Budget extends a helping hand to first time buyers

Confidence: The extension of the First Home Loan Deposit Scheme gives buyers the confidence to proceed with a purchase. Photo - Shutterstock.
Confidence: The extension of the First Home Loan Deposit Scheme gives buyers the confidence to proceed with a purchase. Photo - Shutterstock.

There was good news for first home buyers in this year's Budget announced on October 6.

The First Home Loan Deposit Scheme will be extended to help an extra 10,000 first home buyers realise their dreams of homeownership.

The scheme has already helped almost 20,000 buyers purchase their first home this year with a deposit as low as 5 per cent.

However, time is running out to take advantage of the HomeBuilder grant.

The $25,000 grant for building a new home, substantially renovate an existing home or buy off-the-plan will only be available where contracts are signed by December 31.

If you are stepping onto the property ladder for the first time, using the Homebuilder grant in conjunction with the First Home Buyers Grant is how you can make substantial savings. But you will need to act fast.

The grant for first-time buyers is complementary to existing state and territory first homeowner grants, stamp duty concessions and the government's First Home Loan Deposit scheme, as well as the First Home Super Saver Scheme.

"The extension of the First Home Loan Deposit Scheme is fantastic," said Toby Balazs, CEO of realestateview.com.au. "It gives buyers the confidence to proceed with a purchase as well as developers the confidence to continue building which gives significant support to the construction industry."

"It's a great time to get into the market with the stimulus packages available and the low-interest rates."

"In Victoria, there has been a surge in listing activity since the relaxing of restrictions on September 27," said Toby. "While the market was certainly subdued throughout COVID-19, there is more positivity in the market now."

"The number of new listings added to realestateview.com.au per week from when the restrictions were eased has increased by more than 2.5 times versus the weekly average throughout September," said Toby.

"Now is the biggest opportunity for first-time buyers," said David Milton, managing director of Residential Projects at CBRE.

"The market has been very different due to COVID-19," said David. "But with the stimulus packages and the focus on employment announced in the Budget, we're going to get through this and if people are confident with their work, they will buy."

Developers who have already started construction are offering more incentives to buyers according to David, but it's not just good value buyers are looking for he says.

"With off-the-plan homes, you get the latest design trends and the highest quality finishes.

"You also get a high level of flexibility and choice. If you like a location, you can pick to be north, south, east or west facing and choose between a range of different sized apartments.

"Off-the-plan is offering a lot better value for money," said David. "You can buy a brand new home, for the same prices as nearly-new."

If you buy a ground to level nine apartment at Victoriana, Melbourne, before October 31, you will have five years of body corporate fees paid plus free window furnishings.

Victoriana offers luxury lakeside living nestled between Albert and Fawkner Parks. There are large, light-filled two, three and four-bedroom layouts to choose from with outdoor terraces and balconies, enhanced for everyday living and breathtaking aspects.

Find out more about Victoriana click here

Penny Lane is set to be an exciting addition to the Moonee Ponds landscape.

Even as it becomes increasingly popular, Moonee Ponds retains its village charm. With a 99% walk score, Penny Lane is set to be a highly connected location, with public transport, shopping, dining, parks and cafés all just moments away.

HomeBuilder and First Home Buyer Government Grants are available at Penny Lane subject to eligibility. To find out more about Penny Lane click here.

To find more about off-the-plan buyer incentives click here

This story Budget extends a helping hand to first time buyers first appeared on Port Macquarie News.