First Home Buyers Information
How much do I need to save for a deposit?
The deposit required depends largely on the type of home loan and, of course, the lender you select. As a general rule, if you are an owner-occupier you will require 5-10% of the purchase price as a deposit. If you are an investor, you will ideally require 10% of the purchase price, although it’s possible to purchase with less.
What is the First Home Owner Grant?
$7,000 for first home buyers who buy or build a new home. No transfer duty on first homes under $500,000.
How do I know if I am eligible for the First Home Owner Grant?
As a basic rule, you are eligible if you are an Australian citizen or permanent resident, buying or building your first home in Australia, with the intention of occupying it as your principle place of residence within 12 months of the settlement and living in it continuously for at least 6 months. It is important to note that if you are buying the property in conjunction with others, they must also meet the first home criteria for the grant to be applicable.
What documentation will I need to apply for a home loan?
In conjunction with submitting your home loan application, you will need supporting documentation confirming your identity and substantiating your income.
Documents can include:
• Driver’s licence • Recent pay slips
• Birth certificate/passport • Tax returns
• Bank statements