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First Home Buyer Guide

First home buyer schemes to get your dream started.

FIRST HOME LOAN DEPOSIT SCHEME.


What is it?

A new scheme to help eligible first home buyers into the property market.

• Open to eligible first home buyers who have saved a deposit of at least 5% of the home’s value.

• The Government will then guarantee the additional amount needed to reach the required 20% deposit.

• The scheme will be capped to an annual maximum or 10,000 loans

Who is Eligible?

• Singles earning up to $125,000.

• Couples with a joint taxable income of $200,000.

How to apply.

• Visit mychoicehomeloans.com.au to reserve your place.

FIRST HOME OWNER GRANT


What is it?

• If you’re a first home buyer buying or building a new home, you may qualify for a $15,000 grant.

• A cash grant of $15,000 can be used to contribute towards the purchase price.

• This grant is available in conjunction with other schemes.

• It must be a new

Who is Eligible?

• The new home must be worth no more than $575,000. If buying house and land to build, the total price must be no more than $575,000.

• You must move into the property within 12 months and live there for at least six continuous months

• If you or your spouse have never previously received the First Home Owner Grant in any State or Territory of Australia.

• If you or your spouse have never owned or held a relevant interest in a residential property anywhere in Australia prior to the 1st July 2000.

How to apply.

• You can seek assistance from MyChoice Home Loans when you’re arranging the finances to buy your first home.

• If you’ve already bought or begun construction, you can apply directly with Revenue SA at www.revenuesa.sa.gov.au

 


FIRST HOME SUPER SAVER SCHEME


What is it?

• A scheme that lets you make voluntary before-tax and after-tax contributions into your super fund to save for your first home.

• You can then apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home.

• You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year and up to a total of

Who is Eligible?

• You must be a first home buyer and must either live in the property you are buying, or intend to as soon as is possible.

• You have never owned a property in Australia.

• You must not have previously requested the Commissioner to issue a First Home Super Saver

• Scheme release authority in relation to the scheme.

How to apply.

• Request the release of funds at the same time you start your home buying activities.

• You have 12 months from the date you request the release of funds to sign a contract or construct your new home.

Discuss your options with our MyChoice consultant

MyChoice Finance - FIRST HOME BUYER
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