Owning your first home might be easier than you think...
Buying your first home can be overwhelming, and expensive!
WAW have been in the home loan game for more than fifty years, so we've helped our fair share of first home buyers to get a leg-up.
We've rounded up a bunch of great financial schemes and hot tips that can help you to get started.
First Home Loan Guarantee
This scheme is for eligible first home buyers that don’t quite have that 20 per cent deposit.
Generally, if you want to buy a house with less than a 20 per cent deposit, you need to pay lenders mortgage insurance (LMI). LMI is an additional payment, on top of your mortgage.
An extra cost on top of an already costly mortgage!
Thanks to the Australian Government’s First Home Loan Deposit Scheme (FHLDS), first home buyers can buy a new or existing home with as little as a five per cent deposit (subjects to normal lending criteria) and avoid paying the LMI.
10,000 new FHLDS places will be released on 1 July 2021 for the 2021-22 financial year.
If you would like to do more research, head over to the FHLDS webpage and read up more about it. WAW is an approved lender for the FHLDS, so if you're keen to talk to a Lender or reserve your place in the scheme, call our team on 1300 368 555, or visit your closest Service Centre.
Update 7/2023: For 2023/2024, the First Home Guarantee and the Regional First Home Guarantee is now available.
First Homeowners Grant (FHOG)
Another financial acronym beginning with F... and this scheme is one of our favourites.
Under this scheme in NSW, you can receive $10,000 cash when you buy or build a new home! Or if you’re in Victoria, you can get $20,000 in a regional postcode.
There are a few requirements and eligibility criteria on both the NSW and Victorian sides of the border, so if you’re interested, make sure you check out the details here:
Stamp and Transfer Duty Waiver
Stamp and transfer duty fees are often left out of the budget when purchasing a new home, but they can come with a hefty price tag.
Luckily for first home buyers, both NSW and Victoria offer partial and full exemptions on stamp (or transfer) duty.
It might not sound that exciting, but this is a great incentive that can really help reduce the cost of your new home.
It is important to keep in mind that both states have purchase price limits – and a few conditions, so be sure to check the government websites for all the details:
Buying a home is a big investment, but there's a lot we can do to make it less daunting. Give us a call or visit your local Service Centre to talk about your options.
We love to help!