Perks For A First Home Buyer

There are many perks to being the first to do something - for example, the eldest sibling gets to experience a lot of things before their younger brothers and sisters - and as a first home buyer, there are also some advantages.

The first home buyer’s grant is one of the bonuses to getting yourself on the property ladder and it applies whether you are building or buying your first house.

It is a federal government initiative which gives people an incentive to buy their own home rather than renting a property. If you are eligible for this grant you may receive up to $7,000 to put towards your new home.

To meet the criteria, you have to live in the home for a period of 12 months once the settlement is reached, or if you are building your property, you need to occupy it within a year of the house being completed.

This has to be the first time you have bought a house in Australia, and both you and your partner have to be first home buyers or you may not be able to access the grant.

Another consideration is you have to be an Australian citizen or permanent resident to be eligible to receive the grant.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.