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Exciting News for First Home Builders in 2024!

In this blog, we dive into the latest Government initiatives, helping first home buyers purchase their dream homes in 2024.

3 min read | January 15, 2024 – 11.00am

Blog - Updated Information for First Home Buyer Incentives in 2024 - Feature Image - 1030 x 700 (4)

Dreaming of building your own home? The good news is, the Australian government and the Queensland state government have rolled out some fantastic initiatives to make your dream a reality in 2024! Whether you’re a first-time buyer or a seasoned homeowner, there’s something for everyone to celebrate.

Stamp Duty Savings

First off, let’s talk about stamp duty, that hefty chunk of change tacked onto property transactions. In Australia, FHBs can enjoy significant savings depending on the property value:

No stamp duty at all for properties under $500,000 or vacant land under $250,000! That’s a potential saving of tens of thousands right off the bat.

Discounted rates for properties between $500,000 and $549,999 or vacant land between $250,000 and $399,999. Every dollar saved is a dollar towards your dream home!

Queensland’s $30,000 Boost

But wait, there’s more! Queensland has upped the ante with their First Home Owners’ Grant (FHOG), bumping it up to a whopping $30,000! This grant applies to purchasing or building a new home under $750,000 in the Sunshine State. That’s a serious financial boost to help you bridge the gap and make your new home a reality.

Federal Government Guarantees

Looking for even more flexibility? The federal government has your back with their First Home Guarantee and Family Home Guarantee programs. These programs allow you to secure a home loan with a lower minimum deposit and waive Lender’s Mortgage Insurance (LMI) for eligible properties. This means less upfront cash and more wiggle room in your budget.

Building Your Dream Home

With these exciting initiatives in place, building your dream home in 2024 is more achievable than ever. At AUSMAR, we’re passionate about helping families realise their homeownership aspirations. We offer a wide range of customisable home designs and expert guidance throughout the building process.

Ready to take the first step? Contact us today for a free consultation and let’s discuss how we can help you build your perfect home with the support of these fantastic government incentives!

Disclaimer: Please note that the information provided in our communications and on our website is for informational purposes only and should not be considered financial or legal advice. We are not financial experts, and the details provided are subject to change. Before making any decisions related to purchasing property or taking advantage of the expanded First Home Buyer Guarantees, we strongly recommend seeking advice from qualified financial and legal professionals. Each individual’s financial situation is unique, and consulting experts will ensure that you receive personalized guidance tailored to your needs and circumstances. While we strive to provide accurate and up-to-date information, we cannot guarantee the accuracy or completeness of the details provided. Any actions taken based on the information provided are done at your own discretion and risk. For personalised advice and assistance, please consult with appropriate professionals who specialise in financial and legal matters related to property purchases and homeownership. Thank you for understanding, and we’re here to help answer any questions you may have on our offerings or the home buying process in general.