The loan process.
From a quick chat to settlement, these are the steps to owning your first home.
Get in touchFirst Home Loans.
Buying your first home is an exciting time - but it can also be complicated - our job is to make it easy for you.
Getting into the property market is one of the biggest financial decisions you'll make. From confusing contracts and jargon filled paperwork to inspections and ultimately, sealing the deal – we’re here to give it to you straight.
Before I get into the process, I often get a lot of questions about what types of grants and or help is available to first home buyers. Let's start by learning more about the First Home Owners Grant.
The First Home Owners Grant (FHOG)
The First Home owners Grant in Australia, is a government grant that is designed to make purchasing a home more accessible to first home owners. The grant varies from state to state and I have put a link to the government website that outlines the different grants available on a state by state basis.
If you are buying your first home, you may also, depending on the state that you are in qualify for lower stamp duty fees. Easiest thing to do is check here. Put in the value of the home that you would like to purchase, your individual circumstances and it will give you the stamp duty costs that you will be up for.
As Castle Mortgages is based in South Australia, the information below focuses on the South Australian housing market. However, we help clients from all over the country so should you have any questions please do not hesitate to get in contact if you're based in another state. We can provide more information tailored to your situation.
In South Australia, for any new home that is purchased from the 15th of October 2012 onwards, there is a $15000.00 grant available to permanent residents and obviously Australian citizens.
A new home is defined as a home that has not been previously occupied or sold as a place of residence. Or a Substantially renovated home. To see the exact definition, go here.
The FHOG in South Australia is also capped by the price of the home, and may not exceed $575000.00 anything above this and the FHOG will not be available.
None of the applicants or owners of the home can have ever owned a home to be able to claim the FHOG.
Normally the FHOG is paid on a newly built home at the slab phase. Meaning that in terms of a deposit it may not necessarily be helpful. However, there are some lenders out there that will advance the money to the borrower enabling them to use it towards the purchase of the land.
In South Australia there is also an off the plan concession available for apartments. For more details on this you can have a look here. I will not delve into this here as it can get a little tricky with regard to how its calculated. I would suggest that you get in touch to have a chat about your options with regards to this.
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Say hello
It all starts with taking about one minute to answer a few simple questions right here. When you’re done, we’ll meet to talk about your goals, opportunities and next steps, in person or online.
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Get those goals
Once we know what you need, we’ll research 60 banks and lenders to provide you with loan recommendations best suited to your needs.
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The nitty gritty
Found your lender? Well sit back. We’ll do the paperwork and package, sign and lodge your documents to get you primed and ready for pre-approval.
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So… How much can you borrow?
If your pre-approval gets the tick, your borrowing power will be revealed. This amount is valid for three months and gives you a clear idea of what you can spend. Let the house hunting begin!
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Seal the deal
After all the ups and downs of the home buying hunt, you’ve found a home and made an offer. While you pop the champagne, we’ll keep track of your application to ensure it all runs smoothly.
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Settlement - your big day!
Get excited, it’s time for settlement. Sit back and enjoy the moment, we’ll let you know when everything is finalised and your lender has released the funds.
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