First Home Buyer Loans
Are you looking to become a first home buyer and achieve your dream of purchasing a property? Zenrg Finance can simplify the process and help you with your home buying journey.
What to Know as a First Home Buyer in NSW
The term ‘first home buyers’ refers to individuals or couples who have never purchased a property before.
To be considered a first home buyer, you or your spouse must be purchasing your first owned or co-owned home in Australia. As an existing home, its value must be no more than $1,000,000.
You must also move into the property within 12 months of purchase and live there for at least six continuous months within this time period.
Additionally, first home buyers must be:
an Australian citizen or a permanent resident of Australia
at least 18 years old.
First home buyer grants and schemes
There are a number of government grants and schemes available to assist first home buyers within NSW. These include:
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First Home Owner Grant (FHOG)
The First Home Owner Grant is a one-off, $10,000 government payment designed to assist first home buyers in purchasing a property or building an entirely new home.
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First Home Buyer Assistance Scheme (FHBAS)
Under this scheme, first home buyers may be entitled to a concessional rate of transfer duty or even an exemption from paying it all together under the FHBAS. It applies to buying an existing home, building a new home and vacant land on which you intend to build a home.
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The First Home Loan Deposit Scheme (FHLDS)
This federal government Scheme allows eligible first home buyers with a small deposit (less than 20%) to get a home loan without paying tens of thousands in Lenders Mortgage Insurance (LMI).
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The HomeBuilder Grant
The HomeBuilder Grant is a $25,000 tax-free grant given to eligible owner-occupiers, including first home buyers to build a new home or renovate an existing home.
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First Home Super Saver Scheme
The First Home Super Saver Scheme allows first home buyers to save a deposit for their first home inside their super. This can help first home buyers save faster with the concessional tax treatment of superannuation.
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The Family Home Guarantee Scheme
The nationwide government scheme is an initiative to support eligible single parents with dependents to purchase a family home to enter or re-enter the housing market sooner. With the scheme, single parents can buy a home with at least a 2% deposit without paying Lenders Mortgage Insurance.
The Next Steps for First Home Buyers
Now that you’re aware of the first home buyer grants and schemes available to you, the next step is to determine which applies best to your situation.
To discover if you qualify, talk to one of the experts at Zenrg Finance. Our financial professionals are highly experienced in working with first home buyers within Australia and can help you achieve the dream of owning your very own home.
You can also check out our borrowing power calculator to determine your loan capacity and repayments.
Explore Your Options with First Home Buyer Loans
For many first home buyers, breaking into the property market can be both an exciting and overwhelming experience. Fortunately, with access to the right information and expertise, you can get one step closer to purchasing your first home.
Book a meeting with our friendly team today to discuss your first home buyer loan options.
Talk to a first home loan specialist
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