How to Save Money Building a Home
Planning to build your first home is such an exciting time (congrats)! But as much as it is exciting, it is also quite daunting. Building a home involves a lot of different costs, and it can seem a little scary trying to budget for it all. Luckily there are a few ways you can save money, and stay on budget…(and we aren’t talking about small change here)!
The First Home Owners Grant
If you are a first home buyer in Australia and meet a few different requirements, you could be eligible for a sizable chunk of cash. In most states of Australia, building or buying new is one of those requirements. So if you’re here, you are likely going to tick that one off. In Queensland, the first homeowners grant is currently $15,000. This varies state to state, so be sure to check the government website of your local area.
Stamp Duty Concession
Another perk of being a first home buyer is stamp duty concession. The Queensland government will discount your stamp duty by up to $8,750. The catch here is that the value of the home must be under $550,000 for an existing or new home. Although do keep in mind, if you are buying a block of land for under $400,000 you can get up to $7,175 discounted.
First Home Loan Deposit Scheme
This one is a new scheme and it’s only available to the first 10,000 people to apply/get through each year. Basically, this one allows you to get a 95% home loan without paying LMI (Lenders Mortgage Insurance). Doesn’t sound too exciting? Well in QLD, this could save you up to a whopping $16,000 depending on the price of your home. Not to be sneezed at. Better be quick though, last we checked there were already over 5000 spots snapped up for this year.
House and Land Packages
This is less of a cashback contribution and more of a ‘staying on budget’ tip. Building a home is one thing, but building it all on your own is a whole other ball game. It might seem like a great idea flexibility wise, but if you are a first-time builder there are so many costs that you may not have calculated for and it’s really common to go over budget. A great way to avoid this is to buy a fixed price house and land package. This means that you know the exact cost upfront, and won’t have all of these hidden expenses popping up. Might we suggest checking out our very own packages, if you are building in Queensland?
First Home Hero Contribution
What would a blog article be if we didn’t give our own contribution a little shameless plug? If you are building in Queensland and really want to make the most of offers available to you, then building through us could mean you get an extra $15,000 on top of everything. We are matching the QLD government grant for everyone that chooses a house and land package through our service. If you want to apply for First Home Hero and talk to an expert, you can do so here.