First Home Buyers
Buying your first home?
Let Mortgage Choice in Frankston help you find the right home loan and guide you through the process.
Buying Your First Home is a huge step so you need the right team to guide you. It’s your opportunity to stamp your character on a place, create wonderful memories and invest for your future. It might seem like a distant dream, but with our help, it's a reality that’s just around the corner!
Our mortgage brokers will organise the best loan for you & coordinate with your vendor or builder to make the process as easy as possible for you. We want you to enjoy one of the biggest decisions of your life by leaving all the hard work to us! All at no cost to you! We are paid by the lenders and we get paid the same rate of commission regardless of which home loan you choose.
With over 20 years of combined experience as Mortgage Brokers, we have the industry knowledge to find our clients the very best deals, tailored specifically to meet their needs. Our goal is to have clients for life, so we have set our service standards high to ensure our clients keep coming back.
Google Review ⭐⭐⭐⭐⭐
David helped us with purchasing our first home and made it an amazing experience! He guided us with so much knowledge and answered every question we threw at him. Thanks David and Rikki for helping us achieve this milestone! We LITERALLY couldn’t do this without you.
The government has many initiatives to help first home buyers achieve their dream and enter the property market. These include:
Purchase a home with a 5% deposit
The First Home Loan Deposit Scheme (FHLDS) allows first time buyers to purchase a home with a deposit as little as 5%, while avoiding lenders mortgage insurance (LMI). Most banks and lenders require a minimum deposit of 20% of the property’s value for the borrower to be exempt from LMI. The scheme allows first home buyers who can’t reach this threshold to take out a loan if they have saved at least 5% of the value of the property they are buying. The government will underwrite the loan so that borrowers do not have to pay LMI.
First Home Owners Grant
The First Home Owner Grant (FHOG) is a one-off payment available to first home owners by the state government to help with the cost of buying a first home or vacant land to build a home on. Exactly how much you will receive depends on where you are buying. In regional Victoria, for instance, the FHOG is worth $20,000. The Grant doesn’t have to be repaid, and it’s not taxable, but there are strings attached.
Stamp Duty Concessions
In Victoria, first home buyers are not charged stamp duty for purchases under $600K. Thats a savings of around $31K! For properties valued between $600-$750K, first home buyers are eligible for a discount on their stamp duty.
Book a time with us today and we will help guide you the entire way!