First Home Owner Benefits

Discussion in 'Where to Buy' 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
    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
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    6,014
    Location:
    Australia
    Rethink your choice of location.
     
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  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
    Posts:
    444
    Location:
    Bella Vista
    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. .
     
  4. skater

    skater Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,571
    Location:
    Sydney
    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.
     
  5. Shogun

    Shogun Well-Known Member

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    26th May, 2018
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    1,259
    Location:
    Perth
    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
     
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  6. MikeyBallarat

    MikeyBallarat Well-Known Member

    Joined:
    26th Aug, 2016
    Posts:
    672
    Location:
    Ballarat East
    Quite possibly the worst 2 areas in the country to buy property. If you want to live there, buy elsewhere and rentvest.