Combining First Home Owners' Benefits

Discussion in 'The Buying & Selling Process' started by Nik P., 5th Jun, 2020.

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  1. Nik P.

    Nik P. Member

    Joined:
    5th Jun, 2020
    Posts:
    11
    Location:
    Victoria
    Hey everyone,

    I am just wondering whether any or all of the three of the below benefits can be combined:
    1. First Home Loan Deposit Scheme (FHLDS); for having part or all of the LMI paid by the Federal Government; and
    2. First Home Owners Grant (FHOG); for receipt of $10k for a newly built property or a property that has not been sold before.
    So, for example, if you were to buy a property under $600k and you qualified for all the criteria of the benefits (i.e. income under $120, first property, not an investment, have a deposit of 10% etc).

    I am just wondering whether one excludes any other due to time restrictions et cetera.

    Thanks,
    Nik
     
  2. Curoch

    Curoch Active Member

    Joined:
    21st Aug, 2019
    Posts:
    29
    Location:
    Canberra
    Hi Nik, I believe you can as I'm looking at doing the same (as well as throwing in the Defence Home Ownership Assistance Scheme to boot!)

    @Terry_w can you comment?
     
    Nik P. likes this.
  3. offwhite

    offwhite Member

    Joined:
    10th Aug, 2019
    Posts:
    13
    Location:
    Melbourne
    I think you can combine all this.Here are few grants/discount you get leverage if building under 600K

    1-Fed Govt home builder grant =25K (Ends 31 Dec 2020 unless extended by Govt)
    2-State Govt first home buyer= 10K (Building in metro areas)
    3- First home buyer deposit discount= Only pay 5% deposit and avoid LMI (Around 15K on 600K loan.But varies a bit )
    4-Use super savor scheme to contribute salary into super which has less tax.Max annual contribution is upto 15K per year (Max 30K).If your salary is 115K pa and you contribute 15K of salary into super savor.It could save you around 6K for one year (More if you do for two years).
    5-Last but not least=No stamp duty

    Total saving/discount= 25K+10k+15K+6K= 56K

    Consult your mortgage broker/accountant for some solid numbers
     
    Pingu1988 and Nik P. like this.