First Home Buyers

 
Making a decision to buy your first home is about moving forward, embracing life. It's also about goals, dreams, committment and the rewards that come from sticking to a plan.

No more rent, freedom to renovate or decorate the way you want, and the ability to provide security for you and your family in the future.

It is also about making financial plans that you can stick to, with budgets that include the important things like mortgage repayments - weekly, fortnightly or monthly, with some extra in the budget for the unexpected.  

With recent changes to the Lenders Policy it is now a requirement of most Lenders that borrowers provide a 10% deposit, of which a minimum 5% must be genuine savings. 

The lender is looking to see a demonstrated savings pattern of regular deposits for a minimum period of between 3 and 6 months. Read More.

Need help with how to go about this? Give us a call or email your enquiry here.

What is the First Home Owners Grants Scheme (FHOGS)?

If you are a First Home Buyer, you may be eligible for assistance from the NSW Government in the form of a First Home Owners Grant Scheme. This First Home Owners Grant scheme was boosted by the Federal Government in October 2008, making it a very attractive option for First Home Buyers.

The First Home Owner Grant Scheme (FHOGS) is fully funded by the NSW Government and administered by the Office of State Revenue (OSR). The Scheme was established to assist first home buyers to purchase their first home by offering a $7000 grant.

Eligible first home owners can receive the First Home Owners Government Grant regardless of their income, the area in which they are planning to buy or build, or the value of their first home. The grant is not means tested and no tax is payable on it.

The First Home Owners Grant Scheme provides deposit funding for:

To Purchase Existing Dwellings:

• From October until 31st December 2009, the Grant will be reduced from $14,000 to $10,500.
• From 1st January 2010 the Grant will revert to $7000.

To Purchase New Dwellings:

• From 1st October until 31st December 2009, the Grant for newly built homes will be reduced from $21,000 to $14,000.
• From 1st January 2010 the Grant will revert to $7000.

For Tips on how the First Home Buyers Grant can be used, and for more information about the best loan for you, follow this link.