First Home Buyers

Being a first home buyer choosing your property and understanding your home loan options can be an extremely daunting task. There is so much information to process and so many different options available to you. I can help guide you through the process and assist you in looking at all your options.

Pre-Approval

I definitely would suggest speaking to a mortgage broker before you start looking at your first place and understanding exactly how much you can borrow. I strongly recommend that First Home Buyers seek a pre-approval before looking to buy a property. This will help you to understand what you can afford and also allow you to consider things like Guarantor, FHOG and stamp duty. This will allow you to understand how much deposit you may need as well.

Guarantor

I am starting to see a lot more first home buyers enquire about a family member becoming guarantor so they don’t have to save up as much deposit or possibly no deposit. This can be a very good option to assist you getting into your first house sooner but is very complicated and does have implications for all parties that need to be clearly understood. I am more than happy to have an appointment with yourself or the potential guarantor to understand this option.

FHOG

Unfortunately in Darwin the NT government has taken away the FHOG for existing properties with contracts in 2015. There is still the option of constructing or purchasing a new property and being entitled to $26K FHOG for first home buyers but there are conditions to this. Click here to find out more.

Stamp Duty

Stamp duty unfortunately is applicable to property purchases and can be extremely costly, sometimes as much as the deposit required for the bank. Click here to understand the amount of stamp duty applicable on your potential purchases.

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