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First Home Buyers

First Home Buyers

Congratulations on your decision to buy your first home. This will no doubt be the biggest financial decision of your life so far, so be sure to speak to us early for some friendly professional advice.

There are a few things in your favour when buying your first home.

1. Government Subsidies.

There are great subsidies on government stamp duty which significantly reduces the amount of money you need for your purchase. For example if you were buying a home for $450,000, you’ll save $7,000.

2. First Home Owners’ Grant.

If you are buying a new house/unit, or building your own (see our page on Construction Loans), the Queensland Government will give you up to $20,000 in cash towards it.

To see whether you qualify for the Queensland Government First Home Owners Grant, click this link to go to the Government’s site:

Qld First Home Owners Grant

So between the stamp duty concession and the FHOG Grant, you’ve got a $27,000 head start (using a $450,000 purchase as an example).

And there are a few things the banks are also doing to make it easier for a first home buyer.

3. Family Pledge Guarantee

It’s called different things by different banks, but essentially it allows a family member who has equity in a property to use that equity to help secure your loan. Don’t worry, we can talk you and your family member through it.

That means you don’t need to have as much savings, and you can save a lot of money on Lenders Mortgage Insurance.

4. Smaller Deposits

Even if you can’t get a Family Pledge Guarantee, many banks don’t require you to have as much of a deposit if you’re buying your first house. You’ll still pay Lenders Mortgage Insurance, but it does mean you can get into your home a little quicker

If you’re ready to buy now, or just want some advice on how to get there in the future, make an appointment for a friendly chat.
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