| |
First
Home Owners Grant ? FHOG
The Federal Government introduced the FHOG in 2000 to assist First Home Buyers meet the cost of buying or building their first homes.
This has recently been amended and now first home buyers can receive “boost” payment of an additional $7,000 for established homes. For brand new never been occupied homes there is an additional grant available in most cases in excess of a further $7000. Each state varies so check with us to find out how much you are entitled too.
It is a non a means-tested grant
Mortgage View consultants can help you to access the FHOG.
|
|
|
|
How
Much Can I Borrow?
How much you can borrow,
also known as your borrowing capacity,
will depend on how much of a deposit you
have, your current income and what expense
commitments you have. It will also vary
from lender to lender.
Back to
top ...
|
|
Am
I Eligible For The First Home Owners Grant?
This one-off grant of
$7,000 is available to First Home Buyers
intending to live in the home they are
buying. Basically, you are eligible if
you are an Australian citizen or a permanent
resident who is buying or building your
first home in Australia and intend to
occupy it as your principal place of residence
within 12 months of settlement. Note that
if you are purchasing the property in
conjunction with others, they must also
meet the same criteria for the grant to
be available.
Back to
top ...
|
|
What
Will My Repayments Be?
It is one thing to work
out how much you can borrow, but you need
to know if you can afford the repayments.
Back to
top ...
|
|
How
Much Do I Need To Save For A Deposit?
The amount you need as
a deposit will depend on the type of home
loan and the lender you select. Generally
you will require a minimum of 5% of the
property value.
Back to
top ...
|
|
How
Much Do I Need To Set Aside For Stamp Duty?
Stamp duty is a tax levied
on the purchase of a property. It is calculated
according to the purchase price of the
property and the state or territory the
property is situated in.
Back to
top ...
|
|
What
Other Expenses Will I Need To Pay Besides
Mortgage & Stamp Duties?
As a rough guide, you
should budget for between 5-7% of the
purchase price, in addition to your deposit,
to cover fees and charges. While mortgage
and stamp duties will make up the bulk
of this 5-7%, the balance may include;
* Building and pest
reports
* Valuation fees
* Lenders mortgage insurance (LMI)
* Solicitors fees
* Insurances
* Utility connection fees ? phone/gas/electricity
* Council and water rates
* Removalist costs
Back to
top ...
|
|
How
Do I Choose Which Home Is Best For Me?
When deciding on the
area to live in, apart from considering
proximity to family, friends and work
commitments, you will obviously need to
think about prices. Prices will vary greatly
from suburb to suburb.
To help you decide on
the right home for you, Mortgage View consultants can
arrange for a free report on the area
you are interested in.
Back to
top ...
|
|
What
Should I Do Now?
You can make an appointment
with a Mortgage View consultant by calling 0413 155 977.
Back to
top ...
|
