Now’s the Time to Build

First, let’s talk interest rates. Currently in Australia, interest rates are at a record low. But they aren’t expected to stay that way for long. According to the RBA Governor Philip Lowe, we can expect to see rises as early as 2023. That means now is the time to lock in those low rates!

If you’re a first-time home buyer building a new home of up to $750,000 in Victoria, you may be eligible for the $10,000 First Home Owner Grant (FHOG). You may also be able to get an exemption on duty if your property is valued up to $600,000 or a concession on homes of $600,001 to $750,000. In addition, if you buy an off-the-plan property as a house and land package, you can get an extras off-the-plan concession. Savings like these quickly add up! 

And there was good news for first-time buyers in this year’s federal budget too – 10,000 new spots have been added to the First Home Loan Deposit Scheme. This program allows you to build a new home or buy a newly constructed one with a deposit as little as five per cent. The government acts as a guarantor for the remaining 15 per cent.

The First Home Super Saver Scheme, which allows you to save money for your first home inside your super first, was also extended. This lets you save faster than with a standard deposit account as your superannuation receives concessional tax breaks. Find out more about the 2021 federal budget’s help for first home buyers here.

Are you a single parent who thought it would be years before you’d be able to save up the deposit for your own home – if ever? Not necessarily so. The government’s new Family Home Guarantee is a scheme to help single parents with dependents to get over the hurdle of saving for a deposit – in fact, you can purchase a home with a deposit as low as two per cent. And you don’t have to be a first-time buyer to apply. There will be 10,000 spaces available on the scheme over the next four years.

With so many government-funded programs available, there’s no question that it makes smart financial sense to invest in a new home.

But it’s about transforming your lifestyle too. Having room to entertain, space for the family to gather and connect, quiet spots to recharge or work, and the ability to enjoy an indoor-outdoor way of life can bring immeasurable satisfaction and joy and turn your home into a true sanctuary. It also gives you the peace of mind of knowing that however chaotic and unpredictable the outside world can be, you and your family have a nurturing retreat to come home to.

Moving to a master-planned community comes with the additional benefit of a completely self-contained lifestyle. Gone are the days of living in the ‘burbs and making the lengthy commute into the city for work, shopping and schools. Today, residential developments are expertly designed to encourage you to stay close to home. If you make the smart choice to build in one of these areas, not only will you be purchasing a newer and larger house, you will be building in a neighbourhood that is surrounded by parks, playgrounds, schools and comprehensive retail and commercial precincts with shopping, medical facilities and restaurants. And you can be assured that your neighbours are people who share the same lifestyle values as you.