes to helping you purchase your first home.
Currently, in an effort to stimulate the construction sector there are an immense array of programs available to help first home owners move into their own home sooner.
For a young Queensland family looking to build a new home, lets have a look at how these programs could assist them to get their own slice of the great Australian dream.
Firstly, the newly announced federal government HomeBuilder grant will enable you to boost your deposit by $25,000. Next up the Queensland government is going to come to the party and not only waive your stamp duty (which as anyone who has purchased a home can ascertain is not cheap) and contribute $15,000 to your deposit via the QLD First Home Owners Grant.
This family could hypothetically already have a $40,000 deposit available before they even consider additional means such as if they have savings eligible under the First Home Super Saver Scheme or if they are eligible for the First Home Loan Deposit Scheme (which could save you paying the dreaded and expensive Lenders Mortgage Insurance).
Lastly, in an effort to induce sales many builders are willing to offer additional bonuses such as upgrades, appliances, furniture and I’ve ever heard rumours of throwing in a new car for an applicable purchase.
It might just be a case that your first home is not so far away after all.
Please note that many of these schemes do have conditions that apply and you make not meet the eligibility criteria.