Aspiring to become a homeowner is one thing, actually planning how you’re going to pull it off is another, especially in Australia’s record-hot property market.
Fortunately, there are some new government initiatives to help you achieve your home ownership goals— possibly sooner than expected.
1. First Home Loan Deposit Scheme (FHLDS) expansion and increased price caps
Under the FHLDS, 10,000 additional places will be available from 1 July 2021. The federal government has also increased the maximum purchase price by an additional $150,000 in some states and territories. Click here to see the updated property price caps.
2. New Home Guarantee construction extension
The New Home Guarantee has been expanded with an additional 10,000 places available and will now have a construction commencement timeframe of 12 months.
Eligible first homebuyers can use the New Home Guarantee in conjunction with other government programs, like the First Home Super Saver Scheme, HomeBuilder grant or state and territory First Home Owner Grants and stamp duty concessions.
Qualifying for one of these incentives may give you the confidence and financial boost to start looking, but if you’re still overwhelmed about how to find the right professional to help you, how to figure out how much to borrow, and how to choose the right finance option, follow these steps to make this process a success.
1. Visit your mortgage broker
As mortgage brokers, we have access to multiple lenders and finance products, providing you with multiple choices for your credit needs. We can compare rates across lenders, giving us insight into the most suitable rate and product for your needs and objectives, compared to a bank representative who only has access to their own branded product.
2. Prepare for your first meeting
Before your first face-to-face meeting, we’ll likely conduct a ‘needs analysis’ and ‘fact find’ to better understand your needs, objectives and financial situation. You should be prepared to provide us with information about your employment history, assets and expenses.
You should also come prepared with the following questions:
We will likely ask you about:
Arming yourself with the right questions and knowing what we’ll ask you will make you feel prepared and informed.
3. Prepare your documents
The next step is to assemble your documents, including your ID, transaction statements, tax returns, rental income statements, ‘contract of sale’ and proof of deposit.
As daunting as it may seem to buy your first home, or your second, we’re here to guide you through the process so you feel informed and empowered to make the right decisions.
If you need help getting started get in touch today.
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We can help get you into your new home.
We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.
Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.
