First Home Buyers

With interest rates falling and property prices coming down, first home buyers are in the best buying position they have ever been in. The key to getting the best value is to do your research, make sure you use all the support options available to you and source the assistance of the appropriate professionals, including a good mortgage broker, accountant, financial planner and solicitor.

first home buyer grants

First home buyers have access to the best range of grants and concessions in history after the federal government doubled the First Home Owners Grant to $14,000 for existing properties and tripled it to $21,000 for newly-constructed properties. The states have also come to the party with a range of additional grants and concessions. See our quick links menu for further information.

Home Loans for First Home Buyers

There are a number types of home loans particularly suited to or advertised as suitable for first home buyers, including introductory or honeymoon rate home loans, limited guarantor (family pledge, equity guarantee) home loans, shared equity home loans and low or no deposit home loans. These loans are not the only types available for first home buyers, you will also be able to choose from a range of standard residential home loans.

First Home Buyers have some of the best government assistance, deposit saver and Home Loan options.

Talk to a mortgage broker for more information that's in your best interest.

More Information About Getting your first home Loan

Whether it is sourcing a deposit or finding the home loan that is in your best interest, negotiating with lenders, completing the paperwork and even applying for first home grants and concessions, your Loan Market mortgage broker can help you. Simply fill in the form or call us at any time on 13 LOAN or direct on +61 2 9249 3739.

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How much deposit do I need to purchase my first home?

Traditionally a 20% deposit was required in order to secure a home loan, leaving many first home buyers in today’s market under the impression they need to have saved a deposit before they can secure a home loan, but flexible bank lending policies mean there are now also a number of alternatives and supplements to having the cash in the bank already. Options for sourcing the deposit you need, include:

Traditional savings
Gifted money
Equity or guarantees from family members
First Home Owners Grant
First Home Saver Deposit Scheme
‘No deposit’ home loans

Fees and charges for first home loans

There are a range of fees and charges relating to first home loans, including bank and lender charges, government and statutory charges and conveyancing fees. For a complete overview of fees and charges associated with your home loan, talk to your mortgage broker.

Grants, savings schemes and subsidies

First home buyers may be eligible to receive a range of federal and state-based grants and subsidies designed to help reduce the costs associated with the purchase of a first home. These include the federal government’s First Home Owners Grant and stamp duty discounts.

The federal government has also recently introduced a special savings initiative for first home buyers, the First Home Saver Scheme. The scheme, offered in addition to the First Home Owners’ Grant and any state-based first home buyer grants and concessions, provides deposit saving support for first home buyers through special savings accounts called First Home Saver Accounts.

These savings accounts are designed to assist eligible Australians aged 18 and over to save for their first home by offering tax incentives and government co-contributions to assist in the savings process.

Co-contributions are paid on individual contributions of up to $5000 per year, at a rate of 17 percent. This works out to be a government contribution of $850 per year, as long as you contribute at least $5000 of your own money.

first home buyers australia quick links

Queensland stamp duty rates help first home buyers

From September 1 2008, Queensland first home buyers will find that it is easier to get into the property market as the State Government abolished stamp duty on homes up to $500,000 in value.

For more information on First Home Buyers

For more information on how to get into your first home, or the home loan that is in your best interest, talk to your local mortgage broker and we will return your enquiry within 2 business hours. Or call us at any time on 13 LOAN or direct on +61 2 9249 3739.