The Nitty Gritty for First Home Buyer

Crystal Linter
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    We understand that the path to buying your first home can feel hard. Median house prices in Melbourne have risen by over 40% since 2012 and navigating the process can feel overwhelming and defeating. Here we go through a few of the government incentives on offer to help you in the process.

    The nitty gritty of what you need to have saved: Typically a deposit of 20% is ideal as then you wont need to pay lenders mortgage insurance. Under the governments First home Guarantee you can purchase your first home with a deposit as low as 5% without needing to pay lenders mortgage insurance.

    What is lenders mortgage insurance? It is a one- insurance payment that protects the lender in the event you default on your home loan repayments. It is usually applicable when borrowing over 80% of the value of the property.

    Know what can affect your lending capacity: Personal loans, credit cards, student debt and dependents will all effect the way the bank views your lending capacity.

    Who is eligible for the first home Guarantee?

    Income test – singles with a income less than $125,000 and couples less than $200,000

    Join applications – Any two eligible people can apply together including friends, siblings or family

    Prior ownership - You cannot of owned or held interest in property in Australia

    Citizenship – You must be an Australian citizen or Permanent resident

    Owner Occupied – you need to live in the property within 6months of owning it

    What government incentives are available to first homebuyers?

    The First home buyers Super saving scheme allows you to add $30,000 to your super tax free for the purpose of purchasing your first home

    A $10,000 first home owner grant is available when you buy or build your first new home

    If you are buying a home under $600,000 you will pay no stamp duty. Stamp duty concessions are then on a sliding scale up to $750,000.

    We’re committed to creating the best value in property, seeing families succeed and find their dream houses. See our related guides and resources.


    Looking to work with us, build an investment portfolio or buy a new home? Please contact us on the details below

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