First Home Loans
Buying or Building Your First Home
Whether you are looking to buy an existing home or building a new one, being a first time home buyer can be a daunting experience. At Financial Scope Melbourne, we ensure you get the right product with a great first time home loan, that meets your needs, and sets you up to best enter the property market. With home and property prices running away from us, it could be a good time to buy your first home, backed by a well-executed strategy from a professional home loan broker. At Financial Scope Melbourne, we can help you buy your first home with little to no deposit, and help you find a home loan that’s right for you.
How Much is the First Home Buyers Grant?
In Victoria, you can receive $10,000 with the First Home Owners Grant (FHOG). If you are buying or building a new home valued up to $750,000, you may be eligible for the FHOG. This includes houses, townhouses, apartments, units or similar, but must be the first sale of the residential premises. If you are eligible for the FHOG, you may receive a 50% reduction on the Stamp Duty provided you meet the following criteria:
- Your settlement date is on or after 1 September 2014,
- The property is your principal place of residence, and
- House and land value combined is $600,000 or less
Note: Upcoming changes to the First Home Owner Grant and stamp duty (effective from July 1st 2017) may change the details listed above. See the State Revenue Office Victoria for updated information: http://www.sro.vic.gov.au/news/changes-first-home-owner-grant-and-stamp-duty
Top 3 tips for First Home Buyers
Speak with your mortgage broker early to work out what is affordable
Purchasing your home is probably going to be the most expensive purchase you ever make so you want to get it right the first time.
Do your research to ensure you know what you want
There is more to buying a home than the street appeal. Consider the local school zones, crime rates, noise from main roads, and local transport, among lots of other factors.
A building and pest inspection is a worthwhile investment
There may be potential problems that you may not be aware of and it also opens up the opportunity to negotiate on the purchase price.
At Financial Scope Melbourne, we take a different approach by guiding you through the FHOG application and explaining the whole process along the way.
Let us help guide you every step of the way to make buying your first home a breeze. Book an appointment online now, or call us today on 03 9772 3275.
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