You are not alone if you need some extra assistance to guide you through the process of buying your first home - it can be a lengthy and unfamiliar process.
The Blu Mortgages team can help guide you through your lending journey and answer the many considerations to be addressed along the way.
First Home Owners Grant
The First Home Owner Grant is a lump sum cash payment available to first home owners to help with the cost of buying or building a new home.
For more information regarding the First Home Owners Grant, access the Federal Government’s portal and click on your state or territory.
First Home Guarantee
The First Home Guarantee (formerly known as the First Home Loan Deposit Scheme) is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.
If eligible, you will receive a limited guarantee from the National Housing Finance and Investment Corporation to buy or build your first home with a low deposit of 5%, without paying Lenders Mortgage Insurance (LMI).
Family Home Guarantee
The Family Home Guarantee is an Australian Government scheme that helps single parents buy a family home.
From 1 July 2021, 10,000 Family Home Guarantees will be available to eligible single parents with dependants, subject to their ability to service a loan.
The Family Home Guarantee can be used to build a new home or purchase an existing home with a deposit of as little as 2%. Both first home buyers and previous home owners can apply.
Regional First Home Buyer Guarantee
The scheme aims to support eligible regional first home buyers to purchase a home in a regional area.
Part of an eligible regional first home buyer’s home loan from a Participating Lender will be guaranteed by the National Housing Finance and Investment Corporation. This enables an eligible home buyer to purchase a home with as little as 5% deposit.
First Home Super Saver Scheme
The First Home Super Saver Scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation.
From 1 July 2017, you can make voluntary contributions into your super fund to save for your first home.
From 1 July 2018, you can then apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home.
HomeBuyer Fund
The Victorian Homebuyer Fund is a shared equity scheme, meaning that the State's financial contribution is made in exchange for a share, or proportional interest in the property.
As the value of the property changes, so too will the value of the State's share, or interest in the property.
Stamp Duty concessions
Dependent upon the value of your property, you may be entitled to a stamp duty concession. The conditions and amounts vary dependent on the state or territory you buy in.
For more information regarding stamp duty concessions, access the Federal Government's portal and click on your state or territory.
