Home Loans

Purchasing a property can often be confusing, an experience that is compounded by integrated financial needs and property settlement deadlines.  

SELECTING THE BEST HOME LOAN

SELECTING & BUYING A HOME
Timing is critical when you are considering selling your existing home and buying a new home. If you haven't sold your current home, it is difficult to know just how much you can spend on your new dream home.

  • How much can you commit to this new purchase without over committing?
  • How to you make such an important financial decision?

REFINANCING
Refinancing can cater for a change in circumstance, the purchase of a new home or an investment property, extra funds for a renovation, holiday or the arrival of a new child. It's an opportunity to secure a better home loan deal and is usually much less time consuming than obtaining your first loan because you have a proven credit history in place for the potential lender to review.

FIRST HOME BUYER
The First Home Owner Grant [FHOG] was introduced on 1 July 2000 to offset the effect of the GST. The Grant of up to $7,000 is available to eligible applicants who are purchasing or building their first home in Australia. Applications for the Grant will be received and paid by the NSW Office of State Revenue [OSR]. The Grant is not means tested and there is no limit on the purchase price of the property

BROAD PRINCIPALS OF THE GRANT INCLUDE

  • Eligible applicants must be individuals [not a company] who are Australian citizens or permanent residents who are either buying or building their first home in Australia.
  • To qualify for assistance, neither the applicant nor their spouse [or defacto] must have previously owned a home, either jointly or separately.
  • Joint applicants will be restricted to a single application for a single property and only one payment will be made.

FIRST HOME BUYER TIPS FOR YOUR CONSIDERATION

  • If you are going to use the Grant as part of your deposit you will also most likely need to provide some proof of genuine savings. A few institutions will accept a minimum of 3% savings over 6 months but most require a minimum of 5% savings over 6 months. 
  • It’s a great idea to get your pre-approval for a home loan in place before you start your home search.  This will not only verify how much you can spend on your first home but place you in a strong negotiating position when you find the home you wish to buy.
  • You may wish to visit http://www.firsthome.gov.au/ to determine the additional duty concession available under the First Home Pus Scheme.

PROPERTY INVESTMENT
Purchasing an investment property is considered by many a great way by many to build financial wealth.  Whether you are looking to make the most of the equity in your current home, capitalise on the advantage of tax savings or are simply planning for additional income in retirement.