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As of the Federal budget last Tuesday , the Government has announced it will support First Home buyers in a program called First Home buyers Guarantee Scheme where it will provide a guarantee to the participating lenders of 15% to ensure you don't pay LMI.
What is LMI - it stands for lenders mortgage insurance and this will save you around 3% of the loan amount - Say a loan of $ 500k - you save $ 15k inLMI costs and also not having to find that cash up front . In other words you would normally need to have the cash to pay LMI and the *($600k home ) deposit 5% = $ 30,000+ LMI =$ 45 k plus
Stamp Duty =$ 30,000 = total required is $ 75k
This is no longer the case now since this government scheme has been announced. it is now 5% deposit say $ 30k and
no stamp duty if your a first home buyer and no LMI and you still get $ 10k FHOG and if you apply to us *(conditions apply),we will give you $ 10k- $ 15k towards the home deposit which means you may need only $ 15k - $ 20k to buy your first home.
if you have $ 15k - $ 20k saved and earn around $ 100k as single or around $ 150k as a couple , please chat to us asap to get you into your first home going.
It's applicable for first home buyers building a new home and if your buying in a regional area there are also offers around in that space.
This is the best time right now, let us show you how easy it is to be buying a new home. find out more
Give a buzz and let us talk you through how it all works .
