$10,000+ still up for grabs

FIRST home buyers can still qualify for a minimum of $7000 in Federal Government incentives with a further $3000 available from the NSW Government for new homes, as well as an exemption from stamp duty obligations for all first homes under $500,000.

It’s a message Steve McKimm, from McKimm’s Real Estate, wants publicised to address a common misconception that the First Home Buyers’ Grant had ‘finished’ on December 31.

The grants and concessions listed are available until at least June and more information can be obtained from government websites including www.firsthome.gov.au .

“It’s still possible to buy a house in town in Grafton for $180,000 to $220,000,” Mr McKimm said. “Seven grand is about a third of your deposit on a house in that range – that’s a gift.”

One little known incentive is the First Home Saver Accounts in which the Federal Government contributes 17 per cent to first home buyers’ deposit savings each year up to $5000. Savers stand to gain $850 for every $5000 they save per year.

McKimm’s senior agent Tony Campbell said the amount of first home buyers in the market had reduced recently.

“But for two clients of mine recently, the First Home Buyers Grant was the only reason they were able to get finance.”

First home owner concessions

First Home Owner Grant - $7000.

NSW New Home Buyers’ Supplement - $3000.

Stamp duty exemptions on the first $500,000 in home value.

On a $250,000 home this is a saving of $7240.

First Home Saver Accounts – up to $850 for every $5000 saved each year for house deposit.

Information gathered from websites including the NSW Office of State Revenue - www.osr.nsw.gov.au .

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