We understand that buying your first home is a big step. To make it stress free we've put together some ideas to help you. Our Auspak mortgage brokers will also guide you through the process.
Equity Finance Mortgage (EFM)
Family guarantee
First Home Owners Grant (FHOG)
Stamp duty waivers or concessions
Tools for first home buyers
Inspection checklist
Moving checklist
Application process
Enables you to reduce your home loan repayments or increase your borrowing capacity. More...
A family guarantee allows certain family members to use the equity in their home as additional security for a portion of your loan amount.
This means you may be able to buy a property sooner, avoid paying the premium for Lenders Mortgage Insurance and maximise the amount you can borrow.
For example
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Loan amount ÷ (Prop value + family guarantee) x 100 = LVR |
Loan amount ÷ Prop value x 100 = LVR |
| $100,000 ÷ ($100,000 + $35,000) x 100 = LVR 74% |
$95,000 ÷ $100,000 x 100 = LVR 95% |
The First Home Owners Grant is a one off $7000 grant paid to those who meet certain criteria when purchasing their first home.
If you qualify for the FHOG, this money can be used towards your purchase costs. Detailed information about the FHOG for each state and territory is available from www.firsthome.gov.au
We will apply for FHOG on your behalf if you include the FHOG application with your loan application.
Stamp duty is payable on your mortgage loan and property purchase. Rates will vary from state to state and most states offer concessions for first home buyers. Stamp duty calculator
Detailed information about the duty concessions for each state and territory is available from www.firsthome.gov.au.