Buying Your First Home
Are you looking to get into the property market for the first time? Make sure you are financially prepared.
Owning your own home has been the great Australian dream for generations. The specialists at Finsure Loans can offer expert guidance to place you on the property market ladder.
As a first-time buyer you’re unlikely to be paying cash for that desired property purchase. You will need a home loan which usually requires a deposit of 20% of the purchase price or sometimes as low as 5%, although the latter will require you to pay Lenders’ Mortgage Insurance (LMI).
First time buyers can be eligible for state and territory government assistance for ways to put together the all-important home loan deposit, which can be through a one-off grant to eligible first home buyers. There are also stamp duty concessions.
Federal government schemes such as the New Home Guarantee, which replaces the need for LMI for someone who’s building or purchasing a newly-constructed property, are available for first home buyers. There’s also the First Home Super Saver Scheme where eligible first home buyers can withdraw voluntary super contributions to put towards a home deposit.
Finsure Loans can explain everything that is on offer to help you obtain a home loan.
When you get that loan for your first home approved, remember that besides your repayments, there will be other ongoing expenses including council rates, utility costs, building and contents insurance, strata fees and home improvements.