First Home Buyers
Buying your first home should be an exciting and satisfying experience and with a little knowledge and preparation there is no reason why it shouldn't be. There are a number of things to be aware of ranging from the various government benefits for first home buyers to understanding the requirements the various lenders place on you before they will give you a loan. Dont be worried about the number of things to consider … that's where we come in ...
Our service at Creative Home Loans costs you nothing (the various lenders pay our commissions) and we provide professional assistance the whole way through the entire buying process.
As a first home buyer, items you should consider include:
- The First Home Owners Grant (FHOG form) $7,000 grant provided by the federal government - maximum purchase price of $835,000
- Stamp Duty Exemption schemes various schemes provided by the state governments
- Deposits required the amount of deposit you need to provide
- Genuine savings the amount of savings you need to evidence to the lender
- Loan capacity your capacity to borrow money from the various lenders as determined mainly by your income
- Your repayments what your loan repayments will be at various loan amounts.
First home benefits
If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme and/or the First Home Plus Scheme.
The First Home Owner Grant Scheme is fully funded by the NSW Government and administered by the Office of State Revenue. The Scheme was established to assist eligible first home buyers to purchase their first home by offering a $7000 grant.
The NSW First Home Plus Scheme provides generous exemptions or concessions on transfer duty for eligible first home buyers. This includes vacant land on which you intend to build your first home.
There are no income or assets tests to qualify for the benefits.
More information
Click here to download a copy of the NSW FHOG Application form
