1. Work out what new home grants you are eligible for!
2. Get an understanding of your borrowing capacity & what's sustainable for you based on these grants.
3. Look at what properties are available in the area you are looking to live that tick your boxes.
Tell me more about the LATEST $25k Grant
It applies to any new home construction provided the total house and land package doesn’t exceed $750k. It also applies to renovations with a minimum value of $150k, and maximum property value of $1.5m.
At this stage, it looks like the grant CAN be used within your deposit funds, thereby making a purchase now possible for many more people.
You need to be 18 years or older and an Australian Citizen.
You don’t need to be a first home buyer, but the property has to be for your principal place of residence
There is an income threshold test: you must earn less than $125k / annum for single purchasers, and $200k / annum for couples.
We believe it DOES apply to off-the-plan Townhouses & Apartments, PROVIDED they haven’t yet started construction. This still needs to be clarified by the government.
WHAT DOES THE NEW GRANT MEAN FOR ME?
A few things. Firstly, if you meet the criteria, you’ve got an extra $25k deposit up your sleeve. This could be the final piece to make your purchase possible. It might bring you past the 5 or 10% deposit threshold, and work to either increase your borrowing capacity, or reduce the LMI on your loan.
Good land is going to sell quickly. The best blocks are already hard to secure, so any well-located blocks that are reasonably priced are going to fly off the shelves. If you find something that ticks your boxes, put in an expression of interest, give yourself a healthy finance clause, and lock it in.
There will be some cracking deals on off-the-plan townhouses and apartments. Keep an eye out.
HOW DO I FIND OUT ABOUT HOW MUCH I CAN BORROW?
Speak to us. We work with the best mortgage brokers in South East Queensland, and can assist you in identifying which grants your eligible for, how much you are able to borrow and how much is sustainable for you. Put in your details below, and we will be in touch within 24 hours to discuss your options.
HOW DO I FIND OUT WHAT ELIGIBLE LAND AND PROPERTIES ARE IN MY AREA?
Speak to us. That is all we do. We specialise in NEW property, from house and land through to townhouse and apartment developments. We are 100% independent and look at ALL new property in the market, Shoot through your details below, and we can go through in detail what land and other options are available where you want to live.