Tips for WA First Home Buyers

November 19, 2013
Steve Hodgkinson

Before jumping into buying your first home, first home buyers in Western Australia should make sure that they have answers to the following questions:

Q. What is the amount of the First Home Owners Grant ("FHOG") in Western Australia?

A. For eligible first home buyers that are building their first home in Western Australia the grant is $10,000. For eligible buyers who are buying established properties the grant is presentyly $3,000.

Q. What is Loan Mortgage Insurance and when does it apply?

A. Loan Mortgage Insurance ("LMI") is an insurance policy that protects the lender against the possibility of you defaulting on the home loan and it applies generally when a borrower has less than a 20% deposit.

Q. How much is LMI?

A. LMI varies significantly depending upon your particular financial situation. At an obligation free consultation with a Mortgage Choice broker we can calculate the LMI for your situation and provide you with an estimate of the likely cost.

Q. Will it cost me nore if I go to a Mortgage Choice Broker rather than directly to my bank?

A. No. It costs you the same going to a Mortgage Choice Broker as going directly to your bank. The advantage of going to a Mortgage Choice broker is that we are not limited just to one banks loan products but can search across a selection of lenders and find you the interest rate and loan that is most appropriate to your situation.

Posted in: First home buyers

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