When is the right time?

Becoming a home owner for the very first time is a daunting and serious decision. Not one to be taken lightly or something you walk into semi-informed. Ensuring you’ve got your ideal finance that meets your needs is almost as important as the property itself. The financial lending space can get really complicated. There’s so much jargon to decipher and so many available options out there that making a final decision can be really intimidating.

That’s why we’re here. At Finance Craft, we have seen many people through their first home loans and into the lending world beyond. We understand the process, we understand the options available and are here to listen to your requirements and help you to navigate the many pitfalls. If you’d like to learn more about the process, check your eligibility for a First Home Owner Grant or to get started on an application, chat to one of our team today.

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What information will I need to establish?

When buying your first home, the application is the tip of the iceberg. Before you apply, we recommend you look at the long term and establish positive spending and savings habits. Not only will it make you a better candidate to a lender than those who don’t, you will show yourself capable of the responsibilities of home ownership. As a home owner, rates, mortgage costs and property maintenance are all yours to manage so it pays to be a responsible spender!

Before attending “open houses” and checking out the property market, understanding your budget is key. Organising a pre-approval can be super handy for this! With an idea of budget as well as the required deposit, you’ll look like an even better candidate for finance.

With access to a pool of diverse lenders, we are able to help customers purchasing property borrow up to 95% of a property value including lenders mortgage insurance (LMI). This is ideal for those who have limited funds available for the deposit and costs associated with buying a property such as stamp duty and legal fees.

If you would like more information on what loan products might suit your needs, speak to us today.

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What is a First Home Owner Grant and can I get one?

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The First Home Owners Grant (FHOG) is a government scheme that helps everyday Aussies get the funds they need to buy or build their first home. If this will be your first time owning property, you could be eligible!

For more information about the First Home Owner Grant, from what it is, to the eligibility criteria, what the differences are in each state, how much you could receive, and when the grant gets paid, we have included helpful links below.

If you would like more information on how an we can help you, contact us today!

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme if you purchase date was on or after 1 January 2016.

You can make a claim for the First Home Owner Grant if your:

  • newly constructed home or a substantially renovated home has a total value less than $600,000
  • land for building and any dwelling you intend to build has a combined value less than $750,000.

To receive the grant when you buy your home:

  • you must be an individual, not a company or trust
  • you must be over 18
  • you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
  • your purchase date must be on or after 1 January 2016.

Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:

  • have previously owned or co-owned a home in Australia or
  • have received an Australian first home owner grant.

You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.

 

You or one of the other first home buyers who purchase with must move into the new home within 12 months after buying the property, and live there for at least six continuous months.

If you’re buying land and building a new home, you must move in within 12 months after construction is complete.

If you’re a member of the Australian Defence Force you may be exempt from the six-month residence requirement, provided all buyers are on the state electoral roll.

What’s considered a ‘new home’?

If you’re buying an existing home, you can apply for the grant if:

  • this is the first time the house has been sold and
  • the house has never been lived in before you move in, including by the builder or a tenant.

Recently renovated homes

Your home is also considered new if it has been substantially renovated before you buy it. You might be eligible for the grant if:

  • most or all of the house was removed or replaced
  • this is the first time the home has been sold after those renovations
  • it hasn’t been lived in since being renovated, including by the builder or a tenant.

Contact Us

Our Coogee based Mortgage Broker will help you search, choose and settle your new home or investment loan. Contact us today to discuss your requirements.

General Enquiries
0403 156 991