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For some people looking to
buy a home, a first home buyer loan will be
the perfect solution. These are offered by
various lenders and the programs tend to
vary quite widely, but for some, a first
home buyer loan will be the perfect choice.
The idea is to help those in need get onto
the property ladder more easily than might
otherwise be possible.
The benefits of a first home
buyer loan can include helping those with
low deposits move into a property of their
own. Some lenders will limit the number and
amounts of fees and charges which are
usually applied to the loan application
process. If you have never owned a property
before then you are quite likely to be
eligible for a first home buyer loan.
Sometimes these programs will
enable you to buy a property with very
little or no down payment, which means you
don’t have to save up a deposit in advance,
and the programs often subsidize your
interest payment and offer grants so that
your outlay is even less. The whole idea is
to get you onto the property ladder as
easily and painlessly as possible.
However, not everyone is
eligible and a first home buyer loan is not
the right answer for everyone looking to
purchase a property. The broad
principles of the grant are:
You are eligible for
the Australian Government’s First Home
Owner Grant and Boost if you:
- Are an Australian citizen or
permanent resident
- Are buying or building your
first home in Australia
- Have the intention of occupying
the property as your principal place
of residence within 12 months of the
settlement.
If you are buying the
property in conjunction with others,
they must also meet the same criteria
for the Grant to be applicable.
If you’re eligible you can receive
the Grant regardless of your income, the
area in which you are planning to buy or
build, or the value of your first home.
The Grant is not means tested and no tax
is payable on it.
The grant
assistance will not be means tested and
joint applicants will be restricted to a
single application for a single property
and only one payment will be made. If the
consideration of the home is less than the grant amount paid to the
applicant will equal the consideration.
You may be eligible for the
Federal Government First Home
Owner Scheme (FHOG) or stamp
duty concessions. For more
information, please contact
your local State or
Territorial Revenue Office:
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