Seven reasons to keep dreaming
Building your dream home at Elliot Springs could happen sooner than you think. Here are 7 great reasons to keep your dream home dreams alive and consider building now.
It’s ok to keep dreaming of building your dream home. There is plenty of government support plus very attractive interest rates and some great offers. It could just mean you can make the decision sooner than you think.
1. BANKS ARE OFFERING ATTRACTIVE INTEREST RATES
The Reserve Bank of Australia cut official interest rates yet again to a record low 0.25% in March 2020. This means banks and other financial institutions are now offering very attractive home loan rates.
2. THERE’S A NEW SCHEME IN TOWN
As of 1 January 2020, the federal first home loan deposit scheme lets approved first home buyers take out a mortgage by providing just a 5% deposit without paying lenders mortgage insurance (LMI). Most banks usually ask for a 20% deposit and charge LMI for deposits less than that. The scheme means approved first home buyers can access a mortgage with less money up front and no LMI.
3. GRANTING YOU THE POWER TO BUY
For Queensland residents a first homeowner grant can be worth up to $15,000. Check your eligibility for the First Home Owner Grant here.
4. FULL OR PARTIAL EXEMPTIONS FROM DUTY
A stamp duty exemption may be available for first home buyers. The exemption can lower the tax you pay when purchasing your property. Depending on purchase price, you can get partial or full exemption on stamp duty when you buy your first home, leaving you more money to spend on making your first place feel like home.
5. CHANGES TO THE ‘STRESS TEST’
The Australian Prudential Regulation Authority (APRA) has changed the ‘stress test’ banks are required to apply to see if the customers can repay residential home loans if the interest rates go up. The changes to the ‘stress test’ could allow more Australians to borrow the amount they need for their dream home.
6. EXTRA INCENTIVES
A competitive market for builders and sellers is good for home buyers, with developers offering deals that can save you money on your first home. At Elliot Springs, Lendlease is offering a $1000 land deposit plus it's peace of mind guarantee. Read more about this offer here.
7. MASTERFUL NEW MASTER PLANS
When you buy your first home, you also buy in to your first community. At Elliot Springs, we take a holistic approach to master planning. We focus on lifestyle and community benefits that provide a strong sense of belonging for new residents. From schools and town centres to shops, cafes and restaurants, building your first home comes with much more than new walls and a roof.
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