First Home Buyer Loan

Buying your first house or apartment can be an overwhelming experience. Finding the right home to buy is hard enough – and that’s only one of the many steps you need to take before you can move in and start living the Great Australian Dream.
With so many things to take care of, the process can be stressful and overwhelming at times.
Luckily, you don’t have to do it alone. Here at Right Step Finance we’ve helped many first home buyers take that first step into owning property. We’d love to help you do the same.
Read on to find out everything you need to know about buying your first property, or if you’d like to speak to someone you can book a free, no obligations assessment with one of our brokers.

Book a free assessment and our experienced team of brokers will arrange a time to speak with you about your needs and make sure you can buy your dream home without all of the stress.

Your entitlements as a first home buyer

If you’re an eligible first home buyer in Australia, you can potentially receive all of the following entitlements:

  • The First Home Owner Grant (also known as FHOG, the first home buyer grant or the first home loan grant).
  • A stamp duty exemption or reduction, and
  • Participating in the First
  • Home Loan Deposit Scheme.
    The HomeBuilder Grant of $25K

The First Home Owner Grant in the Victorian metropolitan area is $10,000 if you’re eligible and you’re buying or building a new home. It is $20,000 if you’re buying or building a new home in regional Victoria up until 30 June 2020.

If you’re buying your first home in Victoria you’ll also be eligible for a stamp duty exemption (if it’s valued below $600,000) or a reduction if it’s valued between $600,000 and $750,000.

Both the first home buyer stamp duty exemption and concession could save you tens of thousands of dollars.

The First Home Loan Deposit Scheme is a federal government guarantee to help you avoid the cost of lenders’ mortgage insurance (LMI). The cost of LMI varies between lenders, but it can be $10,000 or more on an average home loan.

Do your research and take your time

Buying the right house takes a lot of consistent hard work and time. If you just go out and buy the first house that you see, chances are that you will get sub-optimal results.
Before you start looking, you should write down a list of what you’re looking for. What area would you like to live in? How many bedrooms? What other features would you like to have? What are you willing to compromise on, and what is a ‘must-have’?
Once you’ve got a good idea of what you’re looking for you should get into a routine of searching for homes. For example, you could dedicate time every evening for research, and plan to dive around and do inspections on weekends.
There are also plenty of resources that you can use to learn more about property purchase. You can research online, read books, or get some advice from an experience professional.

You don’t have to do it alone

There are a lot of steps to consider and paperwork to be completed. It can be easy to make a mistake or miss something if you don’t have experience in the process. A good mortgage broker knows the entire process inside out and can help you every step of the way.
At Right Step Finance, we can help you out every step of the way. As an independent broker, we have access to a wide range of lenders and literally hundreds of different products.
The best part is that you don’t need to spend all of that time finding the best loan – we do the legwork for you.
Here’s how a mortgage broker can help you buy your first home:

  • Determining your maximum borrowing capacity– during your free assessment, we will be able to help you figure out how much money you can afford to borrow
  • Figuring out your repayments– we can also help you to understand how much you can expect to pay in mortgage repayments at various loan amounts. This will ensure you don’t overextend yourself and end up with a loan that you can’t afford
  • Identifying unexpected costs– Buying a home costs more than the price of the house itself – there are many fees and expenses that you will come across along the way. We can prepare you for this so there are no surprises
  • Eligibility for grants– as a first home owner, you may be eligible for government grants aimed to help first home buyers make their first property purchase. We can evaluate your eligibility and ensure that you maximise your chances of receiving a grant