If you’re looking to buy a home in the next few months, you’re going to be spoilt for choice when it comes to accessing assistance packages.
There has never been more funding assistance available for home buyers, and this time we’re not talking just for first time buyers. The latest round of packages include single parents with dependent children and Australians over 50 years of age.
The Federal Government’s new Help to Buy Scheme and some of the State + Territory packages are available to people who have owned property before, as long as you’re aiming to purchase a property to live in.
Of course, the funding is welcome but when it comes to selecting the best option, the range of assistance packages is a minefield of decision making. Where there’s complexity, the opportunity for traps and rip offs abound so buyers are warned to be careful.
Is it really good news?
While it’s nice work by the government to flood the sector with funds, but it’s unlikely to solve the housing problem.
We’ve seen this plenty of times before and also in the very recent past – see below for the visual impact on lending – in 2020 government incentives were the original cause of the building boom that destabilised the market, and you can expect this to be history repeating.
At least the incentives aren’t limited to building or buying new properties, and include funding to purchase existing dwellings however this will mean further tightening and upward price pressure in an already tight property market.
Sharpen up your skills
After years and years of making the same mistakes you would think someone in government would actually think further than just handing out more cash to inexperienced buyers who will be making the most expensive purchase of their lives.
Buyers need more than just another complex funding package to be able to buy successfully, and the country needs more than just money to find a solution to the massive housing problem.
To succeed in the current market conditions, buyers will need to sharpen up their property knowledge as well as their ability to negotiate with confidence. Gone are the days of fluking a good deal without much research.
There’s plenty to consider when buying, but in this market buyers need to ensure they have up to date information on the main components of buying property. This includes
- The ability to know what price to pay, and how to avoid paying too much for a property
- The ability to effectively assess a property to avoid buying a lemon
- The ability to compile and submit an attractive offer
- The ability to participate in an auction
The reality is all buyers need help to make good choices in the current market, and to address this issue we have developed the Buyer Success Program. The Buyer Success Program covers the four key pillars of property purchasing, along with so much more. The Pack also includes a coaching component so buyers can ask questions about their specific situation. With the market changing rapidly, the ability to clarify details can mean the difference between buying your target property or continuing to miss out.
Check out more details about the Buyer Success Program HERE.
Range of funding packages
The tables below list the range of assistance packages, support grants and stamp duty exemptions available to buyers. Before you ask . .the answer is NO . .you can’t cross over packages so do your due diligence to select the best deal for your situation.
About the author
Debra Beck-Mewing is the Editor of the Property Portfolio Magazine and CEO of The Property Frontline. She has more than 20 years’ experience in buying property Australia-wide and has extensive experience in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is a skilled property strategist, and a master in identifying tailored opportunities, homes and sourcing properties that have multiple uses. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, and participates on numerous committees including the Property Owners’ Association.
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Disclaimer – This information is of a general nature only and does not constitute professional advice. We strongly recommend you seek your own professional advice in relation to your particular circumstances.
