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first home loan deposit scheme

First Home Buyer's Market

Is it a First Home Buyer’s Market?

While a majority of people put their plans to buy property on hold in 2020 due to the uncertainty of COVID-19, the market has bounced back. With easing restrictions, auctions starting up again and government incentives designed specifically to help first home buyers get into the market, there is a mismatch between supply and demand at the moment. However, these factors don’t necessarily mean that it’s not a first home buyer’s market. Let’s take a look at all the considerations to determine whether or not it’s the right time for you to start your property journey. Individual circumstances Deciding whether … Read more

First Home Buyer’s Benefits

The First Home Owners Grant (FHOG) was created in 2000 to grow the housing property market by enticing Australians to build new houses, rather than buy existing properties, with a large lump sum payment. This scheme makes building a new home more attractive to first homeowners and helps the Australian economy stay strong by investing into building new homes. The FHOG scheme is available throughout Australia, varying in criteria and eligibility for each state and territory. Each has legislation and rules regarding the FHOG scheme so if you’re not buying in Victoria, you may have different criteria to follow. The … Read more

How Much of a Deposit Should I Really Be Aiming For?

There’s no one size fits all when it comes to the size of your home loan deposit. Traditionally, banks required borrowers to contribute a 20 per cent deposit; however, today lending criteria is changing for the better providing first home buyers in particular with the ability to get into the market sooner, sometimes with as little as a 5 per cent deposit. These changes also provide first home buyers with greater flexibility, giving them the option to retain some of their savings to put towards items such as renovating or investing, instead of having to contribute every cent saved to … Read more

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