First Home Buyers Loan

First home buyers loan. The Great Australian Dream: Everyone dreams of getting their first home in Australia. It’s exciting!!! No doubt, but it could also be overwhelming, with many questions: where to start? What things must you know and understand before you dive into property hunting?

To help you take this first step confidently, we are here to assist you through each step of your home loan journey, ensuring your best interests and needs are met with the right home loan and the lowest interest rate possible. You may also want to use the maximum borrowing calculator or mortgage repayment calculator. It’s available free.

VOXFIN’s best home loan mortgage broker can assist you in getting low-deposit home loans. Australian citizens and permanent resident visa holders can access home loans with a minimum of 5% deposit only and NO LMI!

Low Doc First Home Buyer Home Loans !

We have helped many salaried and self-employed individuals, offering tailored solutions to fit their needs. Whether you are fully prepared with all the financial documents for a ‘full doc’ loan or require flexible options like ‘Low doc’ home loans, we have you covered.

Get your mortgage preapproved to buy your dream home in Australia confidently!

Medical Professionals and Registered Nurses

We have helped many Healthcare and Medical professionals, Registered Nurses, Dentists, and Doctors with all types of loans. You may be eligible to borrow up to 100% or get an LMI waiver, also known as a Lender’s Mortgage Insurance waiver. For many medical professionals, there is no LMI on home loans.

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner. It is administered by Housing Australia on behalf of the Australian Government.

Under the FHBG, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to buy a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

For the FHBG, any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan. Eligibility criteria apply.

Eligibility criteria

To apply for the FHBG, home buyers must be:

• applying as an individual or two joint applicants
• an Australian citizen(s) or permanent resident(s)* at the time they enter the loan
• at least 18 years of age
• earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
• intending to be owner-occupiers of the purchased property
• First home buyers or previous homeowners who haven’t owned or had an interest in a real property in Australia (this includes owning land only) in the past ten years.

Access the Eligibility Tool – a short questionnaire to help home buyers determine which Guarantee/s they may be eligible for.

Contact a Participating Lender for more information, including the full list of eligibility criteria.
Deposit required

Home buyers applying for the FHBG need to have between 5% and 20% of the value of an eligible property saved as a deposit. The minimum deposit required for the FHBG is 5%, but Participating Lenders may require a higher percentage deposit based on individual financial circumstances.*

Home buyers should speak with a Participating Lender to find out whether a deposit is made up of genuine savings for the purposes of their lending criteria and the FHBG.

Home buyers should confirm with their Participating Lender whether any cash grants received under other Australian Government, State or Territory schemes or programs can be considered as part of their genuine savings.

Contact a Participating Lender for more information and to discuss individual circumstances.

*Eligible home buyers are responsible for meeting all costs and repayments for home loans associated with the Home Guarantee Scheme including but not limited to stamp duty, application fee and legal costs.

Property types and price caps

Under the HGS, home buyers can buy a residential property, including:

• an existing house, townhouse or apartment
• a house and land package
• land and a separate contract to build a home
• an off-the-plan apartment or townhouse.

Use the Property Price Cap Tool to look up the property price caps for each location.
Specific timeframes and criteria apply to different property types. The contract of sale and (if applicable) eligible building contract may need to be executed by specific dates.

Contact a Participating Lender for more information, including the full list of property criteria.

How to apply

HGS applications can only be made with a Participating Lender or their authorised representative (a mortgage broker). Housing Australia does not accept HGS applications or provide personal financial advice.

Home buyers (and those advising them) should consider consulting a Participating Lender and seeking independent financial and legal advice about whether a particular home loan or property, and the terms of the HGS suit personal circumstances and objectives.

Before entering into a home loan agreement, home buyers should consider talking with their lender (or broker) about the potential implications of changing interest rates or house prices on individual circumstances.