At BCM Homes, we strongly believe building your first home should be an exciting experience. Our experienced team are here to help you feel comfortable, confident and informed throughout the process. We aim to make the process as simple as possible and ensure your new home is tailored to you and your lifestyle.
First Home Buyer
At BCM Homes, we strongly believe building your first home should be an exciting experience.
Work with your finance broker, bank or consultant to confirm your budget and timeframes. We strongly advise you have a good idea of how much you can afford to borrow as a starting point.
Now that you have a good idea of your budget, its time to decide on the perfect home design. Make a list of things you consider must-haves plus a list of extras you’d like if it fits from a cost perspective.
Make sure to include the number of bedrooms and bathrooms you require and whether you’ll need multiple living areas. Think about any future considerations too, will there be additional family members and what space will they require.
Give thought to the added extras that fit within your budget, how they work for you and how they may help make your home more appealing, from a resale perspective in the future.
Most of all consider your lifestyle and make sure your new home reflects your style enhances how you live.
Make a list of desirable areas and narrow down where you’d like to live, remembering to keep your budget in mind. Give some consideration to school, transport, shop and park access – even if you don’t need these conveniences now, you may in the future, plus it will potentially help your home appeal to a wider audience if you sell in the future.
There are also a number of house & land packages available in local new estates. A house & land package will save you looking for the right block to fit your perfect new home, or the right home for your perfect block. House & land packages are designed to complement each other, with the added benefit of a single upfront cost, for the home and land.
The Australian Government offers the First Home Owners Grant (FHOG) as a one-off financial grant, to eligible home buyers who are buying or building their first home.
The FHOG is $20,000 for new homes built in regional Victoria, for contracts signed from 1 July 2017 to 30 June 2021.
In most cases, your finance broker, bank or consultant providing your finance will lodge the FHOG application on your behalf, make sure to check they are lodging it for you. If an agent is not lodging the application on your behalf, follow the steps on the SRO website
HomeBuilder is a tax-free grant intiated by the Federal Government to help stimulate the residential construction in response to economic downturn caused by COVID-19.
It aims to provide eligible applicants with a $25,000 grant to help build a new home or renovate an existing home.
To access the tax-free HomeBuilder grant you need to be an owner-occupier (not investor), building or renovating a home and meet the following criteria:
- An Australian citizen aged 18 or over
- Annual income of less than $125,000 for individual applicants, or less than $200,000 for a couple based on your 2018-2019 tax returns or later
If renovating, you need to spend in excess of $150,000 and the property must be valued at less than $1.5million. The works must directly improve the liveability, accessibility or safety of your home.
If building a new home, the contract price must be less than $750,000
To be eligible you must enter into a building contract prior to December 31, 2020 and construction must commence within three months of the contract date.
All eligible owner-occupiers will receive the grant, that includes first home buyers (house & land packages) and those who have built previously, provided you meet the income criteria, are spending more than $150,000 if renovating on a home valued at less than $1.5m, or the contract total cost (including home & land) of your new build home is less than $750,000.
If you own an existing property and knock the house down to rebuild, this will be considered a substantial renovation and subject to the renovation price range of $150,000 to $750,000 provided the value of the house and land isn’t greater than $1.5 million.
If you own vacant land prior to June 4 and then build, the total value of the land and the new build can’t be greater than $750,000.
If you have bought land after June 4 and then build a home, the total value of the land and the build can’t be more than $750,000.
The Australian Government introduced the First Home Super Saver Scheme (FHSSS) to reduce pressure on housing affordability in the Federal Budget 2017-2018. Allowing you to voluntarily contribution to your superannuation to save for your first home.
You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSSS, up to a total of $30,000 across all years.
For further details and eligibility information, visit the ATO website
The Australian Government introduced the First Home Loan Deposit Scheme (FHLDS) to support eligible first home buyers purchase their first home sooner.
Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit with as little as 5 per cent (lenders criteria also apply). This is because the National Housing & Finance and Investment Corproration (NHFIC) guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
There are currently 27 participating lenders across Australia offering places under the First Home Loan Deposit Scheme.