As a first-time home
buyer, you stand to benefit from the First Home Owner Grant (FHOG) of $10,000.
With the right home builder, you may also enjoy more financing perks and savings.
Is that all there is
to it, though?
You may or may not
have heard of the First Home Saver Accounts (FHSA), which is meant to
complement the FHOG; however, if you think the FHSA is an additional option to
finance your first home, you ought to know that this programme is already
undergoing legislative changes and will soon be abolished.
The national budget
for 2014-15 will see the FHSA abolished effective July 1, 2015. Government
contributions have already ended as of July 1, 2014, and new accounts have been
stripped of their privileges as of May 13, 2014. If you signed up for an FHSA
prior to the news, it's most likely inactive right now.
You'll then need to
go back to old-fashioned saving methods, like setting aside 10 percent of your
pay check, taking care of your debts, and adhering to a strict monthly budget.
Getting a part-time job is also a good way to earn extra income.
As to whether or not
the government will come up with a replacement program for the FHSA, only time
can tell. For now, the FHOG remains the strongest ally of a first-time home
buyer who wants a home built from the ground up.
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