Buying your first home is an exciting life milestone, and an experience to be savoured. It can also be a challenging time if you don’t know where to start. How do you set your budget? How do you apply for a loan? What does the buying process entail? And what grants are available to first home buyers?
As a brand-new development that is currently selling off-the-plan, Pavilion Green is a great choice for first home buyers. There is an excellent selection of quality two bedroom apartments priced under $600,000 currently available.
The Victorian Government offers a number of grants, discounts and schemes that can help make purchasing at our Sandringham development easier.
$10,000 First Home Owners Grant
Eligible First Home Buyers can receive a $10,000 grant for new properties under $750,000.
First Home Loan Deposit Scheme
Eligible first home buyer applicants will receive a limited guarantee from the Australian Government to purchase their first home with a deposit of as little as 5% without paying lender’s mortgage insurance.
Home Builder Grant
Eligible First Home Buyers buying off the plan can receive an additional $25,000 under the Home Builder Grant, if their property is under $750,000 and they have signed the contract between 4 June 2020 and 31 December 2020.
Stamp Duty Exemptions
Eligible First Home Buyers can pay no stamp duty on properties under $600,000, and enjoy a discounted stamp duty on properties between $600,000-$750,000.
Considering that our affordable 71-72 sqm two-bedroom residences range from $576,000 – $596,000 these grants can save eligible first home buyers more than $64,000.
These Government incentives do require buyers to live in their property for at least 12 months (ie, it can not be bought initially as an investment property). If you think you might be eligible, it’s best to sit down with your mortgage broker and discuss your options or explore the following links for more details.
We are available for phone or video appointments.
216 Bay Road, Sandingham
Leone Steele 0422 299 202