First time home buyers Brisbane

Buying your first home is exciting and incredibly rewarding.  Make sure the Great Aussie Dream doesn't turn into a nightmare by talking to a mortgage professional and weighing up your options.

As a first home owner in Brisbane you can take advantage of two major government initiatives:

First Home Buyer Grant
When considering buying your first home, make sure you factor in the first home buyer grant. The boost to the First Home Owners Grant is being phased out and as of 31 December 2009 will no longer be available.  The original first home owners grant of $7,000 is still available to eligible first home buyers.

The scheme is provided by the Federal Government and is aimed at helping first home buyers onto the property ladder.  The grant was increased as part of the government's stimulus package in 2008 but is now winding back to the original $7,000.

For more information on what you can claim as a first home buyer, contact your nearest mortgage broker.

Requirements:
•    You must be an Australian citizen or permanent resident who has never owned property in this country
•    You must have lived in Australia for at least six months;
•    You must be over 18-years old


First Home Buyer Savings Account
The scheme is aimed at helping first home buyers get into the market.  For every dollar put in to the account, the Government will put in 17 cents - up to a maximum contribution of $850 a year.  The only catch is that account holders must save for a total of four years with contributions of at least $1000 a year.  The overall account balance will be capped at $75,000.

How much can I borrow to buy my first home?
Your borrowing capacity can be determined by looking at your income, your expenses, the financial goals you may have and all of your personal circumstances.  A mortgage broker can calculate this for you easily, so you can be prepared when looking at the property market.

What other costs will I incur?
Buying a home means more than just the mortgage.  There are legal fees, settlement fees, property inspection fees, there may also be stamp duty, and then there are moving costs such as hiring removal a firm or truck.  It is important to factor these costs in when budgeting for your new home.  At Your Local Finance, our experienced mortgage advisors can offer you some assistance and point you in the direction of some great resources to help make the move as easy and as stress-free as possible.


Don't risk bad advice.  Talk to Your Local Brisbane Mortgage Broker on and get the assistance you need.