Between budgeting, understanding grants, and navigating the mortgage maze, there’s a lot to consider. But don’t worry; with the right advice and a bit of planning, you’ll be picking out paint colours in no time.
Here are some essential tips to help you get started in 2025:
Understand the First Home Owner Grant (FHOG): In Victoria, eligible first home buyers can receive a $10,000 grant when purchasing or building a new home valued up to $750,000. To qualify, the property must not have been previously sold or occupied.
Explore the Homebuyer Fund: The Victorian Government’s Homebuyer Fund is a shared equity scheme designed to make homeownership more accessible. Eligible participants can receive a contribution of up to 25% towards the purchase price of their property, reducing the minimum required deposit to 5%.
Stay Informed About Housing Policies: The Victorian Government is continually implementing initiatives to address housing challenges. Staying updated on these policies can provide opportunities and benefits for first home buyers.
Budget for Additional Costs: Beyond the purchase price, consider expenses such as stamp duty, legal fees, and moving costs. Some concessions or exemptions may apply, especially for first home buyers, so it’s essential to research and factor these into your budget.
Seek Professional Advice: Engaging with financial advisors or mortgage brokers can provide personalised guidance tailored to your financial situation, helping you make informed decisions.
Ready to take the next step in your homebuying journey?
If you’re interested in building your first home at Kala, be sure to register your interest today or explore land opportunities online. Our friendly sales team are also available to answer any questions or concerns you might have. Make an appointment here to have a chat!