It does not matter where you are in the world, buying your first property can be extremely stressful, financially daunting and at times seem impossible! Not any more…with Frank Salt Real Estate at your side, you will benefit from decades of experience provided by Malta’s leading estate agents and what’s more, we have negotiated an UNBELIEVEABLE DISCOUNT AND SAVINGS PACKAGE that is exclusively available through us. Working with Malta’s leading banks, retailers and suppliers we have negotiated a total savings package worth over €15,000 that can go towards realising your dream of owning your first home! 

To sweeten the deal further, there’s the stamp duty reduction that the government is offering: as a First-Time Buyer (if you purchase a property till the end of 2023), NO STAMP DUTY WILL BE DUE on the first €200,000 of the property price. This can amount to savings of up to €10,000 (based on standard rate of 5%). Should a buyer opt for a property of a higher value than €200,000, for contracts signed by end of 2023, stamp duty is paid at 5% on anything above €200,000. This is the very best time for First-Time Buyers to take the plunge and benefit from these massive incentives and discounts! But wait, there’s even more: First-time buyers will also be eligible for a further one-time €10,000 grant spread out over 10 years. The grant will go towards the repayment of the buyers’ home loans and will also cover property purchases till the end of 2023. The maximum allowed value of the property is €500,000.

And more… People buying their first home – given that its value does not exceed €225,000 – can also avail from the Deposit Payment Scheme. The aim of the Scheme is to assist people who despite being eligible for a home loan do not have the necessary liquidity to pay the required 10% down payment on the signing of the promise of sale. Whilst the applicant will be paying this personal loan, the Housing Authority will be financing the interest incurred on this loan during the whole term (up to 25 years). 

First-Time Buyers can also apply for reimbursement of certain expenses up to a refund of €54,000 related to the restoration and finishing of their home. This applies if the property is located within an Urban Conservation Area (UCAs), it has been built for more than 20 years and has been vacant for more than seven years, as well as for new properties that are developed in conformity with specific criteria reflecting a ‘traditional’ element. 

Costs eligible include restoration and finishing works, including the cost of materials, labour, the hiring of equipment, professional fees, planning fees and other government charges. 

Both exterior and interior finishing works are eligible, including plastering and painting, electricity and plumbing works, tiles and marble, internal and external doors, windows and bathrooms.

Professional fees, such as architect’s fees, specialist consultancy or project management costs are also eligible but will be capped at a maximum rate of 10 per cent of the total eligible expenditure applied for each application. This scheme is also available to any other buyer (not just first-time buyers) and applications will be received till December 2024. 

Excited? Here’s more about our exceptional, exclusive First-Time Buyer’s Pack worth over €15,000 in vouchers and savings. Find out exactly what the details are on our web page.

• Savings on notarial fees in collaboration with APS Bank, who will also waive all legal fees
• 50% off towards the first year of home insurance, in collaboration with GasanMamo Insurance. 
• Savings and discounts on kitchens and furniture of up to 35% from selected outlets including The Atrium, Carmelo Delia, Dino Fino, Chateau D’Ax, Miton Cucine, Joinwell, Scavolini and Onepercent
• Up to 30% off on sanitaryware and flooring solutions from B&M, RLiving and Waterart 
• Discounts of up to 30% from ITC and Triple A, plus attractive discounts on air conditioning units, PV Panels and solar water heaters from Bajada New Energy and BT Commercial
• Up to 30% off on lighting and home furnishings from B4 Group, The Atrium, Gwarnic, ITC and PhotoCiancio
• Attractive offers on internal doors from Dimech Enterprises

If this is not enough to bring a smile to your face, we add more suppliers to the list on a regular basis! To find out more, make sure to visit our First-Time Buyer’s page.

Lastly, there’s a must-read for anyone thinking of buying their first home: Frank Salt’s COMPREHENSIVE FIRST-TIME BUYER’S GUIDE!

If you need expert guidance when it comes to making your final decision on buying your first home, we’ve got you covered! We answer all the questions in our comprehensive guide… which takes you through the whole process of preparation, qualification and legal requirements that you will have to deal with when buying your first property. You can access it here.

This all goes to show that we do far more than just sell properties to First-Time Buyers! We will accompany you through the entire process: from choosing your first selection of properties to view, then on to the process of elimination and finally deciding on “the one”! On top of that we will negotiate on your behalf with vendors, assist you with applying for bank loans, complete all the paperwork and deal with notaries on your behalf. We will also sit with you and discuss which of the discounts and incentives you wish to make use of and which government incentives you qualify for. 

At Frank Salt Real Estate we believe in going the extra mile and making the process of buying your first home a stress-free one!

#MaltaDaily