First Home Buyers
Purchasing your first home marks a major milestone in your life, and while it's super thrilling, we totally get that it can also feel pretty daunting. We offer you all the help, support, and top-notch advice you need as you embark on this exciting journey. Whether you're ready to buy your first home or just exploring your options, we've got you covered, making sure you feel confident and clear about what's ahead.
Financing your First Home
Your first step in buying your first home should be to establish your budget, the upfront costs involved and understand what the Banks are willing to lend you for your financial situation by obtaining a pre-approval.
We can offer guidance and support by leveraging our expertise in the mortgage market and comparing the different options available to you between the range of lenders to get you started with the pre-approval process.
Once your pre-approval has been obtained you can have the confidence to start house hunting with a set budget in mind.
Get in touch with us today for a quick chat to understand your options.
Government Grants available to First Home Buyers
For first-time homebuyers, accessing government grants can save you a lot of money that you can be spending elsewhere! There are several grants available to support individuals and families in their home buying journey. One such grant is the First Home Owner Grant (FHOG), which provides financial assistance to eligible first home buyers.
Additionally, some states and territories offer additional incentives such as stamp duty concessions or discounts for first-time buyers. These grants can significantly reduce upfront costs and make homeownership more attainable.
Please check the options available on your respective State Government website at http://www.firsthome.gov.au/.
When you reach out to us, we'll gladly assist you in assessing whether you're eligible for a First Home Owner Grant or a Stamp Duty Exemption.
First Home Guarantee Scheme - 5% Deposit for First Home Buyers
What is the First Home Guarantee (FHBG) Scheme?
The First Home Guarantee is a government initiative designed to help first-time buyers step into the property market with as little as a 5% deposit. Best of all, you can avoid paying Lenders Mortgage Insurance (LMI), which typically applies when borrowing more than 80% of a property’s value.
Lenders Mortgage Insurance (LMI) is a one-time fee designed to protect the lender, not the borrower, in case the borrower can’t repay the loan. Typically, LMI applies when you borrow more than 80% of a property’s value. However, under the First Home Guarantee Scheme, the government steps in as a guarantor, guaranteeing up to 15% of the loan. This means you can avoid the additional cost of LMI, making it easier and more affordable to buy your first home.
Eligibility criteria :
To apply for the FHBG, home buyers must be:
applying as an individual or two joint applicants
an Australian citizen(s) or permanent resident(s)* at the time they enter the loan
at least 18 years of age
earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
intending to be owner-occupiers of the purchased property
First home buyers or previous homeowners who haven't owned or had an interest in a real property in Australia (this includes owning land only) in the past ten years.
For more information you can refer to the government website here:
https://www.housingaustralia.gov.au/support-buy-home/first-home-guarantee
If you prefer to speak to a specialist to walk you through the process, please get in touch with us.
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Got questions or need a hand? Whether you're buying your first home, refinancing, or just curious about our other services, we're happy to chat. We're here to make your financial journey smoother, so don't hesitate to get in touch.