Help For The First Time Home Buyer

December 2, 2008 By 8 Comments

The Government of Australia would like to see everyone owning their own home and living comfortably in it. That is one of the reasons why they enacted the one time payoff of $7000 to help first time home buyers. This tax-free payment is meant to help would be first time home owners take the leap and purchase a home. Applicants who wish to take advantage of this incredible incentive program must meet certain requirements and prove their eligibility. The different State and Territory Governments of Australia may have additional criteria so make sure that you check with your area to see what needs to be done to qualify.

Financing Options For First Time Home Buyers

When you are looking at getting a mortgage for the first time it can seem pretty daunting and overwhelming. Many people struggle with paying for their mortgage. This is especially true if the payments are higher than they anticipated. In order to help out with mortgage payments there are a few things that you may want to consider.

  • Try to come up with a good deposit – It can be hard saving money for a deposit but it really helps in the long run. The more money that you are able to save for a deposit the lower your monthly repayment fees will be.
  • Look for low interest rate mortgages. There may be certain criteria that have to be met, but if you can get one of these loans it will save you thousands of dollars over the long term life of the loan.
  • Reduce you debt before you buy. If you have more disposable income, you will have an easier time making your repayment fees.

Owning a home is one of the most rewarding experiences and it is a great investment in your future.

Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 – 2008

Comments

  1. Jazz Salinger says:
    July 26, 2010 at 10:25 am

    Hi Sean,

    Great tips for first home buyers. Having saved for a downpayment shows prospective lenders that you have the capability of repaying your mortgage. It also gives you more options of which lender to choose to finance your home with.

    I think a downpayment is essential to securing the best financing for your home loan.

Trackbacks

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