First-Home Buyers

Becoming a first-time homeowner is a significant milestone in anyone's life. A house is likely the most important and expensive financial investment you have made so far in your life. It can be an overwhelming, confusing, and stressful journey from start to finish unless you have the proper support and information. Then, it can be an exciting and smooth experience. That is where we come in at The Loan Agency. We are here to help make buying your first home the exciting adventure it should be.

There are a lot of considerations you need to make when buying a home, from budgeting for it and saving to choosing the property type and location, location, location. With all of this in mind, our goal is to provide you with all the information, resources, tips, and advice you need to make the most informed decisions throughout the process towards getting your house keys.

First Home Buyer Scheme

The Australian government guarantees a 15% maximum for all eligible first-time home buyers who can buy or build an existing or new home with a 5% deposit. The lenders mortgage insurance will be subtracted. The maximum purchase price in Victoria is around $800,000. The property purchase must be for your principal place of residence. Applicants buying as individuals must earn no more than $125,000, while couples can earn $200,000 to be eligible for this scheme.

Family Home Guarantee FHG

Another governmental scheme is the Family Home Guarantee, or FHG for short, which supports eligible single parents to buy or purchase an existing or new home. The difference between this and the above is that customers can qualify for this scheme, even if this is not their first time buying a home. The catch is that you should not currently own a home. Lenders mortgage insurance is one thing you won't need to pay, and under this scheme, you will receive a guarantee of 18% maximum if you are eligible with a 2% deposit. The property you are purchasing or building must be your primary residence.

Any Questions? Contact Us Today.

You can trust us to deliver you an unrivalled loan application experience from start to finish. We are licenced and accredited and work with an extensive lending partner network.