First Home Owner Benefits

Hi everyone,

I am looking at purchasing my first apartment in Melbourne CBD or Docklands. I have not yet looked at which property I am interested in as I am working out the fine details of going about the mortgage.

I am aware that there are a few benefits available for first home buyers, being the no payment of stamp duty for properties under $600k, the First Home Loan Deposit Scheme (even though there is a waiting list for it but happy to wait) and the First Home Owner Grant.

From the outset, I am looking for a property under $600k and my income is under $120k and this is my first property with no investments et cetera.

My question is whether all of the above can be utilised at the same time or whether it is unlikely because of the time restrictions that the last two have (i.e. I am aware that the FHLDS is only valid for 90 days from the date it is given and the FHOG for 120?).

I am not 100% on the fine details so hoping I haven't mixed it all up too much.

Any help is appreciated.

Nik

 

Rethink your choice of location.

 

Assuming youre buying a brand new apartment, FHOG is/can be applied a week or so before settlement and made avaliable to you at settlement. .

 

Rather than an apartment with a very high Bodycorp, why not go a little further out & get something that won't be a drain financially for the entire time you own it.

 

I am from Perth even I know Docklands is a no no unless you really really really want to live there for a very very long time

 

Quite possibly the worst 2 areas in the country to buy property. If you want to live there, buy elsewhere and rentvest.