As a Mortgage Broker, I understand that buying your first home can be overwhelming. While many believe young Australians need family support to enter the property market, it’s entirely possible to secure a home independently. Several government programs, including First Home Buyer Loan Schemes, are designed to help first-time buyers, and I’m here to guide you through the process.

Whether you’re buying in the city or a regional area, I’ll help you explore your options, navigate available schemes, and connect with the right lender to make homeownership a reality, all while securing the best home loan rates for first home buyers.

Navigating the First Home Buyers Grant

Start your home-buying journey by checking if you qualify for the First Home Buyers Grant. This grant helps with purchasing, building, or renovating a home, with different criteria in each state. I’ll guide you through the eligibility process and help you explore the best home loan rates for first home buyers.

Government Guarantees: Helping You Secure a Loan with a Low Deposit

The Australian government offers guarantees to help first-time buyers secure a home loan with a 5% deposit, without paying Lenders Mortgage Insurance (LMI). These are part of the First Home Buyer Loan Schemes, and include three key options I often assist clients with:

1. First Home Guarantee: This scheme allows you to purchase a home with just a 5% deposit. You can learn more through official resources.
2. Regional First Home Buyer Guarantee: If you’re considering buying in a regional area, this option may be perfect for you. More information is available on the official government site.
3. Family Home Guarantee: Tailored for single parents, this scheme lets eligible buyers purchase a home with as little as a 2% deposit.
With these First Home Buyer Loan Schemes, you could secure a home with a much lower deposit, which opens up more opportunities for affordable homeownership.
Income Limits You Need to Know
To qualify for these schemes, there are specific income limits you need to meet:
• Single applicants: Your annual income should be less than $125,000.
• Couples: Your combined annual income must not exceed $200,000 for both the First Home Guarantee and the Regional First Home Guarantee.

I’ll make sure your financial situation aligns with these limits and explain how they impact your application.

Understanding Genuine Savings and What Lenders Look For

Lenders require proof of “genuine savings,” meaning you’ve saved at least 5% of the property’s value over time. Consistent deposits over three months show financial responsibility and can help you secure the best home loan rates for first home buyers, leading to better loan terms.

I’ll help you choose the best guarantee for your needs and guide you through the application process. Contact me for assistance with local grants, and together we’ll explore the First Home Buyer Loan Schemes and secure the best home loan rates for first home buyers.