Finance Broker Australia

TWO SUPER SPECIALS FOR TWO WEEKS ONLY (COMMENCING MONDAY 30TH JUNE 2008 UNTIL SUNDAY 20TH JULY 2008)

1) FIRST HOME BUYERS OFFER

First Home buyers eligible for the NSW/ACT Government First Home Owner Grant can apply for a First Option Home Loan with NIL Establishment Fee ($600 saving), NO Monthly Maintenance Fee ($10 per month saving) and an extra 0.12 percent discount on the First Option Home Loan rate.

The First Option Home Loan allows the customer to make additional repayments at any time and also access their redraw facility.

First Home Buyers Grant State Government Information Websites.

Below is a directory of the individual Australian state government websites that host information about First Home Owner schemes in your state of residence or intended purchase. Sites include frequently asked questions about first home owner grant eligibility, qualifying homes, residency requirements, how to make an application, supporting documentation required, spouse or partner information and details regarding payment of the first home buyers grant.

NSW (02) 9685 2122
www.osr.nsw.gov.au

VIC (03) 9628 6777

Deposit for a home purchase can be made up of three different stages.

• The total available deposit available to contribute toward the purchase.
• The holding deposit usually payable when an offer is accepted but prior to the contracts of sale being signed and exchanged.
• The 5 or 10 percent deposit usually payable following exchange of contracts for sale.

When there is only a limited deposit available a 5 or 10 percent deposit requirement can usually be avoided by obtaining a deposit bond or deposit guarantee.

There are 2 parts to the first home buyer grant in Australia.

The first is the Australian Commonwealth Government grant which at the time of writing is $7,000 as it has been for some time.

The second part is Australian State Government based and this varies from state to state.

Weeks or months may have passed and a property you are very interested in owning available to buy. Usually you will have carefully inspected the property yourself on more than one occasion and the asking price is within your borrowing capacity. It is a good idea to make a call to your finance broker on 02 8002 4035 to check that nothing has changed. For example, if your home loan near the maximum you are able to afford, and interest rates have increased there my be a need to reduce your loan amount due to reduced affordability.

Loan serviceability takes into account all available income such as wages, pensions, self employed income etc then takes away an allowance for living expenses and other liabilities such as other loans. Hopefully there is a positive cash surplus remaining and this cash surplus will determine the maximum loan amount the borrowers can afford.

Because many lenders use different policy and calculations to establish borrowing capacity there are almost allways differences in the maximum home loan amounts various lenders are willing to lend.

Arriving at the decision to purchase your own home for the first time can come about due to any number of different reasons.

Some people have always wanted to purchase their own home while others decide to purchase their first home to live in as a result of other influences.

Increases in rent, seeking additional security or needing more space are common reasons for deciding to purchase a first home.

Whatever the reason, the desire to purchase your first home has become evident and you now find yourself reading this first home buyer information.