First Home Buyers

What benefits are available to First Home Buyers?

Buying your first home is a major milestone, and it can be confusing to know where to being and what benefits are available to first home buyers depending on what state you live in.

That’s were Happy Loans Co. can help - my aim is to make the home purchase process as simple, easy, and efficient as possible.

As a first home buyer you may qualify for the:

First Home Owner Grant (FHOG)

The requirements for the FHOG are different in each state, in some states you can receive a one-off payment of $10,000 if you purchase or build a new home - for more information regarding your state visit:

https://www.firsthome.gov.au/

First Home Guarantee

The first guarantee assists First Home buyers who only have a 5-20% deposit for a new or established homes and waives the requirement of the first home buyer to pay for Lenders Mortgage Insurance, saving you thousands of $$$ - for more information visit:

https://www.nhfic.gov.au/support-buy-home/first-home-guarantee

Regional First Home Buyer Guarantee

The regional First Home Buyer Guarantee also allows buyers to purchase a home with only a 5% deposit and no requirement to pay for Lenders Mortgage Insurance - for more info visit:

https://www.nhfic.gov.au/support-buy-home/regional-first-home-buyer-guarantee

Help to Buy Scheme (from July 2023)

The help to buy scheme allows home buyers to purchase a home with as little as a 2% deposit and are only required to borrow 70% of the home value for an existing home and 60% for a new home. The labor government will contribute to and own the remainder of the loan which can be paid back when the owner is ready.

How much can I borrow?

If you would like a complementary review of your current finances to see how much you can borrow, you can contact me at luke@happyloans.au, on mobile 0411 104 117, or return to our home page and click on the start here button to register your details.