First Home Buyers
No Deposit Home Loans
Family Equity Loans
Only 3 months genuine savings
$7000 First Home Owners Grant
Government concessions and rebates
5% deposit is no longer a necessity with some lenders !
As you are probably aware, the majority of lenders make it compulsory for 5% of genuine savings over a minimum 6 month period. As the cost of living has increased for a lot of us, and the prices of property have increased quite dramatically over the last 2 years, it is becoming increasing more difficult to get to that 5%. However to make it easier for you to buy your first property, there are a new range of loans available which won't require this and here are some of those options:
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Option 1: NO DEPOSIT HOME LOANS – If you have stable employment history of at least 1-3 years of full time employment and a good credit history, some lenders will look at financing 100% of the purchase price of the property. Other costs such as the loan and govt costs can be partially funded by the first home owner's grant. Depending on the purchase price of your home, you may not have to use much of your own money at all. We can go through all these calculations with you and determine an estimate of what your contribution will be. Residential properties for this type of home loan can be houses, townhouses, units or villas. The property must be located in prime metropolitan areas as shown. Areas which apply in: Queensland Within 25 kilometres from CBD of: New South Wales: Within 25 kilometres from CBD of: Victoria: Within 25 kilometres from CBD of: For areas which qualify in Western Australia and South Australia , please contact us by email or phone. |
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Option 3: REDUCED LENGTH OF 5% SAVINGS TO 3 MONTHS – Some lenders have reduced the 5% genuine savings requirement down to 3 months. This will allow you to look at purchasing a property prior to the normal 6 month waiting period. Also some lenders will look at capitalizing the mortgage insurance to make it easier with your deposit. For more information contact us by email or phone. These are some of the latest options available to you. We will take the time to help you understand all the different interest rates, fees and charges, and terms and conditions available. We want you to be completely satisfied with the options presented to you and that you will be confident in your decision of which loan you choose best suits your needs. |
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To see if you qualify for the $7,000 First Home Owner's Grant in QLD, visit the Office of State Revenue to see if you qualify. We can assist you in this process as many lenders will accept the first home owner's grant application and process it on your behalf. |
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GOVERNMENT CONCESSIONS AND REBATES If you are buying your first property in QLD and qualify for the first home owner's grant, there are some excellent concessions and rebates available. If the property is $250,000 or less, no transfer duty applies saving you $2,500. Further rebates apply up to a purchase price of $499,999. You will also receive a concession on the stamp duty on the mortgage with no payment required on mortgages up to $250,000 saving a further $600. Other government costs to be facted into buying a property is the registration of the mortgage (currently $102.50) and the registration of the transfer (formula applies). There may also be a release fee if there is an existing mortgage on the property you are purchasing (currently $102.50). Click on the links below to visit the Office of State Revenue and find out more about: |
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