Owning Your Own Home
There is no place like home! Midas Home Loans is here to guide you through the process of buying a house step-by-step and assess your eligibility for the First Home Owner’s Grant (FHOG).
In general, FHOG eligibility criteria requires that:
- the applicant be a natural person;
- the applicant be at least 18;
- the applicant be an Australian citizen or permanent resident;
- the applicant or their spouse must not have received an earlier grant;
- the applicant or their spouse must not have had a prior interest in residential property;
- the applicant must occupy the home to which the application relates as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of completion of the eligible transaction (unless otherwise approved by the Commissioner).
- the home purchased/constructed must be a new or established dwelling including a house, flat, unit, townhouse or apartment anywhere in Australia that meets local planning standards.
- the dwelling must be used as the principal place of residence within 12 months of the date of settlement in the case of an established home, or for a new home, 12 months from the date construction is completed.
Did you know that Home Owner Grants can vary from State to State? That’s why it’s important to consult with a home loan professional like Midas Home Loans to determine the level of Grant available to you.
If you’re considering buying your first home (or you’ve already been a first home buyer and are looking to buy a subsequent home or property), you can rely on Midas Home Loans for all the support and advice you need.
Contact Midas Home Loans for more First Home Owner’s information.
Stamp Duty on Transfer of Land
So what exactly is stamp duty?
Stamp duty is a State Government tax imposed on several types of transactions, including insurance policies, motor vehicle licenses, documented gifts, and of course the transfer of real estate. The rate of duty is determined by the value of the asset and because it’s a State Government tax, stamp duty can also vary quite significantly between the states.
The amount of stamp duty payable on land transfers can run into many thousands, so it’s essential to factor this expense in to your budget when looking to buy a property.
Who Pays It?
Payment of stamp duty is generally the responsibility of the purchaser. The good news is if you’re a first home buyer you may be eligible for State concessions to help reduce the financial burden of stamp duty. The concessions will also vary significantly between the States and the Midas Home Loans team can help you determine just how much stamp duty you’re liable to pay.
Chat to one of our friendly, knowledgeable team members for more information on stamp duty and your obligations.
Looking to Improve Your Home?
You might not be in the market for a new home, but after watching all the fantastic transformations on those home improvement shows, you’re now motivated to give your own home a makeover.
Or maybe you just need some extra space for your growing family.We can’t promise to be there in our overalls with a paintbrush in hand, but we can promise to do what we can to help you finance your next renovation or home improvement project.