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Buying your first home is often one of the biggest and most exciting purchases you will ever make, and while this may be the case, many first home buyers are not fully aware of the government incentives and entitlements they are eligible for when making this purchase.

Did you know that in NSW, if you’re planning to buy your first house, you may be eligible for the First Home Loan Deposit Scheme? This means that you are able to pay a deposit of just 5% to secure the loan to your first home.

In this instance, the government will act as a guarantor, so you won’t need to pay lenders mortgage insurance, which is what usually applies when you have less than 20% deposit.

There are however some conditions you must meet to be considered eligible for the scheme. These include, but are not limited to:

  • Singles who had a taxable income of less than $125, 000 in the last financial year.
  • Couples with a combined taxable income of less than $200, 000 in the last financial year.
  • Buyers must plan to live in the house, as investment properties are not eligible.
  • Buyers must not have previously owned or had an interest in a property in Australia either separately or jointly with someone else

There are also grants available for new home builders and first home owners wishing to buy a new house, as well as the First-Home Buyer Assistance Scheme.

With so much opportunity, and so much at stake it’s important to talk to the dedicated team of specialists at One Law who will guide you through this milestone purchase and help your better understand your entitlements and eligibility.