First Home Buyers
Whilst BUYING or BUILDING your FIRST HOME is an exciting time, it can also be very daunting!
You'll be hearing a lot about
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LMI
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LVR's
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Stamp Duty
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Serviceability
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Valuations
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Grants & Schemes
First know your BORROWING CAPACITY
Maximising the amount a lender will loan you isn't about trying to take on unmanageable levels of debt. It's a matter of taking a few simple but steps that could mean the difference between slaving in that 'fixer-upper' or owning your dream home.
Here are some simple steps to maximize your Borrowing Capacity:
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Reduce your credit card limits if possible
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Pay your bills on time every time! Late payments will effect your credit score.
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Consolidate unsecured debts to reduce monthly repayments.
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Avoid frequent changes of employment
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Speak with family about using security guarantor
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SAVE SAVE SAVE! The more deposit you have the less risk you are to the bank and the quicker you will build equity in your new home.
There are many questions that arise when your are looking to Buy your First Home. It is our role to answer them all and guide you through the process so the decisions you make are well informed not detrimental.
Greg, Logan & Harry will make your First Home purchase smoother so you can enjoy the experience and excitement of purchasing and moving into your very first home.
First Home Buyer Grants & Schemes
We have reviewed the available Grants & Schemes available to FIRST HOME BUYERS so you can be assured that our brokers are across all the benefits you might be eligible for!
First Home Owner Grant (FHOG)
A $10,000 FHOG is available when you buy or build your your first NEW home.
Qualifying criteria are in place, so speak to our brokers to find out if this is available to you or visit https://www.sro.vic.gov.au/first-home-owner/applying-first-home-owner-grant
First Home Buyer Stamp Duty Exemption, Concession or Reduction
When you buy your first home you may be eligible for an exemption or concession from State Government Stamp Duty.
Qualifying criteria are in place, so speak to our brokers to find out if this is available to you or visit https://www.sro.vic.gov.au/fhbduty
The HOME GUARANTEE SCHEME (HGS)
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First Home Buyers 5% Deposit Scheme – supporting eligible home buyers to buy a home sooner, with a deposit as little as 5%. No Income caps, no waitlists and no LMI gets you into your own home sooner.
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Single Parent 2% Deposit Scheme – supporting eligible single parents and eligible single legal guardians of at least one dependent to buy a home sooner, with a deposit as little as 2%.
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First Home Super Saver Scheme - helps people to boost thier savings for a first home by building thier deposit inside the concessionally taxed superannuation system.
For more information speak to our brokers or visit https://www.housingaustralia.gov.au/support-buy-home
Homebuyer Fund
The Victorian Homebuyer Fund is now closed (since Sept 2025) It has been replaced by the Federal Governments HELP TO BUY Scheme.