BUILD YOUR DE­POSIT

The Courier-Mail - Home - - FIRST-HOME BUYERS - RESHNI RATNAM

First-home buy­ers want­ing to pur­chase a new home faster can do it more eas­ily thanks to a new scheme by AVJen­nings.

In ad­di­tion to the fed­eral gov­ern­ment’s move to let first-home buy­ers use su­per to boost their de­posit sav­ings, AVJen­nings has cre­ated a way to fast track buy­ing a new home for first-time or en­try-level pur­chasers.

AVJen­nings has in­tro­duced the ‘save while we build’ ini­tia­tive, which lets first-home buy­ers save a de­posit while their home is be­ing built.

AVJen­nings Queens­land gen­eral man­ager Tony Creighton said many first-home buy­ers weren’t aware they didn’t need to wait to save their full de­posit be­fore mak­ing a pur­chase.

“The fed­eral gov­ern­ment’s first home saver ini­tia­tive will work hand-in-hand with AVJen­nings’ ‘save while we build’ of­fer,” Mr Creighton said. “Our scheme al­lows buy­ers to make an ini­tial $1000 pay­ment and we then work with them to cre­ate a sav­ings plan to raise the bal­ance of the de­posit re­quired while their new home is be­ing built.”

From July 1, buy­ers will be able to de­posit funds as ex­tra vol­un­tary con­tri­bu­tions into their su­per­an­nu­a­tion to get tax breaks and ac­cel­er­ate their sav­ings. Buy­ers can even use the state gov­ern­ment’s $20,000 first home owner grant, which will drop to $15,000 af­ter June 30, as a start­ing point for their de­posit.

Shane and Berenice For­tuin are two of the lat­est buy­ers to ‘save while we build’. They were among the first res­i­dents at AVJen­nings’ new Park­side com­mu­nity in Betha­nia, which has two and three-bed­room town­homes close to parks, schools, trans­port and a con­ve­nience shop­ping cen­tre from $299,900.

“We saved ap­prox­i­mately $300 per week over about a five-month pe­riod and, com­bined with the first home owner’s grant, we had enough for a de­posit on our new home,” Mr For­tuin said. “We de­cided it was bet­ter value to save and pur­chase our own new home in­stead of rent­ing an older home for around the same amount as our mort­gage re­pay­ments.”

First-home buy­ers Shane and Berenice For­tuin, with son Ethan, 5, have bought a town­home in AVJen­nings’ new Park­side com­mu­nity in Betha­nia.

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