First Home Owners Grant ACT
Grants and Concessions
The nation’s capital struggled during the second half of 2008, but the property market is picking up again in 2009. There are two major government schemes designed to offer financial assistance to first home buyers.
First home buyers who meet the eligibility criteria in ACT are entitled to the First Home Buyers Grant of $7,000.
Also available is the Home Buyer Concession Scheme which offers stamp duty concessions on all properties valued under $450,000 and land valued under $263,000.
The minimum duty payable is $20 on any property valued at up to $385,000. A rate of $24.10 per $100 or part thereof is payable for any amount over $385,000 up to $450,000.
For land, the minimum duty payable is $20 on any land valued under $235,000, while a rate of $25.55 per $100 or part thereof is payable for any land valued between $235,000 and $263,000
These grants and concessions offer invaluable financial assistance to first home buyers who are looking for their first property. Your local mortgage broker can assist you in filling out the forms and advise you on how much you can claim.Choosing how to use the grants is up to you. Perhaps you can use it towards a deposit for a home, or to fund new furniture and white goods once you move, maybe to pay legal fees.
By themselves, each grant is a considerable financial support to first home owners, but together the two grants offer much needed assistance to Australians buying their first home. Make sure you know exactly what you can claim and how much you can get. These incentives are specifically designed for first time buyers so start planning today. The grants are a one-off payment to first home owners that meet the eligibility criteria. Usually you receive the grant on settlement, or at the time of the first payment for those building a property. ACT property market
ACT is doing it tough, with the public service sector stagnant and the population growth suddenly easing. However there are signs that the market will bounce back strong, as building approvals have risen in recent months. Home loan approvals recorded a 31% gain in owner-occupied homes for the month of December. The increases in the first home buyer grant are attracting a lot of buyers to the market for the first time. With interest rates easing considerably over the past few months, housing affordability is improving, encouraging people to buy rather than rent.
For all the latest information about concessions and government grants visit: http://www.revenue.act.gov.au/home_buyer_assistance_mp
First Home Owners Grants
Make sure you get every cent you can under the new FHOG. Complete the form to speak with a First Home Grants mortgage broker specialist.