Assistance with purchasing your very first home
There are a number of Government schemes which can assist with purchasing your first home.
In our first meeting, we will run you through each of these in detail, however lets take a look at a brief overview...
First Home Buyers Guarantee
Typically, when you need to borrow funds that equal more than 80% of the property price, you will need to pay LMI (Lenders Mortgage Insurance). LMI protects the bank against potential losses. LMI can be in the ten's of thousands of dollars - so if you can avoid it, you should.
What this means is, generally, you need to have saved a 20% deposit to be in the most ideal position to buy a home. However, the First Home Buyers Guarantee Scheme allows you to purchase your first home with as little as a 5% deposit, whilst avoiding LMI.
As of July 2023, the eligibility criteria for this scheme has changed.
Previously, the scheme was only available to Australian citizens, however permanent residents are now accepted.
Also prior to the scheme changing, joint applicants had to be married or defacto. Now, joint applicants can be family members or friends.
The scheme is also now open to those who have previously owned property 10 years ago or more.
There is some other eligibility criteria for the scheme such as the value of the property and your income, so if you are unsure - ask us!
First Home Buyers Assistance Scheme
As of 1 July 2023, the NSW government has made changes to the amount of payable stamp duty for first time buyers.
A full exemption will apply to all NSW First Home purchases of new and existing dwellings up to $800,000, with the concession being gradually reduced up to $1,000,000, at which point full stamp duty will apply.
Not purchasing in NSW? We know about other states too - ask us!
Other Schemes
There are several other government schemes available for First Home Buyers. So if you are a single parent, buying in a regional area, buying a newly built home or buying land with the intent to build - please ask us!
