Live The Dream And Become A Homeowner
Buying a home is part of the Australian dream, but with a challenging economy it is sometimes difficult to see how you may be able to achieve it.
Never fear, there are plenty of options available to first-home buyers and it is worth checking them all out to see which ones you may be able to take advantage of.
The first home buyers grant (FHBG) is a federal government initiative which helps with some of the costs associated with buying a house - the main objective of the grant is to encourage Australians to make their way onto the property ladder. Eligible first home buyers can receive up to $7,000 tax-free.
Depending on which bank or lender you decide to get a home loan with, they may allow you to use the FHBG towards your house deposit, but each lender has different specifications.
Some of the aspects of FHBG that you need to be aware of are that it can only be used for a house that you are intending to live in within the 12 months after the settlement or - in the case that you are building a new home - you need to occupy it within a year of the house’s completion.
For more detailed information on your situation, talk to a Loan Market mortgage broker today.