- By admin
- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance, Home sweet home - first home owner finance
If you are a first home buyer, it can really benefit you to be aware of some of the first home buyer benefits.
What offers are available for first home buyers?
There are a variety of offers available to assist first home buyers to get into their home sooner. This will vary from state to state, and will also vary based on the property purchase price you are seeking, and whether the property is newly built or an established property.
In NSW, there is nil stamp duty payable for first home buyers purchasing a property of up to $650,000. For properties above $650,000, up to $800,000 there are concessions on the amount of stamp duty payable.
Also, if you are buying a brand new property valued up to $600,000, you may also be eligible for the $10,000 first home owners grant. Or if you are building your own property and the combined contract price of the land and construction is less than $750,000, you may also qualify for the $10,000 first home owners grant.
What does this mean for you?
There are substantial savings to be had for first home buyers. This means you may be able to purchase a property sooner rather than later.
Depending on the desired purchase price of your new home, you may be able to qualify to buy a property with little over 5% of the purchase price. (Lenders mortgage insurance will also need to be paid, and whether this can be added to the loan or not will vary from lender to lender, and your own unique circumstances).
Not needing to pay stamp duty can be a big help for those trying to save a deposit for their first home. It may also mean that you are able to increase the size of your deposit, and thus reduce the amount of lenders mortgage insurance that you are required to pay.
Bee Finance Savvy – getting your numbers right before you apply
One thing you don’t want to do, is to apply for the first bank you think looks great, and hope that you get approved. Particularly if you have a smaller deposit.
Many lenders use the same mortgage insurance company, so you may think you can go to a different bank and apply again, but it may be as though your applying at the same place twice without even realising it!
At Bee Finance Savvy, we assess your situation upfront, including the size of your deposit, your savings history, your income, expenses and other important factors. We can match you with a lender that will suit your needs and that is most likely to approve you based on your own unique circumstances. We will discuss all of your options with you upfront, so that you are fully informed before any applications are put forward to a lender, and your credit record is marked. We know our 30+ lenders rules inside and out. Even though these rules are changing all the time, we stay up to date with them.
Our upfront assessments are 100% obligation free, so why not get in touch today. Our friendly broker Desiree is here to answer all your questions, and help you on the way to reaching your goals.
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda