FIRST HOME BUYERS

Buying your first home can be both exiting and daunting.  When it comes to selecting a home loan that suits you, it can be a bit overwhelming with all the different products on the market.

At Advantage Mortgages Australia we can help you to find the right loan to suit your individual needs using our experience and state of the art computer technology.

To get started you should consider the following factors.

Do I need a deposit? If so how much?
With a family guarantee you may not even require a deposit for your first home.  Normally most lenders will require at least 3% of the purchase price, with many requiring 5% of the purchase price as a deposit.  Although most lenders like to see this deposit saved (saving history) over a period of 3-6 months, there are some lenders who allow this deposit to be gifted.

What are the costs involved?
You will incur additional costs other than your deposit and these will include:  Loan application fee, Settlement and establishment fees, Lenders Mortgage Insurance, Stamp Duty, Transfer fees and legal fees.

How much can I borrow?
Some lenders may allow you to borrow more than others, as each lender has their own lending criteria and policies, meaning your individual circumstance may allow you to borrow more from one lender than another.

First Home Owners Grant (FHOG) Do I qualify?
The FHOG is a one off tax-free payment of $7,000 to first home buyers, introduced in July 2000.  Applicant Eligibility Criteria are:

• Will this be the first time each applicant or their spouse/de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory of Australia?
• Is each applicant and their spouse/de facto o person who has never owned a home, solely or with some other person before 1 July 2000, in any State or Territory of Australia?

Note: Applicants who have held an interest in a home prior to 1 July 2000 are not eligible for the grant.

• Is each applicant and their spouse/de facto o person who has never owned and occupied a home solely or with some other person on or after 1 July 2000, in any State or Territory of Australia?
• Is every applicant a natural person? (i.e. not a company)
• Is at least one of the applicant(s) a Permanent Resident or Australian Citizen?

(Permanent residents must complete Section 6 of the application form).

• Will every applicant be occupying the home as their principal place of residence within 12 months of the date of settlement or completion of construction?

Do I qualify for a Stamp Duty concession?
Stamp Duty is a State tax based on the purchase price of the property.  First homebuyers often qualify for stamp duty concessions, the amount of the discounts varies depending on the State in which you are purchasing.  Advantage Mortgages Australia can help.

Finding My Loan?
Your Advantage Mortgages Australia consultant will assist you in choosing the correct option for your individual circumstances, without all the running around.

Apply NOW!!!