First Home Buyer Loans 

Buying your first home is exciting so securing a first home buyers loan for that purchase is a really big deal. After all, property is probably the biggest purchase you’re likely to make in your lifetime. And if you’re like most first home buyers, it has taken quite awhile to save the deposit to buy your first home.

You’ll find that the Federal Government together with most financial institutions are eager to give you a helping hand so you can enter the home ownership market. This helping hand comes in the form of a first home buyers grant, stamp duty concessions, various state grants and interest rate and fee concessions from the major Banks.

First Home Buyers Grants and how they work

If you haven’t purchased a property before you may be eligible for a First Home Buyers Grant. This is an excellent incentive that is being offered both by the Government. Both State and Federal Governments fund these grants. There is some eligibility criteria however most Australian adults who haven’t purchased homes before, often qualify. At the time of writing, the conditions are:

• You must be an individual (the home must not be purchased in a company or trust name).
• You must be a permanent resident or Australian citizen.
• You mustn’t have owned a residential property prior to July 1, 2000 (this includes either you or your partner)
• You must be at least 18 years of age.
• You must not have obtained a First Home Owner Grant before.
• You must live in the home as your primary place of residence for 6 months continuously within 12 months of settlement or construction of the home.

Which First Home Buyers Loan is best?

If you’re new to the real estate market you might find that you’re faced with confusing bank jargon, an even more confusing number of options on various first home buyer loans and a lot of miscellaneous fees and charges that seem to pop out of nowhere.

Shop around and you’ll find an endless number of loans for first home buyers Most lenders have specialist first home buyer loans with features and fees that vary significantly from Bank to Bank. With that, it pays to shop around to ensure you get the best deal. Better still, speak with one of our Wealth Concerns mortgage brokers who have a fantastic understanding of all the first home buyer loans (and the features of those home loans) on offer by most lenders.

Contact Us

If you would like to discuss your specific circumstances call us on 1300 700 496 or alternatively text your name and number to 0411 320 962 and we will call you.