We can do so much more than match you with a home loan – especially for first home buyers.
If you have never owned a home before, you may be eligible for the Federal Government’s First Home Owners Grant. This grant is available for new homes which have never been lived in or for the construction of new homes.
Building Boost Grant to purchase land or a house and land package
The $7,000.00 grant has been replaced by a $15,000.00 Building Boost Grant. This grant can be used towards the purchase of a privately owned block of land in the inner suburbs, or towards land, or a house and land package in the outer suburbs
Some of our clients are using this grant to remove an older house on a block of land and to build a new house – there are a number of options!
This one-off tax free payment of $15,000 can be used to help fund your additional expenses or (in some cases) may be used to increase your deposit above the 5% genuine savings (deposit).
Other state government schemes to assist you to buy your home
Various state government schemes may also be available so check with us or your relevant State Revenue Office. Always consult your PROHOME LOAN SOLUTIONS Broker to get the best advice – we have detailed knowledge of all the grants and schemes available for you.
Read Kylie’s testimonial. She and her partner Ben moved from Tasmania to Brisbane and wanted to buy the house they were renting. She thought they had no chance because they had no deposit. Then along
Other state Kylie’s testimonial
“I can’t recommend George highly enough. Where do I start? I was always wary about using a Mortgage Broker because you hear so many bad stories about them – they’re only in it for the money, they don’t really listen to you. I’d had my heart set on buying a house we were renting, but as we’d spent all our money moving from Tasmania, I didn’t think we stood a chance without having a decent deposit. Then one of our friends recommended George – he was lovely from the start. George said he could help us…and throughout our dealings with him, he was exceptional. When the house we were renting was taken off the market, George offered to look around for a house for us! Now if that isn’t going above and beyond, I don’t know what is. He found us the most perfect house, which I fell in love with straight away – he nailed it for us!
George helped us receive the first home buyer’s grant, then dealt with everything. Ben was away a lot at the time, and I was a little daunted at first buying this house, but in the end, I had nothing to worry about. George took the time to break everything down and explain things clearly to us. We’d have a coffee together and he’d answer all our questions – he never rushed us and I knew what was going on the whole time.
I can honestly say there was very little work involved – George told us who we had to pay and explained what paperwork needed to be signed. Simple!
Another thing that sets George apart is the fact he doesn’t just drop you when everything’s done and he’s received his fees. When we moved in, he arrived on the doorstep with flowers. I had to have surgery a while after we moved and George called to see how I was and he’ll sometimes drop in to see how we’re going. He’s fantastic – a really genuine person. We couldn’t be happier.”
Kylie and Ben Olive
How much can I borrow?
The size of your home loan is worked out on your capacity to repay the loan. Repayments shouldn’t exceed 30% of your gross income. This is calculated according to each lender’s individual lending calculator.
How do I work out my gross income?
This would include your salary and any other earnings from shares, Family allowances A&B, investments etc. You also need to factor in your financial commitments such as credit card repayments and other loans like
First Home Loans – other things to consider
Before we outline these, we’d like to stress that WE TAKE CARE OF ALL OF THE PAPERWORK FOR YOU.
We’re just outlining potential additional costs so you’re fully informed. Purchasing a house can be daunting, but we do all the groundwork and paperwork for you.
You may have to pay Stamp duty, which is a state government tax based on a property’s selling price.. In Queensland, a first home owner doesn’t have to pay stamp duty on properties with a selling price of up to $500,000. Stamp duty rises quickly after this amount.
Lenders Mortgage Insurance (LMI)
In most cases, if you borrow more than 80% of the property’s value, you will have to pay Lender’s Mortgage Insurance. This insurance is a government requirement which protects the lender should (you) default on the loan. I advise all my clients to look at income protection and other loan insurances to protect themselves from unforeseen circumstances.
Conveyancing and Additional costs
Apart from stamp duty and LMI, there are a number of additional expenses you need to take into account when buying a home. Upfront costs may include:
loan application fees
home (and contents insurance)
We will help you understand these requirements and expenses and assist where possible to get the right conveyancer, organise your insurance and minimise the risk of holding up your application. We’ll also make sure you don’t have to pay costs that aren’t necessary.
In fact, if you live in Beenleigh, Logan, Daisy Hill, Inala, Capalaba, Redland Bay, Brisbane, Ipswich, Springfield, the Gold Coast or the Sunshine Coast (or pretty much anywhere in south east Queensland) then we can even come to you and explain the process and take you through these details face to face. Yes, that’s right, we can come to you!
Otherwise, you can still discuss your home loan requirements over the phone or perhaps via Skype with our experienced mortgage broker.
Remember to leave the best number to contact you on and expect a call within 24 hours!