First Home Owner Grants
Your first mortgage is likely to feel like a big deal. Because a house is typically the biggest purchase you ever make! There are government grants available to first home buyers, some from the federal government and others are state level.
This financial assistance is aimed at helping first time buyers into the property market. There are first home owner grants (FHOG) for buying established homes, and grants for building a new home, as well as concessions on stamp duty charges in many states. There is no doubt that the financial assistance is of great help to first home buyers, however, it is important to remember that no matter how much you receive in grants, you still must be able to afford the mortgage. Therefore, don’t only buy a property just because of the FHOG.
The first-home buyer grant is a government scheme where people wishing to buy their first home can receive $7,000 as a one off payment. You can only access the grant once, you must be an Australian Resident, have not previously bought or owned a residential property, and be over the age of 18.
A free First Home Owners Grant eligibility quiz is available here.
To check stamp duty concessions in your state click here.
Planning for your property purchase
So, even with the grants, you must still be aware of the financial situation and all the costs involved with buying a property. Setting out a plan and a budget is a good idea. This will help you to understand what you are getting yourself into, and will help you to budget accordingly not just for the mortgage repayments, but also the moving costs, legal fees and settlement fees. Talk to a mortgage broker and find out how much you can borrow. Do this before you approach any lenders or visit property auctions, so that you know what range you are looking for.
Whichever loan you choose, remember that you do not need to feel alone. Our home loan brokers are always there to answer your questions and take a lot of the pressure off, you can relax and enjoy your first home.
Talk to a Perth Mortgage Broker today on 
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