Buying your first home

Buying your first property is probably the most important decision in your life and getting the right advice and home loan is as important as choosing the property itself.

Getting on the property ladder.

Buying your first property is probably the most important decision in your life and getting the right advice and home loan is as important as choosing the property itself, but do not be intimidated by all the jargon and options available to you.

For information about Home Loans or the First Home Owner Grant, from what it is, to the eligibility criteria, what the differences are in each state, how much you could receive, and when the grant gets paid, continue scrolling or contact our team today.

Understanding your financials before searching for a home

We encourage First Home Buyers to develop positive saving habits before looking to purchase a home. As a homeowner, you will need to be comfortable paying your mortgage each month at the same time as other expenses.

Getting a firm grip on your finances is important to ensure that you’re ready for such a major financial reprioritisation.

Before you start attending ‘Open Houses’, you will need to understand what your price limit is and how much you can afford by analysing your budget.

With access to over 60 different and diverse lenders, we are able to help customers purchasing property borrow up to 99.9% of a property value including lenders mortgage insurance (LMI).

This is ideal for those who have limited funds available for the deposit and costs associated with buying a property such as stamp duty and legal fees.

If you would like more information on loan products with borrowing power of up to 99.9% of the property value, speak to our team today.

Speak to a broker

First Home Owners Grant

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You might be able to apply for the First Home Owner Grant, which helps Australians to get the funds they need to buy, or build their first home.

For more information about the First Home Owner Grant, from what it is, to the eligibility criteria, what the differences are in each state, how much you could receive, and when the grant gets paid, we have included helpful links below.

If you would like more information on how an Aqua Home Loans broker can help you, contact us today!

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).

Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit of as little as 5 per cent (lenders criteria apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.

Eligible first home buyers are able to apply for an eligible loan to purchase an eligible property through a participating lender. The Scheme supports up to 10,000 guaranteed loans per financial year. Eligible borrowers can use the 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. The guarantee is not a cash payment or a deposit for your home loan.

For a property to be eligible it must be a ‘residential property’ – this term has a particular meaning under the Scheme, and participating lenders can assist if there is any doubt. Eligible residential properties include:

  • an existing house, townhouse or apartment
  • a house and land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse.

Specific dates and requirements apply for the different property types.

Australian citizens who are at least 18 years of age. Permanent residents are not eligible.

Single applicants with a taxable income of up to $125,000 per annum for the previous financial year and couples with a taxable income of up to $200,000 per annum for the previous financial year. For all Scheme applications made from 1 July 2021 to 30 June 2022, the relevant financial year assessed will be 2020-21.

Couples are only eligible for the Scheme if they are married or in a de-facto relationship with each other. Other persons buying together, including siblings, parent/child or friends, are not eligible for the Scheme.

The Scheme assists single (individual) applicants and couples (together) who have at least 5 per cent of the value of an eligible property saved as a deposit. If 20 per cent or more is saved, then the home loan will not be covered by the Scheme. Loans under the Scheme require scheduled repayments of the principal and interest of the loan for the full period of the agreement (with limited exceptions for interest-only loans, which mainly relate to construction lending).

Applicants must intend to be owner-occupiers of the purchased property. Investment properties are not supported by the Scheme.

Applicants must be first home buyers who have not previously owned, or had an interest in, a property in Australia, either separately or jointly with someone else (this includes residential strata and company title properties).

Contact Us

Our team will help you search, choose and settle your loan. Chat to one of our loan specialists at a time that suits you.

General Enquiries
0478 417 425

Our team will help you search, choose and settle your loan. Chat to one of our loan specialists at a time that suits you.

Phone Martyn
0478 417 425

Phone Arron
0430 425 718

Email Martyn
m.williams@aquahomeloans.com.au

Email Arron
a.kennedy@aquahomeloans.com.au

 

 

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