Rateseeker Business News Round-up October 2023
Check out the biggest news and the latest insights from across the finance and business sector.
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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.
A comparison rate is an interest rate that helps consumers work out the true cost of holding a loan until it is paid off completely. It factors in
- Product’s interest rate
- Loan Size
- All the fees and charges (Annual fees, discharge fees, application fees etc.)
- The length of time you will be holding on to the loan.
By changing any of the assumptions above, it will change the comparison rate. Lenders are required to use a standard measuring stick and for all intent and purposes assumes
- Loan size of $150,000
- Term loan: 25 years
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.
