FIRST HOME BUYERS FINANCE & FIRST HOME BUYERS GRANTS
Here at SmoothStart, we engage a team of expert first home finance brokers in Geraldton who can do the hard work for you by looking at the latest first home buyer finance incentives and home buyers grant options, so you don’t have to.
First Home Buyer Finance
Ready to make the move into homeownership by purchasing your first property? An experienced financial broker can help get you into your own home quicker than you thought by assessing your financial situation and finding the best home loan option to suit you.
Of course there’s nothing stopping you from doing the work yourself, but keep in mind that a slight oversight on the contract could result in extra repayments or costly penalties. Buying your first home is stressful enough and when you add on little to no savings or a bad credit file, it can become overwhelming to handle on your own.
A financial broker can do the legwork for you by providing you with a variety of first home loan options, credit packages and special deals to choose from. They’re the middleman between yourself and the lenders and will negotiate and arrange the home loan on your behalf. From selecting a loan to managing the process through to settlement, working with a financial broker can take some of the toll off and make your dreams of homeownership a reality.
Types of First Home Buyer Finance
1. First Home Buyers Grant
Buying your first home is one of the biggest decisions you will ever make, and one of the best parts of this process is the $10,000 grant for first home buyers in Western Australia.
While the temporary $5,000 boost recently ended on 30th June 2017, the FHOG is still a great incentive to help first home buyers get into their new homes sooner. Now truly is one of the best times to build and this $10,000 government grant is just another reason why you should purchase your new home.
The government grant is the financial assistance awarded by the federal, state or local government. The grant acts to help those eligible with the costs incurred when building their first home and is not expected to be repaid. The First Home Buyers Grant is one of the most common grants for those who, as the name indicates, are buying their first home.
Moreover using this First Home Buyers Grant with a company like SmoothStart, who is already well known to deliver great single storey home designs at very affordable prices, the First Home Owners Grant money can go along way, such as to furnishing the home or adding on extras to your design to make your first home absolutely perfect.
2. Keystart Low Deposit Home Loans
The Keystart ‘Low Deposit’ home loan is a variable interest rate loan which can be used by owner-occupiers to buy an established home or build a new house. It was established to provide low deposit home loans to West Australians unable to meet the deposit requirements from mainstream lenders and is available to both first and non-first home buyers. At SmoothStart, we work with our network of experienced first home finance brokers who can access a range of options, including the keystart low deposit home loan, to help you achieve you homeownership dream.
3. Shared Equity Scheme
Another type of finance option is the shared equity scheme that began in January 2018, which allows first home buyers to buy property with help from the government. As rent keeps climbing, the scheme aims to make it easier for young Aussies to get out of the rental market and into their own home sooner.
Under the shared equity scheme, if homebuyers can save a 5% deposit, the government will cover the rest. Singles earning less than $75,000 or couples earning less than $95,000 and are able to meet regular mortgage repayments are able to access this program.
4. Defence Services Home Loans
Another option is the Defence Services Homes (DHS) subsidised home loan. This is a subsidised housing loan of up to $25,000 to recognise the contribution of men and women who have served Australia. The loan is available not only to eligible veterans, but also their surviving partners and dependent parents, and can be used to buy or build a house.
What about Stamp Duty?
True to its name, the term stamp duty is the tax that is charged for your legal documents to, quite literally, be stamped. Depending on where you live and the value of your property, these charges may differ.
As part of the WA first home buyer assistance, there is an additional benefit to first home buyers who buy vacant land packages below $300,000, who pay zero stamp duty on purchases which can reduce the costs by thousands of dollars. There are also reduced stamp duty for land below $400,000 adding even more of an incentive for first home buyers in WA.
At SmoothStart, we cannot speak more highly of the capabilities of our network of experienced first home buyer finance brokers. They will walk you through every step on the path to homeownership, starting by asking you a few simple questions to help find the finance options suitable for your situation.
Simply fill out an enquiry form below and our team can provide you with a no obligation, free finance assessment. So what are you waiting for? Take the leap into homeownership today.