First Home Buyers
Buying? What is the price of the property?
Building? What are the land and construction costs?
First Home Buyers
Fixed or Variable?
Being new to the home buying world, you might like the comfort of fixed repayments, so a fixed loan may be right for you. Or you may want the option to increase your loan amount without paying extra fees, making a variable loan more your style.
Refer to the Fixed Rate Home Loans Guide and Variable Rate Home Loans Guide for more details.
Government Grants and Schemes
Eligible First Home Buyers can apply for:
The First Home Owners Grant Scheme (FHOG), and/or
The First Home Loan Deposit Scheme (FHLDS).
The First Home Owners Grant (FHOG)
The First Home Owners Grant (FHOG) scheme was first introduced in July 2000 with its main objective to encourage and assist home ownership across Australia. For eligible First Home Buyers, FHOG helps reduce the gap in the deposit required in buying that first home by providing a one-off grant to those eligible. FHOG is funded and admistered by the States and Territories, therefore the size of the grant and the specific eligibility criteria differ according to the State/Territory the property is situated in.
The general rule of thumb for eligibility:
first time property buyer; and
purchasing a new property (never been lived in) or building a new home.
(Note: this is for reference only - to assess your eligibility we recommend you speak to your solicitor or click Contact Us to have our broker contact you to discuss.)
The First Home Loan Deposit Scheme (FHLDS)
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. Usually, a buyer with less than 20% deposit needs to pay lenders mortgage insurance (LMI) in order to take out a mortgage to purchase a property. Under FHLDS, eligible First Home Buyers can purchase a home with a deposit as low as 5% (subject to other lenders criteria).
Please note that this is scheme is only available through one of the 27 Scheme's participating lenders. Therefore, lender-specific lending criteria apply.
Click Contact Us to have our broker contact you to discuss.
SC Brokers' Role
We are here to assist First Home Buyers have access to funds earlier and reduce the amount of their own funds (by the amount equivalent to approved Government grants) that will be required at their property settlement (if purchasing) or at their vacant land settlement (if building).