Home Loans First Home Buyers

First Home Buyer Information

Buying your first home can be one of the most exciting and rewarding investments of your life. It can also be one of the most important, and sometimes it's difficult to know where to start. The following are a list of questions you will need to consider when buying your first home.

How Much Deposit Do I Need?

The deposit you will need depends on a variety factors: from the type of property you intend to purchase, your personal circumstances or the type of home loan you're after. For an owner occupier purchase, you will typically require 5 per cent of the property's value as a deposit.

Should I Get a No Deposit Loan?

If you have good cash flow (a good income) but low equity (deposit), you may want to consider getting a No Deposit Home Loan. These loans allow you to borrow up to 100% of the purchase price and are available for both new and established housing, either owner occupied or investment.

'No Deposit' however relates only to the mortgage. You will still have to pay for your lender's mortgage insurance (LMI), solicitor's fees, property stamp duty and your moving costs.

Further Assistance or More Information on No Deposit Loans

If you need further assistance or would like more information on No Deposit or 100% home loans or to talk to a mortgage broker about home loan options that are in your best interest, call us on 13 LOAN (or +61 2 90188417 for international callers) or email us the form on this page and we will return your contact within 2 business hours.


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Am I Eligible For the First Home Buyers Grant?

The First Home Owners Grant (FHOG) scheme was established by the Federal Government to assist first home buyers purchase their first home. Under the federal government scheme, a one-off grant of up to $7000 is payable to eligible first home owners. However, each state is different in its administration of the grant. First-home buyers in New South Wales and Victoria get a further bonus from their state governments. Other states offer various benefits, such as stamp duty concessions, to first-home buyers. To ensure that you are not missing out on any additional benefits, talk to your local mortgage broker and find out which concessions you qualify for.

First Home Buyers Grant Eligibility Requirements

This will be the first time you or your spouse/de facto will receive a grant under the First Home Owner Grant Act 20002 in any State or Territory.
You and/or your spouse/de facto have not owned a residential property, jointly, separately, or with some other person, in any other State or Territory before 1 July 2000.
You and /or your spouse/de facto have not owned on/after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory.
Each Applicant is a natural person and not a company or trust.
Each applicant must be at least 16 years of age.
At least one applicant is a permanent resident or Australian Citizen.
At least one applicant will occupy the home as their principal place of residence for a continuous period of six months commencing within 12 months of settlement or construction.
You have entered a contract for the purchase of a home on/after 1 July 2000 or signed a contract to build a home on/after 1 July 2000.

What is a First Home Deposit Saver Account?

The First Home Deposit Saver Account is a fantastic new initiative from the Australian Federal Government that aims to help aspiring First Home Buyers save a deposit faster.

First Home Deposit Saver Accounts will work in a similar style to superannuation schemes by offering tax breaks and government co-contributions.

An individual can open a First Home Deposit Saver Account if they:

are aged 18 or over and under 65;
are an Australian resident for taxation purposes;
have not previously purchased or built a first home in Australia to live in;
do not have or have not previously had an account; and
make an initial contribution of at least $1,000.

What Are The Costs Involved in Buying My First Home?

Along with your deposit, you will need enough money to cover your costs. Costs may include:

Loan application fees
Settlement and Establishment fees
Stamp Duty
Transfer fees
Mortgage Insurance
Legal fees

Other costs involved in buying a home can include building inspection fees, pest inspections, building and contents insurances, removalists, utility connection and rates.

More Information on Legal Processes, Lender Fees, Inspections and Checks

There are a whole range of activities associated with buying a house and getting a loan. Legal processes, inspections and checks are just some of the items you have to resolve. If you need more information on these processes or to find out which home loan options are in your best interest, call us on 13 LOAN (or +61 2 90188417 for international callers) or email us the form below and we will return your contact within 2 business hours.


* First Name:
* Last Name:
* Best Contact Number:
* Email:
* Postcode:
* Enter Word Verification in box:
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Am I Eligible For Any Discounts on My Stamp Duty?

First home buyers are often eligible for stamp duty discounts. The type and amount of the discount varies depending on the state you are purchasing in. Some states base the level of discount on income; others base it on the actual price of the property.

To find out which discounts apply to your individual situation, talk to your local mortgage broker.

How Much Can I Borrow?

The amount that you can borrow, sometimes referred to as 'borrowing capacity', will depend on your current income and expenditure. Using this information the lender will determine the maximum amount you will be able to repay each month. They then calculate the corresponding maximum loan amount. Your maximum borrowing capacity will vary from lender to lender and is dependent on the individual lender's lending criteria.

Your local mortgage broker can provide you with an overview of how much you can borrow from a range of banks and lenders - you may be surprised by the difference from one to another.

More information or help

For confidential assistance with your home loan or to talk to your local mortgage broker, call us at any time on 13LOAN or call our direct line on +61 2 9018 8417.

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