If you are buying your first home you may qualify for the First Home Owner Grant which is an extremely generous, tax free $14,000 for existing homes and $21,000 for new homes as well as various stamp duty concessions for first time buyers.
But you'd better hurry as the grant runs out on 30th June 2009!
And there’s no need to go to the State Revenue Office to apply for it - we can lodge your application for the First Home Owner Grant directly with them on your behalf when you apply for a home loan with us.
It's also worth checking to see if you qualify for any exemptions or rebates on stamp duty. Stamp Duty is a State Government tax payable on various dutiable transactions, including the transfer of property. Stamp Duty is calculated at a rate per $1,000 on both your new home and your loan; however the rates vary depending on the State or Territory. www.osr.qld.gov.au
As an incentive for first home buyers, most Australian States and Territories offer stamp duty concessions to those purchasing their first property. For properties and vacant land under a designated maximum, you may be exempt from paying stamp duty or be eligible for a stamp duty discount.
For information about the First Home Owner Grant call Reach Home Loans on 1300 669 617 or visit www.firsthome.gov.au