First Home Buyers

Congratulations on your decision of home ownership.

Generally, first home buyers are still climbing the wage ladder and maybe even starting a family, so saving a deposit can be tough.

This why the State & Federal Governments have created options to help First Home Buyers entering into the property market.

State & Federal Governments have incentives for First home buyers to get into the market.

The incentives come in the form of grants, concessions & mortgage backing incentives.

We have listed below grants & incentives available for First Home Buyers, for further clarity check with a mortgage broker to see what Grants & Incentives are available for you.

Ready for your First home!

Find out your borrowing power

Are you eligible for a low deposit home loan

I require some basic information from you to start the loan enquiry

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Save for a house deposit

The first step to getting any finances organised is to do a budget, identify how much you can afford to save for a house deposit

Generally home loan lenders require a minimum 20% deposit against the proposed property (15% deposit from a couple of home lenders at the moment) to avoid mortgage insurance

Keystart requires only a 2% deposit, who are owned by the Housing Authority, Keystart began in 1989 as an initiative of the WA State Government – First home owner grant (FHOG) (www.wa.gov.au)

The WA State Government offers a one-off $10,000 grant for constructing your First Home. This grant will go towards the construction of your new home. You can use the $10,000 to go towards your Keystart 2% deposit and help you get into your home sooner

For further information on the West Australian Government financial assistance available – First Home Buyer Information (housing.wa.gov.au)

Family guarantor for the deposit

Generally lenders only accept parents or close family members to be a guarantors

If you don’t have a 20% deposit, most lenders require that you pay the cost of lenders mortgage insurance (LMI), however a family guarantee could help you buy a home using a lower deposit amount without the cost of LMI

The guarantors will need sufficient available equity in their property to use as security

Generally the guarantors and yourself will need to be with the same home loan lender

There are many requirements around guarantor loans and it is important that the borrower and guarantor carefully consider whether a guarantee arrangement would be suitable for them

What’s in it for borrowers?

The First Home Buyer Family Guarantee can help …

…buy their first home sooner | Enter the market without needing to save for years, with more financial freedom to choose their ideal home.
…reduce their deposit to zero | Pay only costs associated with buying a property and establishing a home loan, plus stamp duty if applicable.
…increase their borrowing power | Maximise the amount they can borrow, up to 100% of the purchase price.
…boost their savings | Save money when they need it most as they won’t pay LMI.
…enjoy an early release | Apply for a release from the guarantee as soon as the LVR drops below 80%…no need to wait until the loan is fully repaid.

The First Home Buyer Family Guarantee is available for the following home loan products

Who can apply?

The borrower—must be buying their first residential home that they intend to live in.
The loan—must be P&I
The guarantor—must be a parent, step parent, de-facto to the parent or former legal guardian

What can I afford to borrow

Everyone’s situation is different, how much you can borrow depends on your

Income and financial commitments
House deposit and any savings
credit score from your credit report
How much you spend in your regular household expenditure

Home loan lenders are trying to gauge your character from your current and previous transactions

Plus current and previous work history for all applicants applying for the loan

My partner has owned a property before

A joint application between a first home owner and a applicant who has owned property before, will make the joint application ineligible to qualify for any first home owner privilege’s

To qualify for any concessions or grants all applicants applying for the mortgage must not have owned property before

Fees involved

Stamp duty in WA for first home owners has a concession ceiling of $300,000 on vacant land & $430,000 established House & Land

Stamp Duty calculator – Stamp Duty Calculator – Glen Fisher – Perth Mortgage Broker (perthhomeloanchoices.com.au)

State government charge a land transfer fee to transfer the land from one legal entity to another

Fees can vary when establishing a home loan, lenders loan packages vary on the amount of fees attached. Fees will depend on your chosen loan package and loan provider