The Loanary | Are you a First Home Buyer? We can help you buy!

Getting on the property ladder.

Making the decision to buy your first home is a big one. It’s a huge financial commitment that comes with a lot of responsibility. But it also comes with a lot of rewards. You’ll have the freedom to design and decorate your home however you want, without having to worry about a landlord approving your changes. Plus, you’ll finally have a place to call your own.

Whether you’re looking for your first home loan or you’re not sure where to start, we can help. First Home Buyer Loans exist specifically for those who have never previously obtained a home loan. We’ll work with you to find the ideal solution for your financial situation and help make the process as easy and stress-free as possible.

So if you’re ready to take the plunge into homeownership, we’re here to help you every step of the way. Contact us today to learn more or get started on the path to owning your very own home.

Understanding your financials

When understanding your financials, the first step is to look at incoming vs outgoing. Are you financially supported enough to commit to owning your own home? Owning a home is great for being free and being able to decorate, but it does mean you are liable for any repair costs and rates.

Ensuring you’ve got your expenses under control before applying for a loan makes you a stronger contender for finance and readies you for the responsibility coming your way.

Another way to strengthen your home ownership dream is by getting pre-approval. By doing so, you not only send a positive signal to the realtor and home seller, you also get a better idea of the budget you are going to have to stick to, giving you greater buying power.

Speak to a broker

You might be able to apply for the First Home Owner Grant, which helps Australians to get the funds they need to buy, or build their first home.

For more information about the First Home Owner Grant, from what it is, to the eligibility criteria, what the differences are in each state, how much you could receive, and when the grant gets paid, we have included helpful links below.

If you would like more information on how we can help you, contact us today!

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the NSW First Home Owner Grant (New Homes) scheme if you purchase date was on or after 1 January 2016.

You can make a claim for the First Home Owner Grant if your:

newly constructed home or a substantially renovated home has a total value less than $600,000
land for building and any dwelling you intend to build has a combined value less than $750,000.

To receive the grant when you buy your home:

you must be an individual, not a company or trust
you must be over 18
you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
your purchase date must be on or after 1 January 2016.

Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:

have previously owned or co-owned a home in Australia or
have received an Australian first home owner grant.

You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.

You or one of the other first home buyers who purchase with must move into the new home within 12 months after buying the property, and live there for at least six continuous months.

If you’re buying land and building a new home, you must move in within 12 months after construction is complete.

If you’re a member of the Australian Defence Force you may be exempt from the six-month residence requirement, provided all buyers are on the New South Wales electoral roll.

What’s considered a ‘new home’?

If you’re buying an existing home, you can apply for the grant if:

this is the first time the house has been sold and
the house has never been lived in before you move in, including by the builder or a tenant.

Recently renovated homes

Your home is also considered new if it has been substantially renovated before you buy it. You might be eligible for the grant if:

most or all of the house was removed or replaced
this is the first time the home has been sold after those renovations
it hasn’t been lived in since being renovated, including by the builder or a tenant.

How We Can Help

The reason for our help becomes clear pretty quickly when you start looking at all the things that accompany a finance application.

Not only do you have to take your income (and partner’s if you’re making a joint application) into account, you also need to look at various home loan offers available.

At The Loanary, we research all your options for you, and with access to a diverse range of lenders, we can also negotiate with the lender on your behalf, making sure you get a mortgage that matches your income, lifestyle and financial goals.