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HomeLoans – They give you valuable information before you buy a house

It is also possible to apply for your FHOG through your bank when you apply for your loan. The funds will be advanced with your loan settlement and should you be building your home you’ll receive the funding when you apply for your first construction drawdown

Yes, there is a range of stamp duty exemptions available from the state governments, additional grants as well as other benefits when purchasing your first home.

The Australian Government announced that it would consent to first-time home buyers to salary sacrifice into their retirement account in order to save for a deposit. This was announced by the Federal Budget in 2017.

So in other words, any concessional “pre-tax” and “non-concessional” after-tax contributions that were made to you super from 1 July 2017 can later be withdrawn to fund your deposit. So to be clear you may not draw down on you’re from your current super balance to pay for your down payment to purchase a property.

Costs associated with buying a home

Discuss costs with your mortgage broker or conveyance consultant before you sign the contract when buying a property because there are several costs you may incur when you buy your first home.

Mortgage stamp duty:  This cost is calculated based on the amount on the amount of money you borrow, it is also a hidden state government fee but most states either waive this for the first-time home buyer.                                                                               

Purchase stamp duty:  This cost is the most expensive in association with home buying. There are states that offer stamp duty concessions the first-time home buyers. There are stamp duty calculator options on most of the government websites that will take any first-time home concession into account.

Registration fees:  This fee is a small fee of about $200 for the registration charges of name and property title plus the registration of the new mortgage on the tile. This is also another government fee.

Conveyance / legal fees: your forecast payment could be between $700 and $1 500 for your conveyance costs for a first-time home purchase. They offer a recommended conveyance list which you could refer to should you not already have chosen one.

Lender fees: There are lenders that will charge a setup fee of around $850 whereas others will relinquish all the setup fees for your home loan. They are able to provide you with a no-charge quote for your no down payment loan with a relevant and appropriate interest rate fee.

LMI: The LMI choice could range from $0 for a quick start loan and then there could be a charge of 5.1 % of the loan amount. You can fill in their free assessment form for an LMI Estimate or use their LMI Premium Calculator to find out a precise premium for your situation.