First Home Buyer FAQs

Am I Eligible For The First Home Owner's Grant?

The Federal Government introduced the First Home Owners Grant (FHOG) in 2000 to assist First Home Buyers meet the cost of buying or building their first homes.

It is a non means tested grant that can even be used to form part of the deposit or costs of home purchase.

In recent months, the Government has provided additional grant boosts, based on whether the buyer is buying established or brand new property and the date contract of sale entered into.

This is a one-off grant available to First Home Buyers intending to live in the home they are buying, whether an established, brand new, or off the plan property.

The First Home Owner Boost is currently available, varying in different States & Territories.

You are eligible if you are an Australian citizen or a permanent resident who is buying or building your first home in Australia and intend to occupy it as your principal place of residence within 12 months of settlement.

Note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the Grant to be available.

Contact us for more information on how to access FHOG.

 

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How Much Do I Need to Save For A Deposit?


The amount you need as deposit depends on the type of home loan and the Lender you select.
Nowadays, most Lenders prefer 10% deposit, based on the property value.
For first time purchasers, showing evidence of savings of up to 5% of purchase price, over at least a 6 month period is required.

 

Which Home Loan Is Right For Me?

With so many different loan products on the market, finding a home loan is not as simple as it used to be. There are a range of options available to you that may save you money, provide you with greater flexibility and peace of mind.

By drawing upon our expertise and experience in the home loan market, coupled with our lending analysis software, our goal is to simplify the right home loan selection for you, based on your unique circumstances, not only now, but for the mid to long term life of your loan.

 

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How Do I Choose Which Home Is Best For Me?

When deciding on the area to live in or invest, apart from considering proximity to family, friends and work commitments, you will obviously need to consider how much you can afford to contribute towards deposit and ability to repay the loan, based on your income.

When looking to invest, a more analytical criteria is required to meet your property investment strategies and objectives.

To help you decide on the right home for you, Money Advantage can arrange for free reports* on the area you're interested in.
*conditions apply


What Other Expenses Will I Need To Pay For?

As a rule of thumb, you should budget for around 5% of the purchase price (based on Qld stamp duties), in addition to your deposit, to cover fees and charges.


While stamp duties make up the bulk of this 5%, the balance may include:
• Building & Pest Inspections
• Valuation Fees
• Lenders Mortgage Insurance (LMI) - this may be capitalised to the loan, or in other words, added to the approved limit)
• Your Solicitor/Conveyancer Fees
• Insurances
• Utility connection fees
• Council & water rates
• Removalist costs

 

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How Much Do I Need to Set Aside For Stamp Duty?

Stamp duty is a tax levied based on the purchase price of property and which state or territory its situated in.

Please refer to our Stamp Duty Calculators

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