Buying your first home

What you need to do to be first home ready.

For many of us, the purchase of our first home is a momentous occasion. It marks a new chapter in our lives, and signals our entry into the ranks of adulthood. The process of buying a first home can be both exciting and daunting, but with careful planning and consideration it can be a smooth and rewarding experience.

First Home Buyer Finance is here to help you through the process, offering support and advice on every aspect of purchasing your first home. From budgeting and saving to understanding the ins and outs of the property market, we have the expertise to help you make your dream a reality.

We know that taking that first step onto the property ladder can be a big financial commitment, so we offer competitive rates and flexible repayment options to make things easier. We also offer assistance with securing grants where available and other assistance for eligible first home buyers, so check out our website or give us a call today to find out more.

Making the jump into home ownership is a big decision, but with First Home Buyer Finance by your side it doesn’t have to be a scary one. Let us help you take that first step – contact us today!

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Understanding your financials before searching for a home

Making smart financial decisions is key to maintaining a comfortable lifestyle – and that includes being mindful of your spending habits. By creating and sticking to a budget, you'll be able to better manage your expenses and have peace of mind knowing that unexpected costs won't derail your plans.

Positive spending habits make all the difference when it comes to buying your first home. With proper budgeting, you can not only afford necessary repairs but also safeguard your quality of life in your new home. Keep your finances in check by tracking your spending and making smart choices with your money. With positive spending habits, you can live worry-free and enjoy all that your new home has to offer and have the bonus of looking good to a lender!

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First Home Owners Grant

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You might be able to apply for the First Home Owner Grant, which helps Australians to get the funds they need to buy, or build their first home.

For more information about the First Home Owner Grant, from what it is, to the eligibility criteria, what the differences are in each state, how much you could receive, and when the grant gets paid, we have included helpful links below.

If you would like more information on how we can help you, contact us today!

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a grant under the First Home Owner Grant scheme if you purchase date was on or after 1 January 2016.

You can make a claim for the First Home Owner Grant if your:

  • newly constructed home or a substantially renovated home has a total value less than $600,000
  • land for building and any dwelling you intend to build has a combined value less than $750,000.

To receive the grant when you buy your home:

  • you must be an individual, not a company or trust
  • you must be over 18
  • you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
  • your purchase date must be on or after 1 January 2016.

Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:

  • have previously owned or co-owned a home in Australia or
  • have received an Australian first home owner grant.

You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.

 

You or one of the other first home buyers who purchase with must move into the new home within 12 months after buying the property, and live there for at least six continuous months.

If you’re buying land and building a new home, you must move in within 12 months after construction is complete.

If you’re a member of the Australian Defence Force you may be exempt from the six-month residence requirement, provided all buyers are on the New South Wales electoral roll.

What’s considered a ‘new home’?

If you’re buying an existing home, you can apply for the grant if:

  • this is the first time the house has been sold and
  • the house has never been lived in before you move in, including by the builder or a tenant.

Recently renovated homes

Your home is also considered new if it has been substantially renovated before you buy it. You might be eligible for the grant if:

  • most or all of the house was removed or replaced
  • this is the first time the home has been sold after those renovations
  • it hasn’t been lived in since being renovated, including by the builder or a tenant.

Contact Us

Our team will help you search, choose and settle your loan. Chat to one of our loan specialists at a time that suits you.

General Enquiries
0414 398 321

 

Email
Peter@parklaneadvicegroup.com.au

 

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