Help with Buying your first Home
Help for First Home Buyers in Macarthur
Buying your first home in Macarthur? I can help you secure the right finance.
There are a few rules to be eligible for the First Home Owner Grant in NSW, these conditions are:
- You must be an individual, not a company or trust
- You must be aged over 18
- You, or at least one person you’re buying with, must be an Australian citizen or permanent resident
- You and your spouse must not previously have owned a home in Australia or received an Australian first home owner grant.
First home Buyers Assistance Scheme
First home buyers receive a transfer duty exemption or pay a reduced rate when buying an existing home, new home or vacant land to build a home on worth up to $1 million in NSW.
Under the First Home Buyers Assistance Scheme (FHBAS), eligible first home buyers purchasing an existing property for $800,000 or less won’t pay any transfer duty at all. Those who buy a property worth between $800,000 and $1 million will pay a reduced rate. The amount payable depends on the value of the property.
If you buy vacant land to build a house on, there will be no transfer duty if it costs $350,000 or less. For vacant land valued between $350,000 and $450,000 a reduced transfer duty rate applies.
To be eligible for FHBAS, you must move into the property within 12 months of the settlement date on an existing home or 12 months from the completion date of a newly-built home. You then need to live in your home for at least 12 months.
First Home Guarantee
The First Home Guarantee Scheme has been designed to assist eligible first-home buyers to buy a property with a 5% deposit and enter the market sooner, without the need to take out lenders mortgage insurance (LMI).
Previously known as the First Home Loan Deposit Scheme (FHLDS) the First Home Guarantee aims to help those looking to buy their first home by allowing them to enter the market with just a 5% deposit.
What is the First Home Guarantee and how does it work
The First Home Guarantee is a federal government scheme that allows first home buyers to purchase a property with as little as a 5% deposit, without paying lenders mortgage insurance (LMI).
Normally borrowers need to save a 20% deposit to buy a home unless they want to pay Lenders Mortgage Insurance (LMI), which is a fee lenders charge when they are deemed ‘high risk’. Under the First Home Guarantee the Commonwealth Government guarantees the difference between what the eligible first home buyer has saved (minimum 5%) and the 20% deposit threshold lenders usually require before they’ll provide a loan without LMI.
Get started
Eligibility for the First Home Guarantee.
To be successful in your application you must:
- be an Australian citizen(s) at the time you enter the loan.
- From July 1 2023, the scheme will also be available to eligible borrowers who are Australian Permanent Residents.
- be at least 18 years old
- not be earning above $125,000 as an individual or above $200,000 as a couple
- be buying a home to live in, rather than an investment property
- be a first-homebuyer
- Applicants prior to 1 July 2023 were restricted to those who were married or in a de-facto relationship, as well as single applicants. From 1 July 2023, any two eligible people may apply together, including friends, siblings or other family members.
So if you have been thinking about purchasing a property in this reqion, get in touch with me today.
Tony Egan and the team at Mortgage Choice, servicing Macarthur will discuss your borrowing options and guide you through the home loan process.
Our promise to you
Being your Mortgage Choice broker servicing Macarthur, we are committed to ensuring you truly have the best interest rate available to Mortgage Choice on the market! Our promise to our clients is:
- In most cases,our home loan service is at no cost to you!
- We will do the legwork. You can save hours of research and paperwork by getting us to help!
- We can help you access market-leading rates from over 30 lenders.
Start your home loan journey today
What is your Borrowing power
When you're ready to purchase your property. it's important to have a good understanding of how much you can borrow. We know that finding out how much you can borrow for a property can be a bit confusing, which is why we have some great resources at your disposal.
Feel free to check out our easy-to-use home loan calculators here or get in touch with us to discuss your unique situation.
To arrange an appointment please call Tony Egan from the team at Mortgage Choice, on 0422303630.
Our mission is to find the right home loan for your individual needs and to always have your best interests at heart. Plain and simple. Which is why we have such a wide range of lenders to choose from. We can search through hundreds of products to find something tailored to your situation.
