Today represents the second transition stage of the changes to the first home owner benefits scheme. Last year in December we saw the end to the stamp duty concessions for people buying a “second hand” home. Today we see the end of the $7,000 First Home Owners Grant that was paid to eligible buyers of a second hand or a new home.
This is a little nostalgic for myself. I was actually the third person, along with my now husband, to apply for the First Home Owners grant in NSW back in 2000. I have since that time helped many first home buyers, some of my favourite and most memorable clients buy their first homes.
The First Home Owners Grant ( new homes ) replaces the previous scheme. This is only for eligible first home buyers who buy or build a brand new home. The grant is $15,000 and will reduce to $10,000 from the 1st January 2014.
For first home buyers who are not buying a brand new home the road to home ownership will require dedicated savings over a longer term.
Savings does require discipline. Motivation can greatly help to keep you on track. Looking at prospective properties to get a greater idea on your price range and the costs involved can help you reach your targets.
Applying for a finance pre-approval during your savings process is a great way to get a better understanding of your capacity and exactly how much you will need to save.
Saving is preparing you for the commitment that is home ownership. Set yourself short, medium and long term goals and you will reach your dream of home ownership.