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Specialist assistance for First Home Buyers

First Home Buyers

First Home Buyer Grants & Schemes

We have reviewed the available Grants & Schemes available to FIRST HOME BUYERS for the 2024 - 2025 Financial Year 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)

  • First Home Guarantee (FHBG) – supporting eligible home buyers to buy a home sooner, with a deposit as little as 5%. For FY2024-25, 35,000 places are available.

  • Regional First Home Buyer Guarantee (RFHBG) - supporting eligible regional home buyers to buy a home sooner, in a regional area, with a deposit as little as 5%. For FY2024-25, 10,000 places are available.

  • Family Home Guarantee (FHG) – 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%. For FY2024-25, 5,000 places are available.

  • The New Home Guarantee (NHG) is no longer available. A NHG place reserved on, or before 30 June 2022, will still be able to progress to settlement, subject to meeting eligibility criteria and NHG requirements and timelines.

For more information speak to our brokers or visit https://www.housingaustralia.gov.au/support-buy-home

Homebuyer Fund

The Victorian Homebuyer Fund is a shared equity scheme, making it easier for Victorians to enter home ownership.

If you have a 5% deposit, the Victorian Government could contribute up to 25% of the purchase price in exchange for an equivalent share in the property.

This will save you money by reducing your mortgage and removing the need for Lenders Mortgage Insurance. 

Aboriginal and Torres Strait Islander participants only require a 3.5% deposit and are eligible for up to a 35% shared equity contribution.

Participants are required to buy back the government’s share in their property over time through refinancing, using savings, or upon sale of the property. The Victorian Government does not charge interest on its investment in participants’ homes, but shares in any capital gains or losses proportionate to its share in the property.

Qualifying criteria are in place so speak to our brokers OR visit https://www.sro.vic.gov.au/homebuyer for more information

HELP TO BUY

In November 2023, the Federal Government introduced legislation into the Commonwealth Parliament to establish the Help to Buy Program that will be administered by Housing Australia. The Program has not commenced.

 

Help to Buy is a shared equity scheme which will support 40,000 Australian households to purchase a new or existing home with an equity contribution from the government. The Government will support eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes.

Help to Buy will be administered by Housing Australia, and will be open to a maximum of 10,000 eligible Australian households each year over 4 years.

Whilst BUYING or BUILDING your FIRST HOME is an exciting time, it can also be very daunting!

You'll be hearing a lot about 

  • LMI

  • LVR's

  • Stamp Duty

  • Serviceability

  • Valuations and more...

 

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:

  1. Reduce your credit card limits if possible

  2. Pay your bills on time every time! Late payments will effect your credit score.

  3. Consolidate unsecured debts to reduce monthly repayments.

  4. Avoid frequent changes of employment

  5. Speak with family about using security guarantor

  6. 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.

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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.

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