When you’re looking to buy or build a new home, office or building, you probably have a good idea of what you’re looking for, what it looks like, what size you need and probably where it’s located!
But when it comes to the loan, where do you start? There are hundreds of loans from a huge choice of lenders, there are new products coming into the market all the time and there are a range of special government subsidies available depeding on your circumstances.
As a broker, our job is to help you find one loan (at least) out of the hundreds available, that suits your individual needs and make sure you secure any of the subsidies available.
Here are the 3 current Government Grants that you should be aware of:
1. First Home Loan Deposit Scheme (FHLDS)
The FHLDS is an Australian Government initiative to support eligible first home buyers to build or purchase a new home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).
Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance HOWEVER, under the FHLDS, eligible first home buyers can purchase or build a new home with a deposit of as little as 5 per cent (lenders criteria apply).
This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
To find out more information about the FHLDS please contact us or click this link: First Home Loan Deposit Scheme | NHFIC
2. Home Builder Grant
The HomeBuilder grant provides individuals and couples with $25,000 towards building or buying a new home or substantially renovating an existing home that they will own and occupy.
To find out more information about the Home Builder Grant please contact us or click this link: HomeBuilder grant | Homes and housing | Queensland Government (www.qld.gov.au)
3. First Home Owner’s Grant
The Queensland First Home Owners’ Grant is a state government initiative to help first home owners to get their new first home sooner.
If your contract is dated 1 July 2018 or later, you can get the Queensland grant of $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000).
To find out more information about the First Home Owner’s Grant please contact us or click this link: Queensland First Home Owners' Grant | Homes and housing | Queensland Government (www.qld.gov.au)
As is the case with all loan products, there many standard terms so it’s a good idea to become familiar with the main ones which we have listed below!
Feel free to contact us for a no-cost, no-obligation chat about your current and prospective finances - We'd be delighted to help anyway we can!