First Home Buyer Loan
Seize the benefits of entering the property market for the first time
First Home Buyer Loan
Seize the benefits of entering the property market for the first time
First Home Buyer Loan
Seize the benefits of entering the property market for the first time
What Is a First Home Buyer Loan?
What Is a First Home Buyer Loan?
What Is a First Home Buyer Loan?
A first-home buyer loan is an owner-occupied home loan with access to a government grant (First Home Owner Grant) or guarantee (First Home Guarantee) for an Australian or a permanent resident looking to purchase or build a brand new residential property
First Home Owners Grant
First Home Owners Grant
First Home Owners Grant
The First Home Owners Grant is a one-off payment made by the government to eligible first-time home buyers looking to purchase or build a new residential property. This grant was introduced to offset homeownership taxes.
First Home Guarantee
First Home Guarantee
First Home Guarantee
The First Home Guarantee is a government scheme available for eligible first-time homebuyers, allowing them to own a home sooner with a deposit of as little as 5% as opposed to the standard 20%. For more information, check out the official government site for First Home Guarantee.
A smaller initial deposit amount is needed with reduced deposit requirements (5% instead of 20%) or access to the government grant
Pros
Cons
Pros and Cons of First Home Buyer Loans
More flexible credit score criteria compared to traditional mortgages
Competitive interest rates, often below standard mortgage rates
Maximum loan amounts may be more restricted than conventional mortgages
Ongoing lender's mortgage insurance (LMI) costs if the down payment is below 20%, although some participating lenders may consider waving it
Income restrictions apply to many state-level assistance programs
Limited initial equity buildup due to minimal down payment
May face stricter property condition requirements and mandatory inspections
A smaller initial deposit amount is needed with reduced deposit requirements (5% instead of 20%) or access to the government grant
Pros
Cons
Pros and Cons of First Home Buyer Loans
More flexible credit score criteria compared to traditional mortgages
Competitive interest rates, often below standard mortgage rates
Maximum loan amounts may be more restricted than conventional mortgages
Ongoing lender's mortgage insurance (LMI) costs if the down payment is below 20%, although some participating lenders may consider waving it
Income restrictions apply to many state-level assistance programs
Limited initial equity buildup due to minimal down payment
May face stricter property condition requirements and mandatory inspections
A smaller initial deposit amount is needed with reduced deposit requirements (5% instead of 20%) or access to the government grant
Pros
Cons
Pros and Cons of First Home Buyer Loans
More flexible credit score criteria compared to traditional mortgages
Competitive interest rates, often below standard mortgage rates
Maximum loan amounts may be more restricted than conventional mortgages
Ongoing lender's mortgage insurance (LMI) costs if the down payment is below 20%, although some participating lenders may consider waving it
Income restrictions apply to many state-level assistance programs
Limited initial equity buildup due to minimal down payment
May face stricter property condition requirements and mandatory inspections
A smaller initial deposit amount is needed with reduced deposit requirements (5% instead of 20%) or access to the government grant
Pros
Cons
Pros and Cons of First Home Buyer Loans
More flexible credit score criteria compared to traditional mortgages
Competitive interest rates, often below standard mortgage rates
Maximum loan amounts may be more restricted than conventional mortgages
Ongoing lender's mortgage insurance (LMI) costs if the down payment is below 20%, although some participating lenders may consider waving it
Income restrictions apply to many state-level assistance programs
Limited initial equity buildup due to minimal down payment
May face stricter property condition requirements and mandatory inspections
First Home Buyer’s Loan Requirements and Qualification
Need to be 18 years of age or above
Property can be an existing house, apartment, or townhouse
Property needs to be your primary residency and not an investment property or a holiday home
Can only use either the First Home Owner Grant or the First Home Guarantee, not both
Different states may have different iterations of the grants and guarantee available; check with your broker
No previous property ownership in Australia (individually or with a spouse)
Property value restrictions apply (usually needs to be under 750,000 or 1 million; differs by state)
You need a home loan approved from a participating lender
fAQs
No, you must choose between the First Home Owner Grant or the First Home Guarantee, even if two different individuals who qualify for the scheme are looking to co-own the same property.
Can my spouse and I apply for both the First Home Owner Grant and First Home Guarantee as joint owners?
No, you must choose between the First Home Owner Grant or the First Home Guarantee, even if two different individuals who qualify for the scheme are looking to co-own the same property.
Can my spouse and I apply for both the First Home Owner Grant and First Home Guarantee as joint owners?
No, you must choose between the First Home Owner Grant or the First Home Guarantee, even if two different individuals who qualify for the scheme are looking to co-own the same property.
Can my spouse and I apply for both the First Home Owner Grant and First Home Guarantee as joint owners?
No, you must choose between the First Home Owner Grant or the First Home Guarantee, even if two different individuals who qualify for the scheme are looking to co-own the same property.
Can my spouse and I apply for both the First Home Owner Grant and First Home Guarantee as joint owners?
The Victorian Homebuyer Fund shared equity scheme is a unique program where the Victorian Government contributes up to 25% of your home's purchase price in exchange for an equivalent ownership share. To qualify, you need a minimum 5% deposit and must buy a property valued under $1 million.
What is the 25% first home buyer scheme in Victoria?
The Victorian Homebuyer Fund shared equity scheme is a unique program where the Victorian Government contributes up to 25% of your home's purchase price in exchange for an equivalent ownership share. To qualify, you need a minimum 5% deposit and must buy a property valued under $1 million.
What is the 25% first home buyer scheme in Victoria?
The Victorian Homebuyer Fund shared equity scheme is a unique program where the Victorian Government contributes up to 25% of your home's purchase price in exchange for an equivalent ownership share. To qualify, you need a minimum 5% deposit and must buy a property valued under $1 million.
What is the 25% first home buyer scheme in Victoria?
The Victorian Homebuyer Fund shared equity scheme is a unique program where the Victorian Government contributes up to 25% of your home's purchase price in exchange for an equivalent ownership share. To qualify, you need a minimum 5% deposit and must buy a property valued under $1 million.
What is the 25% first home buyer scheme in Victoria?
Looking to explore your home loan options with participating lenders? Fill out our consultation form today so out broker team at Select Loan & Mortgage can reach out to you to help your case and kickstart your home loan journey!
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Ready to Get Your Dream Home With Us.
Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.
ABN: 86 680 285 143
ACN: 680 285 143
Address: Level 10, 90 King William Street Adelaide SA 5000
Select Loan & Mortgage
Home Loan Calculators
Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.