Owning a home remains the great Australian dream and the team at Coastal Finance are highly experienced in assisting people wanting to get into the property market for the first time.

We can guide first time buyers through the home ownership process including all the information on obtaining a home loan, which most first homeowners will require, and the range of assistance schemes offered by state and federal governments to enable people to achieve their property dreams.

Tasmania has some of the most generous incentives for first time buyers in Australia. Until June 30, 2023, a $30,000 grant for eligible buyers purchasing or building a new home was available. Unlike other states, there was no price limit on the value of the home. The Tasmanian government also offers a 50 per cent stamp duty concession for eligible buyers purchasing an established home worth $600,000 or under.

First home buyers may be eligible for other Government incentives setup specifically to assist you getting into your dream home faster, including access to the First Home Buyer Guarantee Scheme and the First Home Super Saver Scheme (FHSSS).

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), a federal government initiative to support eligible first home buyers purchase a home sooner. Under the FHBG, an eligible home buyer is able to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance. Eligibility criteria for the scheme has been expanded to include any two borrowers jointly applying beyond the scope of spouse or de facto couples, and non-first home buyers who have not held a property interest in Australia within the previous 10 years. The Government is also expanding the Family Home Guarantee to single legal guardians of dependents, in addition to natural and adoptive parents. The Home Guarantee Scheme will also be made available to permanent residents.

First home buyers may also be eligible for the FHSSS, which allows you to make voluntary (before tax) contributions to your super fund that you can withdraw to use as a home deposit. At present, you can make contributions of up to $15,000 per financial year, subject to your normal super contribution caps.

Talk to us today to find out more and we will set you on the pathway to home ownership!

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