Buying your first home

Buying your first property is probably the most important decision in your life — and getting the right advice and home loan is as important as choosing the property itself. With access to over 50 lenders, our team can help Australians get a good deal on their home loan.

Buying your first home is challenging enough — let us take one thing off your plate and find the perfect first-home buyer loan for you. Discover how Best Mortgage Rates can help you achieve the property of your dreams in no time.

Understanding the Market First Home Owner Grant Understanding Your Financials

Enquire Now 1300 968 999

Getting on the property ladder.

From scouring the market for the perfect property to popping the champagne in your new home, property ownership can be an exciting — yet exhausting — milestone. The good news is that having the right support can make all the difference in your home-buying experience!

Buying a home is one of the most important decisions in your life, and choosing the right home loan is as important as choosing the property itself. Our team helps first home buyers prepare for the property market by guiding you through the complete home loan process, including the First Home Owner Grant (FHOG). We understand how tricky it can be to understand the fine print in these areas, which is why our team provides unwavering support during your FHOG application.

With access to over 50 lenders, including major banks and non-bank lenders, our team uncovers some of the most competitive first-home buyer loan offers in the market to ensure you get the cream of the crop on your deal.

If you’re a first home buyer looking for finance, contact our team today to discuss your options.

Get in touch today

First Home Owners Grant

For first home buyers, a range of government support and assistance is available to ease the financial burden of purchasing your first property. You might be able to apply for the First Home Owner Grant, which helps Australians to get the funds they need to buy, or build their first home. It provides a one-off payment to eligible individuals buying their first home, aiming to offset the effect of GST on home ownership.

For more information about the First Home Owner Grant, from what it is, to the eligibility criteria, what the differences are in each state, how much you could receive, and when the grant gets paid, we have included helpful links below. Our team is also available to guide you through the application process, ensuring your eligibility for a seamless process.

If you would like more information on how a Best Mortgage Rates broker can help you, contact us today!

Applying for a first home owner grant

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the NSW First Home Owner Grant (New Homes) scheme if your purchase date was on or after 1 January 2016.

You can make a claim for the First Home Owner Grant if your:

newly constructed home or a substantially renovated home has a total value less than $600,000
land for building and any dwelling you intend to build has a combined value less than $750,000

Check your eligibility

To receive the grant when you buy your home:

you must be an individual, not a company or trust
you must be over 18
you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
your purchase date must be on or after 1 January 2016.

Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:

have previously owned or co-owned a home in Australia or
have received an Australian first home owner grant.

You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.

Understand your obligations

You or one of the other first home buyers who purchase with you must move into the new home within 12 months after buying the property, and live there for at least six continuous months.

If you’re buying land and building a new home, you must move in within 12 months after construction is complete.

If you’re a member of the Australian Defence Force you may be exempt from the six-month residence requirement, provided all buyers are on the New South Wales electoral roll.

What’s considered a ‘new home’?

If you’re buying an existing home, you can apply for the grant if:

this is the first time the house has been sold and
the house has never been lived in before you move in, including by the builder or a tenant.

Recently renovated homes

Your home is also considered new if it has been substantially renovated before you buy it. You might be eligible for the grant if:

most or all of the house was removed or replaced
this is the first time the home has been sold after those renovations
it hasn’t been lived in since being renovated, including by the builder or a tenant.

Best Mortgage Rates broker helping a first home buyer

Our Difference

Best Mortgage Rates is your trusted partner when it comes to navigating the home loan market.

With access to over 50 lenders, our team can help customers borrow up to 99.9% of a property value, including lender’s mortgage insurance (LMI).

This allows us to help those who have limited funds available for the deposit and costs associated with buying a property such as stamp duty and legal fees.

Speak to a Broker

FAQs

What types of first-time home buyer loan programs do Best Mortgage Rates offer?

As a leading mortgage brokerage company in Australia, we’ve helped many Australian borrowers secure low rates on their first-home buyer loans. In addition to our brokerage services, we can also lend a hand in helping you access the First Home Owner Grant for NSW residents. This government grant is geared towards first-home buyers, providing a $10,000 grant to assist with the substantial cost of purchasing a home.

Our team works with you to prepare your First Home Owner Grant application to streamline the property purchasing process.

How do I know if I’m eligible for government-backed loan programs for first-time buyers?

The First Home Owner Grant is a government-backed loan program that provides first-time property owners a $10,000 grant to assist with the purchase. However, there are a few eligibility requirements you must meet before you can apply, such as:

The newly constructed home or a substantially renovated home has a total value of less than $600,000.
The land for building and any dwelling you intend to build has a combined value of less than $750,000.
You, or at least one person you’re buying with, must be Australian citizens or permanent residents.
This is the first property you, or the person you’re buying with, has purchased.

Our team of brokers will sit down with you to establish your eligibility as a first home buyer to ensure that your application for the First Home Owner Grant is smooth sailing.

What minimum down payment is required for a first-time home buyer loan, and are there any options for low down payments?

In Australia, down payments are more commonly recognised as deposits. As a general rule of thumb, it’s best to have a deposit worth 20% of the property’s value. Meeting the 20% threshold with your application can put you in a better position to secure lower rates, helping you save on your loan in the long term.

However, saving a 20% deposit can be a challenge for even the savviest saver, which is why low-deposit first home buyer loans are available for borrowers with a deposit below 20%. Just keep in mind that borrowers with smaller deposits will be subjected to paying Lender’s Mortgage Insurance (LMI), an insurance that safeguards the lender against payment defaults.