With interest rates at historical lows and a range of government grants and concessions and more realistic property prices, Australian expatriates facing tough economic conditions overseas are opting to return to the country. Many commence their property purchases from overseas and often begin by getting an investment property which they will later revert to an owner occupier.

First home buyer help

Your Loan Market mortgage broker can help you find a quality finance product from a secure lender, negotiate a more suitable finance structure on your behalf, complete the paperwork and even determine your eligibility to the first home buyers grant. Simply email us the form on this page call us on +61 2 9249 3739 and we will contact you at a time that is convenient for you.

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First home buyers grant

Expats who plan to return and purchase their first home before June 30 may be eligible to receive the increased first home buyers grant. The increased grant which forms part of the Federal Government’s economic stimulus package saw the doubling of the First Home Buyers Grant to $14,000 to purchase an existing property and $21,000 to purchase newly constructed property.

First home buyers grant requirements

• Be a natural person (i.e. not a company or trust), at least 18 years of age and whose interest in the property is not held subject to a trust.
• At least one applicant is an Australian citizen or a permanent resident.
• At least one applicant will reside in the home as their principal place of residence for a continuous period of at least six months commencing within 12 months of completion of the eligible transaction
• An applicant or their spouse must not have previously received a First Home Owner Grant in any State or Territory of Australia.
• An applicant or their spouse must not have previously owned or held a relevant interest in a residential property anywhere in Australia prior to 1 July 2000.
• An applicant or their spouse must not have occupied for a continuous period of at least six months, a residential property in which they acquired a relevant interest on or after 1 July 2000 any where in Australia.

Stamp duty concessions

Apart from the first home buyers grant, there are numerous state based grants and stamp duty concessions that are aimed at reducing the cost of your first home purchase. Use the stamp duty calculator to get an estimate of how much stamp duty you would expect to pay in the state where you intend to purchase property.

First home savers account

First Home Savers Accounts (FHSA) are a simple tax effective way for Australians to save a deposit for their first home through a combination of Government contributions and low taxes.

First home saver account eligibility

An individual can open an account if they:

• are aged 18 or over and under 65;
• have not previously purchased or built a first home in which to live;
• do not have, or have not previously had, a First Home Saver Account; and
• Provide their tax file number to the provider.

Contribution arrangements

• Contributions may be made by the account holder or another party, such as an employer, on behalf of the account holder. Contributions will be made from after-tax income.
• The Government will make additional contributions which will be paid directly into the account, after the individual has lodged their tax return and the provider has submitted the relevant information to the ATO.
• The Government will contribute 17 per cent on the first $5,000 (indexed) of individual contributions made each year.
• This means an individual contributing $5,000 will receive a Government contribution of $850.
• No minimum annual deposit is needed to keep the account open. The account can remain open for as long as necessary or until the account holder turns 65, at which time it must be closed.

Level of tax on accounts

• Contributions will not be subject to tax when contributed to an account.
• Investment earnings (or interest) will be taxed at a rate of 15 per cent.
• Withdrawals will be tax free.
• FHSA balances will be exempt from the income and assets test.

Claim all your entitlements

Get your loan market mortgage broker to help you determine your eligibility and claim the first home buyers grant and other state-based entitlements as well as set up your first home savers account.