FIRST HOME OWNERS
Have you been told you can't get a homeloan without GENUINE SAVINGS?
Don't worry - Aussie Mortgage Masters has helped plenty of First Home Buyers realise their dream even though they didn't have genuine savings and they were still entitled to all of the Government incentives that were available to them.
Get Your FREE First Home Buyers Information Pack
Aussie Mortgage Masters are able to offer First Home Buyers a host of exciting loan options in order that they are able to purchase their first home. We have a large panel of lenders available to us, and all of them have different lending criteria.
FIRST HOME OWNERS GRANT GOVERNMENT FEES
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From December 31 2009, the First Home Owners Boost which increased the existing and ongoing First Owners Grant of $7,000 to amounts up to $21,000 was phased out by the Federal Government of Australia.
The Western Australian Government's aim is to help people purchase their first home through a First Home Owner Grant (FHOG) Scheme.
The grant was introduced to offset the higher housing costs associated with the introduction of the Goods and Services Tax (GST) on 1 July 2000. All States and Territories provide the grant under broadly uniform arrangements agreed with the Federal Government.
What you need to know:
How much is the grant?
Currently the grant is $7,000 or the amount that you must pay to purchase or build the house, whichever is the lesser amount.
How long will the grant be available for?
The legislation does not include an end date for the scheme.
What is the cap amount?
For an eligible transaction made on or after 1 January 2010, the total value of the property (i.e. total value of the home and land) must not exceed $750,000 if the home is located south of the 26th parallel or $1,000,000 if the home is located north of the 26th parallel
DO WE QUALIFY FOR THE GRANT?
Eligible applicants must be natural persons, who are Australian citizens or permanent residents, who are buying or building their first home in Australia.
Applicants must be at least 18 years of age. To qualify for assistance, neither the applicant nor their spouse (or de facto) must have previously owned a home, either jointly, separately or with some other person.
Entering into a binding contract or commencement of building, in the case of owner-builders, must have occurred on or after 1 July 2000. An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self contained fixed dwelling that meets local planning standards.
An eligible home must be intended to be a principal place of residence. Applicants must occupy the home within 12 months of completion of construction or settlement and must live in the home for a continuous period of at least 6 months.
Assistance will not be means tested. Joint applicants will be restricted to a single application for a single property.
(NOTE: Eligibility subject to change depending on Government requirements.)
MORE REASON TO BUY NOW
Houses in affordable areas (that is up to $500k) are cheaper than ever because there are so many available on the market.
First Home Buyer or Investor - This is the perfect time to secure your home at the right price.
HOW DO YOU ENSURE YOU GET THE PROPERTY YOU HAVE SET YOU HEART ON AT THE RIGHT PRICE?
The best way to make sure you get that DREAM HOME is to go to your Home Opens with a PRE Approval in hand.
WHAT IS A PRE APPROVAL?
A Pre Approval means you have satisfied all of the lenders criteria for a loan. That is they have:
- checked you have genuine savings or NON genuine savings
- checked your credit rating
- checked your employment
- checked your payslips and/or financials
- made sure you fit serviceability
Basically it means they have checked everything they need to check to ascertain exactly how much you can borrow.
A Pre Approval for the agreed loan amount will be issued usually only subject to a valuation of the real estate property.
If you take a while to decide on a property, they may ask for a recent payslip to prove you are still working in the same job.
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