Buying your first home

Setting foot on the property ladder

We take first-time buyers through the home ownership process including all the information on obtaining a home loan and the range of assistance schemes offered by state, territory and federal governments to enable people to achieve their property dreams.

As first-time buyers are not likely to be paying cash when they enter the property market, a home loan will be necessary. This will usually require a deposit of 20% of the purchase price, which is a considerable sum these days. Sometimes lenders will seek as low as 5%, although this will require you to pay Lenders’ Mortgage Insurance (LMI).

We will assess your financial situation and answer any questions you may have about  for your first home loan. We also work with you to secure a home loan pre-approval.

With the help of Savvy Finance, you will feel supported from start to finish as we work with your conveyancer and real estate agent to make your home ownership dreams come true.

When you get the go ahead from a lender for a loan to buy your first home, remember this is a life-changing commitment. Besides your repayments, there will be other ongoing expenses including council rates, utility costs, building and contents insurance, strata fees and home improvements.

Savvy Finance will be there to support you beyond that first home purchase.

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Spending habits: Why are they so important?

As a homeowner, you will be responsible for paying your mortgage, rates and even property maintenance costs. Developing good financial habits early will make life much, much easier later on. Ensuring you have a firm grip on your finances is extremely important. Knowing what is due to come and go from your bank account will help make life a little less stressful and ensure you’re financially responsible for your home loan, which is what lenders want to see.

With access to a pool of diverse finance options, we are able to help customers purchasing property borrow up to 99.9% 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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First Home Owners Grant

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You might be able to apply for the First Home Owner Grant, which helps Australians to get the funds they need to buy, or build their first home.

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 team will help you search, choose and settle your loan. Chat to one of our loan specialists at a time that suits you.

General Enquiries
0410 210 480

 

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