Oct 19, 2022
How to Get a Deal on a New Home With Builder Incentives
Housing affordability remains a big concern in Australia, which has prompted national and state governments to introduce various programs over the years, to help ease the financial burden on first-home buyers.
Many builder incentives are available when purchasing or building a new home in Australia, which can save you thousands of dollars. Incentives vary between states, so it’s important to research or consult with a professional to see what’s available in your area.
At Aston Homes, we pride ourselves on being up to date with the latest builder incentives and rebates. We’ll work with you to ensure you take advantage of all the discounts and benefits you’re entitled to, helping you get the best deal on your new home.
Are you in the market for an affordable luxury home? Contact us today to discover what Aston Homes can do for you.
What are new home builder incentives?
Builder incentives are typically offered by the government to reduce the cost of buying or building a residential property. These can include things like a home owners grant, deposit assistance, tax breaks, or stamp duty concessions.
Some builders also offer their own incentives, such as discounts on upgrades or closing costs. At Aston Homes, we have a range of incentives that will help you build a luxury home without the luxury price tag, including:
- House and land packages, which come at an affordable fixed price.
- Everyday extras and inclusions, which include additional upgrade items valued at up to $56,000 at no extra cost.
- Essential new home collection, which features homes that have been expertly designed for smaller lots and budgets, so you can build your new home for as little as $169,000.
By doing your research and taking advantage of all the programs and offers that are out there, you can save thousands of dollars on your new home.
Builder incentives for first-home buyers in Victoria
First Home Owner Grant
The First Home Owner Grant is a national government initiative that provides a one-off payment of $10,000 to eligible first-home buyers. The First Home Owner Grant can be used towards the purchase or construction of a new home valued at up to $750,000.
In order to receive the grant, you’ll need to meet specific criteria. You must be at least 18 years old, a permanent resident or Australian citizen, a first-time buyer with no history of home ownership, and you must occupy the home for at least 12 months after purchasing it (i.e., it cannot be an investment property or holiday house).
If you qualify, the First Home Owner Grant can be a great incentive to use to get a head start on your new home purchase.
Victorian Homebuyer Fund
The Victorian Homebuyer Fund is a shared equity scheme where the state government contributes up to 25% of the purchase price for a new or existing residential property in exchange for a share in the property. It can be used in conjunction with the First Home Owner Grant, and is designed to reduce your mortgage and help you pay it off faster.
As part of the scheme, you are required to contribute a minimum deposit of 5% (3.5% for Aboriginal and Torres Strait Islander participants) of your property price. Other eligibility criteria include an income cut-off of $128,000 per annum for individuals and $204,800 for couples. See the State Revenue Office of Victoria website for more details.
Stamp duty exemptions and concessions
The Victorian Government has introduced a number of stamp duty concessions over the years. Most recently, they abolished stamp duty for first-home buyers who purchase a new or established home for less than $600,000. A stamp duty concession also applies for those buying a home with a dutiable value between $600,000 and $750,000.
Stamp duty concessions can save home buyers tens of thousands of dollars on upfront costs when purchasing a residential property, making it easier for you to enter the market. Click here for more information regarding eligibility.
Take advantage of builder incentives with Aston Homes
As you can see, many government grants and programs are available for first-home buyers in Victoria. At Aston Homes, we’ll provide you with professional guidance and advice to ensure you’re maximising your savings by applying for the relevant schemes.
Aston Homes also offers a range of exclusive builder incentives for buyers, including cost-effective discounts on luxury inclusions. So if you’re looking for the best deal on your new home, we can help you find it!