first home buyers

First Home Buyers – Secure up to $12,000

The Australian Government is trying to make it easier for first home buyers to get into their own homes. The First Home Owners Grant (FHOG) and the Home Buyers Assistance Account (HBAA) collectively allow first-time buyers to secure up to $12,000 towards their first home. The grants can be used in conjunction with the HomeBuilder Scheme and the WA Home Construction Grant allowing applicants to secure an additional $45,000.

First Home Owners Grant (FHOG) 

The First Home Owners Grant (FHOG) is a once-off payment to assist first home buyers to get into their own home. Eligible Australians can receive up to $10,000 to buy or build their first home. The FHOG can be used in conjunction with the new grants, as well as with the stamp duty concessions.

Eligibility for the First Home Owners Grant:

  • Applicant must be an Australian citizen
  • Aged 18 years or older
  • Applicant must not have previously applied for the grant
  • The building of new properties or purchasing off-the-plan. In other words, established/off-the-plan properties are not eligible for the grant
  • The property value must be under $420,000

To be eligible for the FHOG, the property must be occupied as the applicant’s principal place of residence. Therefore, the applicant must reside at the property for at least 6 months commencing within 12 months of settlement or completion of the build. For a full list of conditions for the grant, please visit the WA Government website.

Home Buyers Assistance Account (HBAA) – up to $2,000

The Home Buyers Assistance Account is a $2,000 rebate available only to first home buyers. The HBAA is the reimbursement of settlement fees and legal costs involved with the purchase of such property.

Eligibility for the Home Buyers Assistance Account Grant: 

  • Applicant must be an Australian citizen
  • Aged 18 years or older
  • Only available for first home buyers
  • The value of the property must be under $400,000
  • A licensed real estate agent should assist in the purchase of the property
  • A lending institution should assist in securing the finance for the purchase
  • The dwelling must be established (or partially built) at the time of acceptance of the contract to purchase. A plan to build a dwelling will not be accepted.
  • Lodgement of applications should take place within the first 90 days after settlement of the contract to purchase

Similar to the First Home Owners Grant, the property must be occupied as the applicant’s principal place of residence. However, in this case, the applicant must reside at the property for at least 12 months. During this time the dwelling cannot be rented out.

Get in touch with our Mortgage Team

To find out if you are eligible for one or more of the current Government grants, please contact your Pacific Finance Broker via info@pacificfinance.com.au or give us a call on (08) 9321 2120. To make it easier to understand all the Housing Grants currently available, the Pacific Team has consolidated the latest Federal and State Housing Grants into an eBook.

Download our Housing Grants eBook via the link below.

 

home construction grant

New Home Construction Grant (WA)

The Home Construction Grant allows eligible Australians to receive up to $20,000 for the construction of new homes on vacant lots of land. Anyone who has entered an off-the-plan contract can receive the grant. However, only single-tiered properties are eligible under this scheme. For instance, applicants purchasing multi-tiered strata and off-the-plan townhouses will be excluded from the grant.

The New Home Construction Grant is available in conjunction with the First Home Owners Grant (FHOG), the HomeBuilder Scheme, the stamp duty concessions, and other Federal grants. However, in saying this, you do not have to be a first home buyer to take advantage of the New Home Construction Grant.

Eligibility for the New Home Construction Grant: 

  • Applicant must be an Australian citizen
  • Aged 18 years or older
  • Applicants can reside in Australia or overseas
  • Applicable to owner-occupied properties and investment properties
  • Construction must commence within six months of the contract date
  • The entry of the contract to build should be between 4 June 2020 – 31 December 2020
  • Mixed used, commercial purposes or short stay accommodation are not eligible

Payments of the grant will only be made after the slab down phase. Similar to the First Home Owners Grant, the Construction Grant will be lodged via the banks to the Office of State Revenue (OSR) WA. Only one payment is available for each vacant lot of land. In other words, only a single application can be lodged regardless of the number of homes to be built. However, the same applicant can claim multiple grants on separate transactions. For a full list of conditions for the grant, please visit the WA Government website.

Get in touch with our Mortgage Team

To find out if you are eligible for one or more of the current Government grants, please contact your Pacific Finance Broker via info@pacificfinance.com.au or give us a call on (08) 9321 2120. To make it easier to understand all the Housing Grants currently available, the Pacific Team has consolidated the latest Federal and State Housing Grants into an eBook.

Download our Housing Grants eBook via the link below.

 

Secure up to $69,000 in housing grants

The HomeBuilder Scheme – up to $25,000

The Australian Federal Government has announced the new HomeBuilder Scheme to support the residential construction sector. Eligible Australian can receive up to $25,000 to assist in the construction or renovation of their homes. The HomeBuilder Grant is available in conjunction with the First Home Owners Grant (FHOG), the stamp duty concessions, and other Federal grants.

In saying this, you do not have to be a first home buyer to take advantage of the HomeBuilder Scheme. Investment properties do not qualify for the grant. Property owners who intend on building or renovating on their own (owner-builder), without the help of builders, will not be eligible for the grant.

Eligibility for the HomeBuilder Scheme Grant: 

  • Applicant must be an Australian citizen
  • Aged 18 years or older
  • Only applicable to owner-occupied properties
  • Off-the-plan apartments are also acceptable
  • Construction must commence within 3 months of the contract date
  • Taxable income must be below the following thresholds –
    • $125,000 per annum for individuals
    • $200,000 per annum for couples
New Homes
  •  The new home must be the applicant’s principal place of residence
  • The combined property and land value must not exceed $750,000
  • The land should be purchased before or after 4 June 2020
  • The contract to build must only be entered after 4 June 2020
  • Payments will only be made after the slab down phase
Renovations
  • The existing value of the property must be less than $1.5 million. To clarify, this is the pre-renovation value of the property and land
  • The value of the renovations must be between $150,000 – $750,000
  • Renovations must be substantial. In other words, the renovations must improve accessibility, safety or liveability of the property to qualify for the grant. Luxury renovations such as pools, tennis courts, spas, etc will not be part of the grant
  • Quotes will have to be provided in order to receive payment of the grant
Construction
  • The contracts must be entered between 4 June 2020 – 31 December 2020

The HomeBuilder Scheme is a tax-free grant which is only available for a limited time. Therefore, it is important that you act quickly to take advantage of the grant.


New Home Construction Grant (WA) – up to $20,000

The WA State Government has also announced the new Building Bonus. Eligible Australians can receive up to $20,000 for the construction of new homes on vacant lots of land. In addition, anyone who has entered an off-the-plan contract to purchase a new home can receive the grant. However, only single-tiered properties are eligible. Multi-tiered strata and off-the-plan townhouses are excluded from the grant.

The New Home Construction Grant is available in conjunction with the First Home Owners Grant (FHOG), the HomeBuilder Scheme, the stamp duty concessions, and other Federal grants. In saying this, you do not have to be a first home buyer to take advantage of the New Home Construction Grant.

Eligibility for the New Home Construction Grant: 

  • Applicant must be an Australian citizen
  • Aged 18 years or older
  • Applicants can reside in Australia or overseas
  • Applicable to owner-occupied properties and investment properties
  • Construction must commence within 6 months of the contract date
  • The building contract must be entered between 4 June 2020 – 31 December 2020
  • Mixed used, commercial purposes or short stay accommodation are not eligible

 

Payment of the grant will only be made after the slab down phase. The New Home Construction Grant will be lodged through the banks to the Office of State Revenue (OSR) WA, just like the First Home Owners Grant. It is important to note that the New Home Construction will only be paid for each vacant lot of land, regardless of how many homes will be built. However, multiple grants can be paid to the same applicant on separate transactions.


First Home Owners Grant (FHOG) – up to $10,000

The First Home Owners Grant (FHOG) is a once-off payment to encourage first home buyers to get into their own home. Eligible Australians can receive up to $10,000 to buy or build their first home. The FHOG can be used in conjunction with the new grants, as well as with the stamp duty concessions.

Eligibility for the First Home Owners Grant:

  • Applicant must be an Australian citizen
  • Aged 18 years or older
  • Applicant must not have previously applied for the grant
  • The building of new properties or purchasing off-the-plan. In other words, established/off-the-plan properties are not eligible for the grant
  • The property value must be under $420,000

To be eligible for the FHOG, the property must be occupied as the applicant’s principal place of residence. Therefore, the applicant must reside at the property for at least 6 months commencing within 12 months of settlement or completion of the build.


Home Buyers Assistance Account (HBAA) – up to $2,000

The Home Buyers Assistance Account is a $2,000 rebate available only to first home buyers. The HBAA is the reimbursement of settlement fees and legal costs involved with the purchase of such property.

Eligibility for the Home Buyers Assistance Account Grant: 

  • Applicant must be an Australian citizen
  • Aged 18 years or older
  • Only available for first home buyers
  • The value of the property must be under $400,000
  • A licensed real estate agent should assist in the purchase of the property
  • A lending institution should assist in securing the finance for the purchase
  • The dwelling must be established (or partially built) at the time of acceptance of the contract to purchase. A plan to build a dwelling will not be accepted.
  • Lodgement of applications should take place within the first 90 days after settlement of the contract to purchase

Similar to the First Home Owners Grant, the property must be occupied as the applicant’s principal place of residence. The applicant must reside at the property for at least 12 months. The dwelling cannot be rented out during this time.

Get in touch with our Mortgage Team

To find out if you are eligible for one or more of the current Government grants, please contact your Pacific Finance Broker via info@pacificfinance.com.au or give us a call on (08) 9321 2120. To make it easier to understand all the Housing Grants currently available, the Pacific Team has consolidated the latest Federal and State Housing Grants into an eBook.

Download our Housing Grants eBook via the link below.

 

homebuilder program

The HomeBuilder Scheme

The Australian Federal Government has announced the new HomeBuilder Scheme to support the residential construction sector. As a result, eligible Australian can receive up to $25,000 to assist in the construction or renovation of their homes. The HomeBuilder Scheme is available in conjunction with the First Home Owners Grant (FHOG), the stamp duty concessions, and other Federal grants.

In saying this, you do not have to be a first home buyer to take advantage of the HomeBuilder Scheme. It is also important to note that the HomeBuilder Scheme will not apply to investment properties. In addition, property owners who intend on building or renovating on their own (owner-builder) without the help of builders will not be eligible for the grant.

Eligibility for the HomeBuilder Scheme

  • Applicant must be an Australian citizen
  • Applicant must be aged 18 years or older
  • Only applicable to owner-occupied properties. It should be noted that off-the-plan apartments are also acceptable.
  • Construction must commence within 3 months of the contract date
  • Taxable income must be below the following thresholds –
    • $125,000 per annum for individuals
    • $200,000 per annum for couples

The HomeBuilder Program requirements: 

 

New Homes

  • The new home must be the applicant’s principal place of residence
  • The combined property and land value must not exceed $750,000
  • The land should be purchased before or after 4 June 2020
  • The contract to build must only be entered after 4 June 2020
 

Renovations

  • The existing value of the property must be less than $1.5 million. To clarify, this is the pre-renovation value of the property and land
  • The value of the renovations must be between $150,000 – $750,000
  • Renovations must be substantial. In other words, the renovations must improve accessibility, safety or liveability of the property to qualify for the grant. Luxury renovations such as pools, tennis courts, spas, etc will not be part of the grant
 

Construction 

  • The contracts must be entered between 4 June 2020 – 31 December 2020

The HomeBuilder Scheme is a tax-free grant which is only available for a limited time. Therefore, it is important that you act quickly to take advantage of the grant. 

Get in touch with our Mortgage Team

For more information on the HomeBuilder Program, please contact your Pacific Finance Broker via info@pacificfinance.com.au or give us a call on (08) 9321 2120. To make it easier to understand all the Housing Grants currently available, the Pacific Team has consolidated the latest Federal and State Housing Grants into an eBook.

Download our Housing Grants eBook via the link below.

living room, interior, why buy when you can rent questionnaire

Why rent when you can buy?

Your First Home

Buying your first home is a big financial commitment, understanding your obligations now and in the future is extremely important. The professionals at Pacific Finance Australia can assist you by explaining

  • how much you can borrow,
  • how the First Home Owners Grant applies, and
  • what your repayments will be in the future.

An initial FHOG assessment can quickly be carried out by our expert team to see what you are entitled to. Complete our quick questionnaire and find out if you could be living in your very own home.

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First Home Owners Grant (FHOG)

The FHOG is a payment made by the Government to encourage people to get into their first home. Since January 2017, the FHOG has been increased to an outstanding $15,000 when you are constructing a new home or buying off the plan.

 

Call one of the professionals at Pacific Finance Australia to see if you are eligible on 08 9321 2120 or via email – info@pacificfinance.com.au

2017 resolutions

2017 Resolutions

If you have something on your to-do list for 2017 that requires a little extra funds, why not consider the equity in your home? After all, the New Year is the best time to make some changes!

Accessing the additional funds in your existing home loan could be the perfect solution for you, whether you are looking to –

  • renovate your home,
  • want to consolidate your debts, or
  • simply need extra cash for a new vehicle, or
  • even that dream holiday,

Why use your home loan? 

Using the equity in your home may be a better option than paying by credit card or getting a personal loan. Your home loan interest rate is going to be much lower and will allow you more time to make repayments. For many people, this may be the most cost effective and least stressful approach to achieving their goals.

How much can I borrow? 

Depending on your individual circumstances, mortgage top-ups are available for amounts $20,000 and over. Contact Pacific Finance Australia on 08 9321 2120 or info@pacificfinance.com.au to find out how we can assist you.

 

investment property finance

Looking to Purchase a New Investment Property or just wanting to Save Money on Your Current Home Loan

Did you know Pacific Finance has a specialist mortgage lending team who can assist you with your current or future home loan and investment lending needs?

To assist our valued clients we have recently formed an alliance with WAI Group – Aspire Advisor Network who have specifically selected a private network of approximately seven hundred properties which are for sale throughout Australia.

All of the properties have been specifically and carefully selected, thoroughly researched and due diligence is undertaken for each and every property.

This due diligence includes expected rental yield, suburb overview, it’s eligibility for SMSF purchase if appropriate, and strict criteria is required to be met for a property to be eligible.

Interest rates are at a record low and lenders are offering very competitive packages for new and existing clients, and you may be missing out on these benefits with your current finance provider.

If you are just looking to save money on your current loan, restructure your loan or looking towards debt consolidation we can assist.

If you want to discuss how we can help you further please contact

your Pacific Finance broker on 9321 2120.