Make your dream home a reality

The year 2020 has gone down in history as one of the most unprecedented and challenging years of modern times. In light of such excruciating times, to keep the building industry going, the Federal Government announced a raft of stamp duty concessions and schemes to encourage first home buyers to step into the property market. Against the backdrop of some of the lowest interest rates we have seen in 30 years, if you were ever thinking of buying your first property, now would be the best time to take the plunge. Below are some of the grants and schemes that are available in Victoria that can help you on your way to your very own place:

Home Builder Grant

While the original Home Builder Grant offer expired on 31 December 2020, the Federal Government extended a version of this until 31st March 2021 with a few changes to the grant amount and criteria: • Eligible owner-occupiers will now receive a grant of $15,000 when you build a home to live in • The property price caps for new builds in Victoria were increased to $850,000 The HomeBuilder Grant is not available for investors and you need to have signed a build contract by 31 March 2021 to be eligible. All candidates need to submit their applications to the State Revenue Office by 14th April 2021.

First Home Owner Grant

As the name implies – This is available for first time home buyers. • A grant of $10,000 is available in Metropolitan Melbourne • If you purchase in Regional Victoria , you can access an increased grant of $20,000 For those who are thinking that these grants still do not come close to covering all the additional costs and expenses in buying a property, hold on a minute and take a look at some more benefits announced recently.

Stamp duty concessions

First home buyers already enjoyed $0 stamp duty if their purchase price was under $600,000 in Victoria. That’s right! $0 Stamp duty! However, most recently to assist other property buyers even you already own a property, the Victorian Government announced that Residential homes valued up to $1 million can waive off up to 50 per cent stamp duty. But! This 50 per cent concession is targeted towards newly built homes/House and Land Packages. Existing homes on the other hand can enjoy a 25 per cent waiver of Stamp Duty .

No LMI scheme

Gone are the days when you needed to save up a 20% deposit to buy a property. If you have some cash saved up, even if it is a 5% deposit, you could well be on your way to owning your own home. With the government stepping in to guarantee loans, meaning where you had to pay a premium to cover the lenders risks before (also known as Lenders Mortgage Insurance – The dreaded LMI) , you can now possibly avoid paying this premium under this new government scheme. Not all lenders offer this option, therefore it is best to speak to an expert before you finalise your loanin order to explore if you can take advantage of this scheme.

Now let’s talk business!

According to Real Estate Institute of Victoria (REIV), the median price of a property in Regional Victoria is $443,000 and in Metropolitan Melbourne is roughly $846,000. This does not mean you need to buy a property for these prices. Why not focus on getting on the property ladder first by utilising all of the government assistance available and THEN step up the rungs slowly but surely ? It’s pretty exciting, isn’t it, when you think about it? Oh but “Where to start” you say ? Afterall, there is no guarantee that the one bank that suited your mate’s cousin would also be the right one for you right? Or is your head spinning with all of the jargon and eligibility criteria you need to figure out?

That’s where we come in: TomorrowFS. Premier mortgage brokers that would present you the perfect options from its pool of over 40 lenders.

We help you wade through the government grants and help you to get the maximum benefit out of these opportunities that are too golden to be missed out on. We promise we will not only be there for the paper work and going back and forth with banks, TomorrowFS is going to be with you for life. Oh yes, we are serious about commitments! For more information call us at (03) 9193 3436 or visit

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