First Home Buyer Loan Options
With property prices becoming more realistic across Australia and home loan interest rates still historically on the low side, there has never been a better time for first home buyers to own their first home. And while lending criteria has tightened recently, there are still a number of great deals around if you know who to ask.
First Home Buyer Help and Home Loan Pre-Approval
An experienced mortgage broker can help you find a competitive home loan, negotiate a better deal with your chosen lender and even help with your paperwork. Simply call us on 13 LOAN (or +61 2 9249 3739 direct) or email us the form on this page and we will return your contact within 2 business hours.
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 to your personal circumstances or the type of home loan you’re after. For an owner occupier purchase, you will typically require at least 5 per cent of the property’s value as a deposit, and possibly as much as 15 per cent.
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 base grant of $7,000 is available to eligible first home buyers. However, each state is different in its administration of the grant. Furthermore, the individual state governments also provide a variety of first home buyer entitlements that include grants and stamp duty concessions. To ensure that you are not missing out on any additional first home buyer benefits, talk to your local mortgage broker and find out which concessions you qualify for.
What is a First Home Deposit Saver Account?
The First Home Deposit Saver Account is an Australian Federal Government initiative 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.
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 and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)
