Buying your first home is a very exciting step! Fintik loan specialists are here to guide you through every step of the loan process.
Before finding your new home, we can help you get pre-qualified for free. We can also match you with a trusted real estate agent through our partner networks. Our variety of loan options allow you to buy your first home with little money down and we will work to ensure the loan payments meet your unique needs.
First time home buyers have a lot of questions and our loan specialists are always available to provide personal attention. They can explain the application process, provide tips to use during your home search, and make sure that you find the perfect home for your needs and budget.
Popular Loan Programs for First-Time Home Buyers:
There are a range of government incentives available to first home buyers at a national and state level.
This coupled historically low rates could make this the opportune time for you to make the leap.
Depending where you live, your individual circumstances and the eligibility criteria of each scheme – you may even be able to access both state and federal government schemes.
Follow the links to see details of each incentive.
First Home Loan Deposit Scheme
Welcome news for first home buyers
With as little as 5% deposit, eligible first home buyers have the opportunity to purchase a property through the First Home Loan Deposit Scheme. Designed to help you buy your first home faster, the Scheme acts by lowering the deposit you need to take out a home loan.
Here’s how it works
The Australian Government, through the National Housing and Finance Investment Corporation (NHFIC), will guarantee us, as the lender, the difference between your deposit (of at least 5% ), and 20% of the value of your first home. This means you can buy your first home sooner, and be exempt from paying Lenders Mortgage Insurance (LMI), which can potentially save you thousands.
With the latest round of applications for the Scheme now open, we are once again proud to be a participating lender in this great initiative.
New Home Guarantee
In the 2021-22 Federal Budget, the Australian Government announced 10,000 places specifically for eligible first home buyers building or purchasing new homes. This scheme is called the New Home Guarantee.
Under the New Home Guarantee, first home buyers can build or purchase a new home, including:
- newly-constructed dwellings
- off-the-plan dwellings
- house and land package
- land and a separate contract to build a new home
How do I know that I am eligible?
- You need to be an Australian citizen, at least 18 years old, with a Medicare card, and a first home buyer looking to buy a property that you will live in.
- You need to be able to demonstrate your ability to save over time, with a minimum 5% deposit saved for the property you wish to buy.
- You must meet the income eligibility requirements, which are single buyers earning up to $125,000, or a couple earning up to $200,000 per year.
- There are property price thresholds that will apply in capital cities, large regional centres and regional areas. Use NHFIC’s property price threshold tool to work out the maximum property purchase price in the area you’re interested in under the Scheme.
Family Home Guarantee
Great opportunity for eligible single parents
Life as a single parent can present some challenging circumstances. One of the main issues facing many single parents is securing suitable housing for themselves and their children.
Family Home Guarantee is a new Australian government initiative that aims to support eligible single parents to purchase a family home
With as little as 2% deposit, eligible single parents will be able to enter, or re-enter, the housing market and enjoy stable living arrangements sooner.
Family Home Guarantee is administered by the National Housing Finance and Investment Corporation (NHFIC), on behalf of the Australian government. It guarantees to us, as a participating lender, up to 18 per cent of the value of the property.
We’re proud to be a participating lender and look forward to helping even more families into their homes.
How do I know that I am eligible?
The following eligibility criteria must be satisfied at the time the loan agreement is entered into:
• You must be an Australian citizen at least 18 years of age, and a single parent with at least one dependant. Permanent residents are not eligible.
• You must meet the income eligibility requirements – your taxable income cannot exceed $125,000 for the previous financial year (child support payments are not included as income for the purposes of the income cap).
• As the single parent, your name must be the only name listed on the loan and the title.
• You must be able to provide a deposit of at least 2% of the value of the property. If you have a deposit greater than 20% your home loan cannot be covered by the Scheme.
• You must intend to be the owner/occupier of the purchased property
• You can either be a first home buyers or previous owner-occupiers who do not currently own a home.
• There are property price thresholds that will apply in capital cities, large regional centres and regional areas. Use NHFIC’s property price threshold tool to work out the maximum property purchase price in the area you’re interested in under the Scheme.
• The property you wish to purchase must meet the property eligibility requirements under the Scheme.
State by state
- First Home Owner Grant
- First Home Buyer Duty Exemption/Concession
- HomesVic Shared Equity Initiative
- Home Builder Grant
New South Wales
Australian Capital Territory
- First Home Owner Grant
- Territory Home Owner Discount
- Household Goods Grants Scheme
- Home Renovation Grant
- Homebuild Access
First thing’s first. Do your research!
With a range of government incentives and us at Fintik helping you too, it may be time to look at how you can start turning those thoughts into reality.
A number of Australian State governments offer first home owner grants, while others offer rebates to reduce stamp duty, both of which can be very handy in making your house purchase more affordable.