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First home buyers are individuals or families purchasing their first property. There are various financial assistance programs, grants, and loans available to help make the process more affordable, from down payment assistance to tax benefits and low-interest loans.
First home buyers are individuals or families purchasing their first property, whether it’s a house, townhouse, or apartment. This milestone in life can often be challenging, as saving for a down payment and navigating the home-buying process can be overwhelming.
Fortunately, many countries and regions offer specialized financial programs to assist first-time buyers. These programs often include grants, tax rebates, lower interest rates, and down payment assistance, making it easier for new buyers to afford a home.
In addition to government assistance programs, there are also mortgage options specifically designed for first home buyers. These mortgages typically offer lower rates, smaller down payments, or more flexible terms. Lenders may take into consideration factors like the buyer’s credit score, income, and debt-to-income ratio when offering financing.
Purchasing a first home is a significant financial decision and requires careful planning. Buyers should also consider additional costs such as closing fees, insurance, and ongoing maintenance. With the right knowledge and financial support, first home buyers can make informed decisions that benefit their long-term financial health.
Applying for the First Home Owner Grant
Complete a Digital Duties Form
Apply for a first home buyer duty exemption, concession or reduction (including the 50% duty waiver)
Apply for a pensioner duty exemption or concession
Apply for a principal place of residence (PPR) duty concession
Apply for an off-the-plan concession
Apply for a young farmer duty exemption or concession
Apply for a first home owner with family duty exemption or concession
Apply for a duty refund (reassessment)
Before you buy your first home, here are some facts you need to know.
If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of $10,000. To be eligible, the home must not have been previously sold or occupied.
When you buy your home, you will most likely pay land transfer duty (otherwise known as stamp duty). How much you pay depends on:
the property’s value
what you are using it for
if you are a foreign purchaser, and
whether you are eligible for any exemptions or concessions.
You may be eligible for, and receive, more than one exemption, concession or reduction from stamp duty for your property. In Victoria, these include:
Our comparison table will help you understand the differences between our most common grants and concessions or benefits when buying your first home.
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We don’t charge any upfront fees for our services. However, some lenders may impose application fees or other charges related to the loan itself. We’ll be completely transparent about any potential costs and guide you through the process to ensure there are no surprises.
The pre-approval process typically takes up to 10 business days, depending on the complexity of your financial situation and the lender’s processing time. In more complex cases, there may be some back-and-forth communication, but we’ll work diligently to gather all necessary information and expedite your pre-approval.
You’ll need to provide the following documents for your mortgage application:
– Proof of identity (e.g., passport, driver’s license)
– Proof of income (e.g., payslips, tax returns from the past year)
– Group certificate (employment details and income)
– Bank statements (savings and transaction accounts)
– Evidence of assets and liabilities (e.g., property ownership, car loans)
We can also offer a personalised checklist tailored to your specific circumstances.
Fixed Interest Rates: These rates are locked in for a set period (e.g., 1-5 years), providing you with stable, predictable monthly repayments.
Variable Interest Rates: These rates can fluctuate based on market conditions, which may result in lower or higher repayments over time. This option offers flexibility but carries the risk of increasing rates.
We’ll help you assess which interest rate type aligns best with your financial goals and risk tolerance.
Yes, borrowing capacity can vary significantly between lenders, as each one has its own criteria. Some smaller lenders may offer higher loan amounts, but it’s important to compare interest rates, fees, and customer service to ensure you get the best overall deal. We’ll help you navigate these differences and find the lender that’s the best fit for your needs.
Pre-approval gives you an estimate of how much you can borrow based on your financial information, while final approval is the lender’s official commitment to provide the loan, subject to final checks and property valuation. We’ll guide you through both stages to ensure a smooth process.
Yes, it’s possible! Some lenders specialise in helping people with less-than-perfect credit. We’ll work closely with you to explore your options and find a lender that suits your situation.
