Imagine! No monthly interest payments* while you build your first home Save thousands of dollars * see Terms and Conditions
First Home Buyers Affordability Initiative
iNVST AUSTRALIA
First Home Buyers Affordability Initiative The First Home Buyers Affordability Initiative is a scheme created to assist home buyers to continue paying rent while they are building a new home. The total interest subsidy is upto $9,500 on an eligible project. This initiative does not impact on the benefits of the First Home Buyers Grant in anyway and you will still receive the full Government grant based on fulfilling the requirements laid down by the Government of Victoria. The interest subsidy will be paid in two parts, 1st part after land settlement and 2nd part after the construction has reached frame stage. With average rents between $380 to $400 per week, the cost to rent over a period of 6 months while you build your first home will be $9880 to $10,400. When you add the additional cost of interest to this, the average young family will spend over $19,400 in six months. This initiative will help first home buyers get into their home with no extra burden on the budget. Call us on 03 9791 5547 to find out how we can help you take advantage of this interest saving while building a complete home.
HOW WE CALCULATE YOUR INTEREST REBATE La nd pri ce
$325,000
Bui l d pri ce
$265,000
TOTAL
$590,000
Tota l l oa n
$531,000
Interes t ra te
3.69%
Interes t pa yments over 180 da ys La nd
Cons tructi on
Month 1
$935
$116
Month 2
$935
$310
Month 3
$935
$503
Month 4
$935
$697
Month 5
$935
$852
Month 6
$935
$929
$5,612
$3,406
Total interest saved
$9,018
Our Offer
When you choose a house design from our quality builders, you are investing in a complete family home with more than most builders will include. While we have a list of inclusions that match or exceed the specifications in the market, every house is a full turnkey project, ready and complete for you and your family to live in. Our builders standard specifications include landscaping, fencing, site cost with no exclusions, air conditioning, carpets, tiles and laminate timber flooring. Please ask us for a detailed specification list for our range of quality builders.
Terms and Conditions
1-The interest rate used for calculations is 3.69% irrespective of the actual rate of interest being paid by the borrower. 2- The loan amount used for calculations is 90% of the value of the land and construction irrespective of the actual loan amount of the borrower. 3 - The total term of the project will be 180 days from the date of land settlement irrespective of the actual time it may take to complete the project. 5 – The total amount of interest cannot exceed $9,500 (nine thousand five hundred only). 6 – For the purpose of the First Home Buyers Affordability Initiative, an eligible applicant is considered any individual or couple building their first home, who have been approved for the First Home Owners Grant. 7 – The interest payments will be paid to the borrower in two stages. 1st stage 50% of the approved amount paid 30 days after land settlement, 2nd stage, and balance of the approved amount paid 30 days after construction has reached frame stage and builders invoice has been paid.
Invst Australia is owned and operated by VFG Victorian Finance Group Pty Ltd ABN 67 113 320 648 2/29 Princes Hwy Dandenong VIC 3175 03 9791 5547