FHBA | First Home Buyers Australia
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We guide first home buyers across Australia through the entire process of buying your first home, from deposit through to searching, settling & moving in.
FHBA | First Home Buyers Australia
3y ago
Whilst the housing affordability crisis has eased over the past few years, it still remains an issue across many of Australia’s larger cities, this has resulted in some first home buyers to buy their first home as an investment property rather than one to live in.
Buying your first home as an investment can deem you ineligible for the first home incentives as most states will only allow you to receive incentives for your first-ever property purchase, disregarding the intention for your first home purchase. The minimum deposit required for rentvesting does differ to those that are looking at th ..read more
FHBA | First Home Buyers Australia
3y ago
The WA Govt announced a $125 million package for the WA construction sector in June 2020. This scheme provides a $20,000 grant for those looking to build or buy a new home.
The $20,000 grant announced by the WA government is available to owner-occupiers, first home buyers and investors building a home or buying a property that is under construction( in single storey developments that does not include apartments). The scheme is due to end on 31st December 2020.
HOW MUCH CAN I GET AS A WA FIRST HOME BUYER
WA first home buyer can receive up to $70,000 in incentives to build a new home, incl ..read more
FHBA | First Home Buyers Australia
4y ago
Earlier this month the Australian federal government announced a huge $688 million home builder package aimed at stimulating the construction and real estate sector. Whilst COVID-19 has resulted in a raft of social and economic issues for Australia, this package is set to benefit struggling first home buyers who are still looking to get their foot into the market. Below we take a look at some of the FAQ in relation to this scheme:
HOW MUCH IS THE GRANT?
Eligible first home buyers will be able to access a grant of $25,000.
HOW CAN I ACCESS THE GRANT?
The $25,000 payment is only applicable to fi ..read more
FHBA | First Home Buyers Australia
4y ago
Recently many first home buyers have inquired about buying their first home through an interest-only loan due to cash flow issues. It is definitely possible but it does come with some risks.
Interest-only loans are a type of home loan whereby the borrower only pays interest in the periodic repayments. The first home buyer can choose a period between 1 to 5 years. If a 30-year loan term is chosen along with a 5-year interest-only period, then the loan becomes payable over 25 years once the interest-only period expires.
Lenders will question why a first home buyer wants to choose on interest-onl ..read more
FHBA | First Home Buyers Australia
4y ago
Many of FHBA’s first home buyer clients have some form of credit card or personal/car loan debt. One of the most frequently asked questions is which type of debt should be paid off first.
WHAT IS THE DIFFERENCE?
Credit cards are financial products that allow customers to use the funds up to a certain limit at their own leisure. In comparison, personal/car loans are financial lending products that allow customers to borrow up to a certain amount with periodic repayments over the fixed life of the loan.
HOW IS A PERSONAL LOAN LIABILITY CALCULATED?
when lenders determine your maximum borrowing ca ..read more
FHBA | First Home Buyers Australia
4y ago
Deciding whether to buy a new or established home is one of the toughest decisions a first home buyer has to make when they are in the process of searching for their first home.
WHAT IS THE DIFFERENCE?
An “established” home is one that has been occupied before. An established home can be as little as one week old to fifty years old – once the premises are occupied it becomes an established home.
A “new” home is one that has not been lived in before by anyone nor has it been rented. A new home can be one that has recently been completed, is being constructed or will be built by the first home b ..read more
FHBA | First Home Buyers Australia
4y ago
There is a widely accepted myth in the world of home loans that you need to employed for a certain number of months or years before you qualify your first home loan.
ARE YOU ON PROBATION?
If you have just started a new job, that is a permanent position, the good news is that you will qualify for a home loan even with a minimum deposit of 5%. If you are on probation and have one payslip for your new position we can get you a home loan with a major bank with rates from 2.88% (at the time of writing in January 2020).
So, therefore, if you are on probation, contact us for more information.
HOW L ..read more
FHBA | First Home Buyers Australia
4y ago
In May 2019, the Morrison Government announced the first home loan deposit scheme to be administered by the NHFIC, 10,000 first home buyers will be able to take advantage of the scheme from 01 Feb 2020.
HOW DOES THE SCHEME WORK?
Up to 10,000 first home buyers on a first in first served basis will be able to buy their first home with a 5% deposit. The scheme will allow you to avoid Lenders Mortgage Insurance (LMI) as the Government will be guaranteeing up to 15% of the property value, similar to how parental guarantee works.
WHICH LENDERS ARE PARTICIPATING IN THIS SCHEME?
There are seve ..read more
FHBA | First Home Buyers Australia
4y ago
How low can interest rates really go in Australia? Since the RBA October 2019’s rate cut to a new record low of 0.75%, first home buyers can now find more home loans with advertised rates below 3% on a variable rate and fixed rate term from a large portion of our lending panel.
In addition, most lenders have relaxed rules around the interest rate they use to assess a first home buyer’s ability to repay the loan over the 30 year loan term. The good news for first home buyers is that the lender assessment rates range between 5.30% – 5.80%. This has resulted in a 20-30% boost to most first home b ..read more
FHBA | First Home Buyers Australia
5y ago
Buying your first home can be exciting but also overwhelming for first home buyers – after all, it is probably the biggest buying decision you will be making in your life, thus far. This is where FHBA comes in!
We are pleased to announce that we have introduced a new tool that allows you to compare home loan deals live and find one that is tailored for your financial position & situation. There are many different types of home loans, in fact, there are over 1,000 options to choose from, based on the borrower type of property you are buying and the interest rate type (variable rate, fixed ..read more