If it sounds too good to be true, it probably is!
You know the old adage 'if it sounds too good to be true it probably is'. Here is a classic example. I often see these ads on TV or hear them on the Radio, and I scream 'that's not possible', and now they have been called out. First Home Buyers are being mislead and given false hope and it annoys the heck out of me because I feel bad for them getting their hopes up.
I've provided a snippet of the article and link to the full article if you are interested.
A home building company has paid $50,400 in penalties after the regulator issued four infringement notices for misleading advertising aimed at first home buyers.
The Australian Securities and Investments Commission (ASIC) found that Metricon Homes Pty Ltd's (Metricon) '2K on your way' campaign for its 'HomeSolution' house and land packages (HomeSolution) contained misleading representations about eligibility to qualify.
The HomeSolution advertisements created the impression that consumers who qualified for the first home owner grant could obtain a Metricon HomeSolution house and land package with a $2,000 deposit.
However, consumers were still required to fund the balance of the prescribed 5% deposit (approximately $30,000 on a typical $600,000 package, but could be as much as $41,000 on a $825,000 package).
My advice is before you enter into any contract or agreement speak to a Mortgage Broker first, they will work their hardest to get you approved it's what they love to do everyday, and if they say you need more than the $2,000 than the advertising suggests, it's because you still need to comply with banks lending policies, which requires you to have 5% of the purchase price plus costs. If you'd like to chat about your personal circumstances don't hesitate to get in touch and get informed correctly.