9 hidden costs of buying your first home in Australia
When budgeting for a first home, it’s clear that you need to take into account the cost of buying the house and any renovations you...
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Most lenders will usually require you to have a minimum 5% deposit of the purchase price plus a little extra to cover other costs such as stamp duty, legal fees and lender’s fees. Now lenders have changed the required minimum deposit depending on other factors such as if it’s an investment purchase and where the property is located. With constant changes with bank requirements, it is important to speak to a broker to work out what you really need.
Related FAQs
What Is The First Home Owners Grant?
The first home owners grant is a government grant developed to assist eligible first home owners to purchase a new home or build their home by offering a grant.
How Do I Apply For The First Home Owners Grant?
Applying for the First Home Owner Grant should be done at the same time as applying for your home loan. Our affiliated brokers will help with the application. You can also request an application from the office of state revenue directly.
How much is this First Home Owner Grant?
Each state has different rules and pays different grant amounts. The grant can vary from $5,000 in some states to $20,000 in others. In NSW, first home buyers purchasing a brand new first home will receive $10,000 first home owners grant up to a cost price of $750,000. States now require the property you purchase to be "brand new" to qualify for the first home owners grant.
If my partner & I are both eligible for the first home owners grant, do we get it twice?
No. When putting through an application, only one person in the application can be granted the FHOG. You also must make sure your partner hasn’t previously used or received the grant in Australia, as it may be denied.
Does Rateseeker help with investments home loans?
We sure do! Rateseeker has many major banks & non bank lenders to choose from to help achieve your property investment goals. Fill out our form and one of our affiliated brokers will get in touch with you to to work out how they can help.
