First home buyers are at an advantage with recent reforms making it much easier not only to secure a mortgage loan but take you closer to your dream home. With new options becoming available for you, it’s great time to look into your first home if you’ve been thinking about it.

First Home Loan Deposit Scheme

This scheme aims to support 10,000 first home buyers each financial year, starting from 1 January 2020. First home buyers on low and middle incomes will have an opportunity to purchase a home with a deposit of at least five per cent with the government acting as the guarantor on houses priced under $475,000 on the Gold Coast, Sunshine Coast, and Brisbane, and under $400,000 in other areas of QLD. Find out more about the legislation by reading our blog.

First Home Owner Rates Remission Scheme 

This program started helping First Home Owners on 1 October 2019. It’s available for homes with a value of up to $750,000. The scheme introduced a one-year 50 per cent discount for first home owners buying or building. The discounted remission will be granted to a maximum of $1000 over 12 months from the transfer date. For more information about this scheme, visit the Brisbane City Council website.

If you’ve been thinking about buying your first home, want to see your options, or want to get most out of the new government scheme, get in touch with one of our mortgage brokers to book a free consultation.

First Home Buyer Guide

Everything you need to know to buy a property in one easy guide. This guide is packed full of checklists and tools to help you make the right choice.

But the truth is, every additional percentage point in your home loan interest rate could cost you thousands of dollars every year… and as your home loan is most likely the longest loan you will ever have. If it was a short-term loan, it wouldn’t matter as much… but 30 years is a long time to be paying extra money if you don’t need to.

Real estate is expensive so why would you want to pay more than you have to?

Look at the two below examples:

Loan $500,000 $500,000
Interest Rate 3.8% 4.3%
Term 30 Years 30 Years
Total Principal + Interest $838,800 $890,640

Total savings: $51,840

A difference of 0.5% in your home loan could end up saving you more than $50,000… which means you could pay it off faster!  Like we said, it really adds up over 30 years.

What we’re trying to say is your interest rate matters. You don’t want to pay more than you have to… which is what we’re here to help with.

Our team of mortgage brokers have access to more than 40 lenders and are experts are finding the right lending solution for your needs.

If you would like to book an appointment, contact us today.

Spread the love