First Home Buyer Loans

Buying your first home should be an exciting and satisfying experience and with a little knowledge and preparation there is no reason why it shouldn’t be. There are a number of things to be aware of ranging from the various government benefits for first home buyers to understanding the requirements the various lenders place on you before they will give you a loan.

First home buyers get 2 main benefits … a cash grant called the first home owner’s grant and an exemption of stamp duty costs associated with the purchase of a property.

Each state has different qualification rules and pay different grant amounts. The grant varies from $5,000 in some states to $20,000 in others. In NSW, first home buyers purchasing a brand new first home will receive $10,000 first home owners grant for purchases up to a cost price of $650,000 or up to $750,000 if you are building a property. The property you purchase must be “brand new” to qualify for the first home owners grant. See first home grant and stamp duties page for more information.