First-time homebuyers

Whether you are an individual or a family looking to purchase your first home, you may be eligible for various incentives and grants to help with the process.

Home Guarantee Scheme

The Home Guarantee Scheme, or the First Home Loan Deposit Scheme, is a government initiative designed to help first home buyers purchase a home with a lower deposit. It guarantees part of the deposit required by the lender, making it easier to secure a mortgage.

The First Homeowners Grant

The First Homeowners Grant (FHOG) is a government funded initiative aimed at providing financial assistance to first-time homebuyers. Eligibility and grant amounts vary by location.

Eligibility criteria for first home buyer programs typically include:

  • Being a citizen or permanent resident of Australia.
  • Never having owned property before or having a significant interest in a property.
  • Meeting income and property value thresholds (varies by program).
  • Intending to live in the property as your primary residence.

How Much Can I Borrow:

The amount you can borrow depends on various factors, including your income, credit history, expenses, and the lender’s policies. A mortgage broker can help you determine your borrowing capacity.

Savings Requirements:

While programs like the Home Guarantee Scheme allow for lower deposits, you’ll still need some savings for the deposit, as well as for other costs like stamp duty, legal fees, and moving expenses. The exact amount required will depend on the property’s value and your specific situation.

Navigating the Process

Navigating the home buying process can be complex, especially for first-time buyers. It’s advisable to seek guidance from a mortgage broker, real estate agent, and legal professionals to help you understand the process from the initial interview with a broker to settlement and beyond.

Other factors to consider when buying your first home include:

  • Location and property type.
  • Mortgage interest rates
  • Loan types (fixed, variable, interest-only, etc)
  • Property inspections and valuations.
  • Legal and conveyancing processes.
  • Budgeting for ongoing expenses like maintenance and utilities.

Remember that specific details, eligibility criteria, and available programs may change over time, so it’s essential to consult with financial experts for the most up-to-date information and assistance tailored to your circumstances.

Contact the Provide Finance team today.