Considering purchasing your first home? Numerous state and federal incentives may be available to you, although navigating these options can feel overwhelming. Start by researching and setting clear goals for your home purchase, as advised by financial educator Natasha Janssens. It’s essential to evaluate your life stage and career plans, which will help you decide between buying an owner-occupied home or an investment property.
Potential tax benefits exist for investment properties, but to qualify for first home buyer schemes, you typically need to reside in the property for a certain period. Before consulting with a bank or mortgage broker, assess your savings and budget carefully. Various grants are available across Australia, including the Victorian government’s $10,000 grant for new home purchases under $750,000 and similar programs in other states.
Additionally, the First Home Super Saver Scheme allows you to access superannuation savings for a deposit. Combining different grants and schemes is possible, but understanding the restrictions surrounding them is crucial. Seek guidance from a knowledgeable mortgage broker, especially if you’re self-employed, as they can help you navigate the lending landscape and find suitable options tailored to your situation. Always make sure to compare offers and read fine print carefully to secure the best deal.