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.

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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 50 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.

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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!

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the NSW First Home Owner Grant (New Homes) scheme if you purchase date was on or after 1 January 2016.

You can make a claim for the First Home Owner Grant if your:

  • newly constructed home or a substantially renovated home has a total value less than $600,000
  • land for building and any dwelling you intend to build has a combined value less than $750,000.

To receive the grant when you buy your home:

  • you must be an individual, not a company or trust
  • you must be over 18
  • you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
  • your purchase date must be on or after 1 January 2016.

Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:

  • have previously owned or co-owned a home in Australia or
  • have received an Australian first home owner grant.

You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.

 

You or one of the other first home buyers who purchase with must move into the new home within 12 months after buying the property, and live there for at least six continuous months.

If you’re buying land and building a new home, you must move in within 12 months after construction is complete.

If you’re a member of the Australian Defence Force you may be exempt from the six-month residence requirement, provided all buyers are on the New South Wales electoral roll.

What’s considered a ‘new home’?

If you’re buying an existing home, you can apply for the grant if:

  • this is the first time the house has been sold and
  • the house has never been lived in before you move in, including by the builder or a tenant.

Recently renovated homes

Your home is also considered new if it has been substantially renovated before you buy it. You might be eligible for the grant if:

  • most or all of the house was removed or replaced
  • this is the first time the home has been sold after those renovations
  • it hasn’t been lived in since being renovated, including by the builder or a tenant.

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

 

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