The First Home Owners Grant (FHOG) scheme was established by the Federal Government to assist first home buyers purchase their first home. Under the federal government scheme, a one-off base grant of $7,000 is available to eligible first home buyers. However, each state is different in its administration of the grant.
Furthermore, the individual state governments also provide a variety of first home buyer entitlements that include grants and stamp duty concessions. To ensure that you are not missing out on any additional first home buyer benefits,talk to us at Select My Loan and find out which concessions you qualify for
As a first home buyer now is the time when you will I likely to have the most opportunity to make additional repayments to your home loan. Therefore make sure you choose a loan which does not penalise you for making additional repayments, and makes it easy to make those repayments via direct debit, ATMs or using Internet and phone banking.
As you have now learnt, you have enough other fees and charges to worry about when it comes to your home loan without worrying about application fees, annual fees or monthly fees. It is possible to find a first home buyer loan with affordable low fees, and many providers are willing to negotiate fee waivers when it comes to application time so it never hurts to ask.
It is hard to imagine where you will be in five or 10 years, let alone in 30 years but it does pay to take the time to consider your future and how your home loan will fit into that future. If you think that you will prefer more flexibility down the track look for a home loan which is easy to restructure, one which offers you the opportunity of fixed or variable rates, or both, and the opportunity to pause repayments when you start a family.
While interest rates are still quite low they are on the rise so as you are choosing the best home loan for you consider how you will be able to afford the repayments as interest rates go up. Also think about how you would meet your repayments if you lost your job, got sick or saw a reduced income for any reason.