First home buyer mortgage broker

First Home Buyer

If you are buying your home for the first time and looking for the best mortgage broker in Perth, here are some information you should know.

The Australian government has created the first home owner grant (FHOG), to help first time home buyers in Perth and through Australia fund their first home. This grant is a one-off $10,000 payment to assist first time home buyers’ mortgage to buy a new or an older home that has been thoroughly renovated as their primary place of residence.

Eligibility

To be eligible, you must have never owned residential property anywhere in Australia before 1 July 2000. and each applicant must be a person and not a company or a trust. One of the applicants, if in joint name must be an Australian citizen or permanent resident at the date of lodging the application. For full eligibility requirements, please visit the First Home Owner Grant page.

The application for the grant has to be submitted within 12 months of the completion date. This eligibility may vary by the type of transaction, such as if you are purchasing a new home, if you are constructing a new home or if you are an owner builder. The type of transactions can be viewed here.

Home Loans

First time home buyer loans allow you to purchase a home with only a 2% deposit with the rest on loan. However, most lenders will require a minimum of 20% deposit if you are looking to waive the Lender’s Mortgage Insurance (LMI). Some professions may qualify for a lower deposit amount without having to pay the Lender’s Mortgage Insurance. First home buyers who qualify for the First Home Loan Deposit Scheme may have Lenders Mortgage Insurance (LMI) waived.

Home loans are available in fixed, variable and split interest rates, some lenders also have offset accounts available for customers looking to lower their interest over time.

Speak To Us

As a first home buyer, we are happy to help you reach your financial goals, so you can move into your home sooner. AA Finance Solutions are one of the top mortgage brokers in Perth, bringing to the table more than 30 years of experience in the industry.

Our relationships with bank managers allows us to offer custom tailored solutions on top of what is publicly offered. If you are in need of home loans, feel free to reach out to us at [email protected] or call 0433 068 970 (Leo).