What Type of Properties Are Eligible for the FirstTime Home Buyers Grant in Westmead?

• FHOG or First Homeowners Grant: This is a government grant meant to help first-time home buyers. Every state has different criteria or conditions for FHOG, though in general all Australian citizens or Permanent residents who are buying their first home are eligible for this grant. They must be 18 years of age and should use the grant provided to buy a home that will be their principal residence. Some states include only newly constructed homes or apartments for such grants, while others consider “substantially renovated” property as well.
• Stamp Duty Concession or Exemptions: This one-time payable tax covers all transfers of property or property title. The amount of stamp duty payable depends on the location of the property and state regulations. As a first home loan buyer, you get a stamp duty concession, which is a substantial saving for you. However, to be eligible, you must meet all conditions such as age, residency, and threshold limit and should not sell or dispose of the property or any of its parts for 12 months after occupation. Check with our consultants and find out if your property is above the threshold limit or if you can still get any applicable discounts without being a first-time home buyer. You can choose to pay an annual percentage of stamp duty and use the funds towards a deposit to help you buy earlier.
• FHLDS or First Home Loan Deposit Scheme: This is a huge relief for all home buyers, as the FHBG helps them take a home loan without a costly lender’s mortgage insurance. With the First Home Guarantee, the government guarantees a part of the loan, usually up to 15% of the loan amount. This means that you can take a first FHBG with only 5% of the property’s market cost as a deposit.

Are you planning to buy an investment property a few months or years down the line? An investment property is a great option to build up assets or equity and get an additional source of income. It also helps you grow your money in the long term as the property appreciates with time. An important part of buying an investment property is raising the deposit money for your big-ticket purchase.

This can be done by various means, such as:

• Analysing your deposit money requirement
• Making small and achievable goals
• Setting weekly/monthly/yearly targets
• Consulting an expert
• Investing where your money grows
• Cutting on your expenses

You cannot overstate the importance of the deposit amount when buying an investment property. The higher the deposit money, the more the investment property loan amount that you become eligible for. This also helps you get a lower interest rate on your investment property loan. Lower investment property interest rates help you pay off the investment loan earlier and save on money paid as interest. This can help you save hundreds of dollars over the life of the loan.

If you wish to refinance your existing home loan and want to find out about the lowest refinance home loan rates, Local Finance Guru can help. We can assist you with home loan refinance and get you a host of other benefits with the new loan. Our brokers will also talk to your existing lender and negotiate the exit fee or any other necessary steps required for refinancing your home loan. We work with the new lender and get details of refinance rates, fees payable and any benefits and discounts that you may be eligible for.

Our dedicated relationship manager is a knowledgeable and experienced refinance broker, who works with you on a one-to-one basis. They explain the pros and cons of every loan type and the cost vs. saving with lower home refinance rates. This helps you take an informed decision and not simply rush in only to regret your decision later.

Some of the most common reasons to consider a home refinance are:

• Get a better home to refinance rates.
• Get a new loan with extra features.
• Unlock the equity in your home.
• Debt consolidation including personal loans or credit card debt.
• Get flexible repayment options.
• Get extra money for renovation or an expensive purchase.

As the trusted mortgage broker in Westmead, Local Finance Guru helps you to get a competitive interest rate on every type of home loan. We work with all the leading banks and non-banking lenders to negotiate the most beneficial terms for you. Our commitment is to our clients, not the lenders. Therefore, your best interest will dictate our every move.

Our team has years of experience and in-depth knowledge of the loan market. They provide unbiased and fair advice on every aspect of taking a loan, including their pros and cons. With us, you get:

• Wide variety of loans from 60+ lenders
• Loans for every type of property
• All applicable discounts
• Competitive interest rates
• Documentation assistance
• Follow up with the lender
• Regular updates
• Dedicated point of contact
• Post-disbursement advice and assistance

To discuss your loan requirements or schedule a face-to-face meeting with our loan expert, call us on 0430 411 466. Alternatively, you can also fill out our online form or email us at vipul@localfinanceguru.com.au.