Mortgage Broker For First Home Buyers

Buying your first home can feel challenging, but there are a number of government schemes and concessions that may help reduce the upfront costs of getting into the property market.

Eligible first home buyers may be able to purchase a property with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI).

The Australian Government provides a guarantee to participating lenders for part of the loan, potentially allowing buyers to enter the market sooner without needing to save a traditional 20% deposit.

Help to Buy is a shared equity scheme designed to help eligible Australians purchase a home with a smaller mortgage.

Under the scheme, the Australian Government can contribute towards the purchase price in exchange for an equity share in the property, reducing the amount the buyer needs to borrow.

Eligible NSW first home buyers may also receive a full exemption or concession on transfer duty.

A full exemption is currently available on eligible new or existing homes valued up to $800,000, with concessional rates applying to properties valued above $800,000 and below $1 million.

$10,000 First Home Owner Grant

Eligible buyers purchasing or building a new home in NSW may qualify for the $10,000 First Home Owner Grant.

The grant applies to eligible newly built homes, substantially renovated homes and certain house-and-land purchases, subject to property value and eligibility requirements.