Australian,Government,Programs finance, share, loan Australian Government Programs Help First Home Buyers Defray
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Despite, or perhaps due to, a sluggish economy, the last several years have actually been good for Australians buying properties for the first time. Low interest rates and government programs have combined to make it more affordable than ever to purchase a property.Reducing Obstacles To OwnershipAlthough the programs differ in the benefits they offer, they all have one thing in common: making it more affordable to purchase a residence. This is particularly true for purchasers who may not have the resources to save up for a large deposit or who may have trouble qualifying for traditional loans and financing. Here's a brief look at some of the most popular programs: First Home Owners Grant (FHOG). The FHOG is open to first home buyers in Western Australia. It is a government grant of up to $7,000 and is open to anyone meeting the eligibility criteria. It does not need to be repaid. Stamp Duty Concessions. The Stamp Duty tax is levied by the Australian government on all residential property transactions. It can add a significant amount to your total purchase price. For example, typical Stamp Duty on $500,000 is as much as $19,665. Under this program, purchasers may be eligible for a reduced rate if they purchase new construction under $600,000 and no duty at all is applied for new dwellings under $500,000. Shared Ownership. Part of the "Opening Doors" initiative, this program lowers the purchase price of the property by splitting the cost of ownership between the buyer and the Department of Housing. Under the program, the buyer pays a portion of the price, typically no less than 80%, and the Department pays the remainder, minimising the overall cost to the buyer. At any point in the future, the purchaser can buy out the government's portion of the property and attain full ownership. Keystart loans are commonly used in this scheme. Home Buyers Assistance Account (HBAA). First buyers can receive up to a $2,000 grant for incidental expenses associated with a property purchase if the price is under $400,000. First Home Saver Accounts. Under this program the government helps first home buyers save for a deposit by contributing 17% of the first $5,000 that the buyer contributes annually. Keystart Home Loans. Keystart is a government-sponsored loan program that helps buyers make a purchase through low deposit requirements and shared equity schemes. There are a variety of Keystart loan programs available.The programs mentioned here represent just a few of the options available. Individual States and Territories may have more specific options available. If you've been thinking about buying but aren't sure you can afford it, these programs can help you get into a home faster and at a lower cost.
Australian,Government,Programs