Financial help available for Mount Isa first home buyers
One of the great things about the Mount Isa property market is that it’s very affordable for first home buyers compared to many other locations. But there’s also a range of financial incentives to help you buy your first Mount Isa home even sooner.
Stamp duty concession
When you buy any property in Queensland, you unfortunately usually need to pay a tax called stamp duty. Depending on the value of the property, stamp duty can cost you tens of thousands of dollars.
The good news though is that most eligible Mt Isa first home buyers pay no stamp duty at all. That’s because they buy a property to live in that’s valued at less than $700,000. You can get a great first Mount Isa home for far less than that amount. Check out our current range of Mt Isa homes for sale.
Even if you buy a Mount Isa home valued at more than $700,000, you will still pay reduced stamp duty if it’s below the value of $800,000. Properties valued at over $800,000 are charged standard stamp duty rates even if you are a first home buyer.
Note that you must buy the property as an owner-occupier to be eligible for the stamp duty to be waived or the concessional rate. In other words, you can’t be buying a Mount Isa investment property as your first property purchase, otherwise you will be required to pay the standard stamp duty rate.
First home owner grant
If you build a new Mount Isa home to live in before 30 June 2025, you will be eligible for a first home owner grant of $30,000 provided the combined value of your house and land is under $750,000.
You can check out potential sites to build your first home by looking at our current range of land for sale in Mt Isa.
First Home Guarantee
One major home buyer expense that’s possible to avoid if you’re a first home buyer is lenders’ mortgage insurance. This is insurance that protects the lender if you don’t make your home loan repayments. Lenders’ mortgage insurance is expensive (often $10,000 or more, depending on the value of the property you buy).
There are two ways to avoid paying lenders’ mortgage insurance:
1. Provide a deposit of at least 20% of the value of the property to your lender.
2. Take advantage of the First Home Guarantee Scheme if you can provide a deposit of at least 5% of the property’s purchase price and the property is valued at less than $550,000. If you can provide at least a 5% deposit, then the federal government will provide a guarantee to your lender to cover lenders’ mortgage insurance and you will not have to pay that cost.
It’s important to understand that there are currently only 35,000 places available each financial year in the First Home Guarantee Scheme, and they are supplied to the first eligible applicants from July each year. So, if you want to take advantage of the Scheme to buy your first Mt Isa home, then you should apply as soon as possible.
The bottom line
There are plenty of financial incentives available to Mount Isa first home buyers to help you buy your first home sooner.
About us
Jays Real Estate has been Mount Isa’s premier commercial and residential real estate agency since 1981.
If you’re thinking about buying, selling, renting or leasing any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.