First Home Buyers
The stress-free guide to buying your first home.
Which Home Loan Is Right For Me?
With so many different loan products on the market,
finding a home loan is not as simple as it used to be.
There is a range of options available to you that may
save you money, provide you with greater flexibility
and peace of mind.
First Choice consultants use their expertise and experience
in the home loan market coupled with a unique computer
software programme that enables them to compare hundreds
of loans in a matter of minutes. Our consultants will
then be able to provide you with a short list of loans
that are both competitive and suitable – simplifying
the loan selection process.
First Home Owners Grant – FHOG
The Federal Government introduced the FHOG in 2000
to assist First Home Buyers meet the cost of buying
or building their first homes.
It is a non means-tested grant of $7,000 that can even
be used to form part of the deposit on your first home
purchase.
First Choice consultants can help you to access the
FHOG. Click here for
assistance.
First Home Buyer’s Frequently Asked Questions.
How Much Can I Borrow?
Am I Eligible For The First Home Owners
Grant?
What Will My Repayments Be?
How Much Do I Need To Save For A Deposit?
How Much Do I Need To Set Aside For Stamp
Duty?
What Other Expenses Will I Need To Pay
Besides Mortgage & Stamp Duties?
How Do I Choose Which Home Is Best For
Me?
What Should I Do Now?
How Much Can I Borrow?
How much you can borrow, also known as your borrowing
capacity, will depend on how much of a deposit you have,
your current income and what expense commitments you
have. It will also vary from lender to lender.
Use our borrowing
capacity calculator to get an estimate of how much
you could borrow.
Am I Eligible For The First Home Owners
Grant?
This one-off grant of $7,000 is available to First
Home Buyers intending to live in the home they are buying.
Basically, you are eligible if you are an Australian
citizen or a permanent resident who is buying or building
your first home in Australia and intend to occupy it
as your principal place of residence within 12 months
of settlement. Note that if you are purchasing the property
in conjunction with others, they must also meet the
same criteria for the grant to be available. To see
if you are eligible click here.
What Will My Repayments Be?
It is one thing to work out how much you can borrow,
but you need to know if you can afford the repayments.
Use our repayments
calculator to help yo plan your budget.
How Much Do I Need To Save For A Deposit?
The amount you need as a deposit will depend on the
type of home loan and the lender you select. Generally
you will require a minimum of 5% of the property value.
How Much Do I Need To Set Aside For
Stamp Duty?
Stamp duty is a tax levied on the purchase of a property.
It is calculated according to the purchase price of
the property and the state or territory the property
is situated in. Click here for an estimate of stamp
duty costs.
What Other Expenses Will I Need To
Pay Besides Mortgage & Stamp Duties?
As a rough guide, you should budget for between 5-7%
of the purchase price, in addition to your deposit,
to cover fees and charges. While mortgage and stamp
duties will make up the bulk of this 5-7%, the balance
may include;
- Building and pest reports
- Valuation fees
- Lenders mortgage insurance (LMI)
- Solicitors fees
- Insurances
- Utility connection fees – phone/gas/electricity
- Council and water rates
- Removalist costs.
How Do I Choose Which Home Is Best
For Me?
When deciding on the area to live in, apart from considering
proximity to family, friends and work commitments, you
will obviously need to think about prices. Prices will
vary greatly from suburb to suburb.
To help you decide on the right home for you, First
Choice consultants can arrange for a free report on
the area you are interested in. Click here
to find out more.
What Should I Do Now?
You can make an appointment with a First Choice consultant
by calling 1800 111 455.
Or, click here
to request an appointment and we will call you back
to arrange an appointment at a time that suits you.
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