From Aussie Legal Posted: 15/October/2008 at 02:45
The newly increased $21,000 Grant for First Home Buyers in Australia will be available immediately and for the rest of the 2008-09 financial year, it was reported today. The Prime Minister said today the first home buyers grant will double to $14,000 for those buying an established home and triple to $21,000 for those buying a newly built home.
That means for a typical first home buyer in Sydney (price up to $400,000), the $21,000 Grant for First Home Buyers will take care of all major costs including mortgage insurance and/or deposit when purchased with a No Deposit or 3% deposit home loan. To complete your purchase without a contribution for deposit or mortgage insurance, though, you need to apply for your First Home Owners Grant with your Mortgage Consultant who then submits it through your lender, so that you can have the grant funds available at settlement.
As New South Wales and some other states exempts eligible first home purchasers from stamp duty up to a maximum price level (nil stamp duty upto $500,000 in Sydney), you make the application for exemption through your Solicitors.
Disclaimer: The information in this public forum is general information only and should not be regarded as legal or financial advice in any way. Please see a solicitor or financial advisor for formal advice regarding your situation
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