Families who are preparing to purchase a new home are ready to make a huge life change. Owning a home is a new milestone in adulthood. The day when you finally finish negotiating and sign the closing papers is a day to celebrate.
For many Australians, preparing to buy a home means that you are also ready for some other life changes. Maybe you want a bigger space so you can finally settle down and start a family. Maybe you were recently wed and desire a private home with your husband or wife. Maybe you want your children to be closer to a better school district.
Relocating Within Australia
Other Australians move because they are changing jobs or ready to live in a different location with new scenery and new career opportunities. Understanding the cost of homeownership in each state can help you make the right decision about where to move.
Some states are significantly more affordable than others when it comes to home ownership. There are various suburban areas across the country that are slowly gentrifying. Other states have large financial incentives for first time homeowners. These financial incentives are designed to entice buyers to relocate to a new state.
First Time Buyer Grants Per State
It is important to check your eligibility for the home owner grant before planning to relocate, as each state has different guidelines. Generally, the grants are eligible to first time buyers who are Australian citizens and have never before owned property. Most states require that buyers live in their new dwelling for at least 6-12 months after the date of purchase.
Here is a rundown of the first time buyer grant amounts available in each state, in descending order:
- Tasmania – $30,000
- Northern Territory – $26,000
- South Australia – $15,000
- New South Wales – $15,000
- Queensland – $15,000
- Australian Capital Territory – $12,500
- Victoria – $10,000
- Western Australia – $10,000
As you can see, you may be eligible for higher first time buyer incentives when you relocate to a different state. In almost all states, building is an advantage over buying.
FHOC is experienced in first home ownership and can suggest plentiful land and home packages to first time buyers. Our representatives can also provide an expert opinion on the financial obligations and incentives of first home ownership.
Contact our expert team today to discuss how you can afford your first home.