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Wine Country

Financial services

Local Insight with Big Bank Experience

First Home Buyers

First Home Buyers

Unlock the Door to Your First Home Purchase

Nothing excites us more than helping a customer into their first home. When we call them to say their loan is approved, the excitement (and often tears) that flow from the good news is the pinnacle of our role as your local mortgage expert.

What are the opportunities For First Home Buyers?

There is so much support for first home buyers right now, which is very important at a time where the cost of living is rising, rent is rising, and money is harder and harder to save with wage growth stagnating. Let’s talk about some of the opportunities available to first home buyers:

 

First Home Buyer

First Home Guarantee

This is a part of the Home Guarantee Scheme, where up to 15% of the customer’s lending is guaranteed by Housing Australia.

This is great news and has many benefits, including:

  • Your loan is assessed as if it was at 80% LVR, which allows for more flexible lending policies to apply to your circumstances
  • No Lenders Mortgage Insurance
  • Advertised rates (or better) for 80% LVR lending, with no rate loading

Eligibility criteria for the First Home Guarantee includes:

  • For Australian citizens and permanent residents only, 18 years of age or older
  • 5% minimum deposit that has been genuinely saved and held for 3 months continuous
  • Individual applicants cannot earn more than $125,000 per year (based on 2023 ATO Notice of Assessment)
  • Joint applicants cannot earn more than $200,000 per year combined (based on 2023 ATO Notice of Assessment)
  • Property bought must be for owner-occupation

Additional options are available for single parents/guardians called the Family Home Guarantee (up to 18% of the loan is guaranteed), and importantly for our market here in the Hunter Valley, the Regional First Home Buyer Guarantee is in place to make your dream come true sooner of coming home to your own piece of our beautiful region.

Full details of the Home Guarantee Scheme and the three initiatives within it are found here: https://www.housingaustralia.gov.au/support-buy-home

First Home Buyers can also still leverage transfer duty exemptions or concessions within preset limitations in conjunction with the above initiatives, making it easier than ever to get into the market.

In short, if you are eligible for this initiative, have savings of 5% of the property you would like to buy, plus around $3,000 for associated costs (government fees, lender fees and a conveyancer), we can get you a pre-approval so that you can go shopping for your first home right now. Get in touch and start today!

Curious? Let's Talk

Contact Us

Ready to make your first home a reality in Newcastle or the Hunter Valley? Get in touch to learn more about our services for first home buyers.

We understand your time is valuable, so we’ll come to you. Get in touch, and we’ll organise a time to meet with you.

Our Service Areas Include:

  • Newcastle
  • Cessnock
  • Maitland
  • Singleton
  • And the surrounding areas

Wine Country Finacial Services is your local trusted Hunter Valley and Newcastle Mortgage Broker and Financial Solutions Provider.

0439 225 945