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First Home Buyers

Purchasing your first home is an exciting achievement and whilst it can seem daunting, if you do your research and you’re prepared, it can be a great decision that sets you up for life.

The perks of home ownership
Your house, your rules

Say goodbye to sticky hooks and hello to hammers and nails – in your home you have the freedom to personalise your space however you like. This includes making enhancements that increase the value of your property and which suit your needs as time goes on.

Greater financial stability

Home ownership comes with a unique set of expenses, such as mortgage repayments and land rates – though these are generally predictable, and if you choose a fixed-rate home loan, can be set over a period of time to help you take control of your finances.

Build equity and grow value

Equity is your friend – it’s the value of the property you own (i.e what you’ve paid off). Equity is also spurred on by increases in the market value of your property. As you build equity, you may be able to redraw on your loan or borrow more money to go on a holiday, buy a car or invest in property.

Forced savings

Stay with us here – your mortgage repayments are actually a way of saving money. If your loan repayments include principal as well as interest, then you’re regularly putting money towards paying off your property. Compared to renting, making payments towards home ownership means you’ll see the value of your investment in the future.

A permanent address

Whether you’re renting from a landlord, or living with your parents, you may be asked to move on when you least expect it. Owning your own home gives you the freedom to make big plans with the certainty of knowing where you’ll be living in twelve months’ time.

Key steps to owning your first home

There are key factors to any process, just like owning your first home. We look at six important steps to get you started.

  1. Know Your Limits
  2. Deposit
  3. Clear Debt
  4. Apply for Grants
  5. Seek Advice
  6. Research
Key steps to owning your first home
Start your
journey home!

Speak to our partners at RateOne

RateOne take the time to understand your financial objectives. Allowing their team to tailor a solution to meet your individual circumstances and objectives for the best outcome. With over 25 experienced brokers they are here to make your home buying journey seamless and simple.

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Understanding house and land packages

For many buyers, house and land packages are the ideal way to get a new home with less effort and greater affordability. Whether that be purchase of a Block & Build or a Turnkey home, we look at the best option for you the Owner Occupier or Investor.

Our consultants are here to guide you step by step, explain the contract types, process, finance and best solution to suit your lifestyle needs.

Understanding house and land packages

First Home Owner Grant: Q&A

Here are some common questions and answers to get you started, specifically around accessing the FHOG in Victoria:

If you’re considering buying a home for the first time, you’ve probably heard about the First Home Owner Grant (FHOG). It’s a government scheme for eligible first home buyers that contributes money towards purchasing your first property. The FHOG can provide a helpful boost, as long as you understand how it works.

How much is the FHOG worth?

At the time of writing, the FHOG is worth $10,000 if you’re buying in metropolitan Melbourne or regional Victoria.

Who’s eligible to receive the FHOG?

There are several criteria that apply including:

  • Must be a permanent resident or citizen of Australia
  • Can never have received the grant or owned residential property
  • Must be aged 18 or over (discretionary)
  • Must buy a new or established home as an individual (not a company or trust)
  • Must occupy the home as their principal place of residence for at least 12 months
  • Must apply for the grant within 12 months of settlement.

Do all types of properties apply?

Your property can be a house, townhouse, apartment, unit or similar but it must be valued at $750,000 or less. It must also be the first sale of the property as a residential premises and the home must be less than five years old. Investment properties and/or holiday houses don’t make the cut.

How do I apply?

In most cases, the bank or credit union providing you with finance will lodge your FHOG application on your behalf (so double check with them that they’re doing this for you). In special cases, you may be required to lodge your application directly with the State Revenue Office.

When do you receive the grant?

The timing of your FHOG payment depends on the contract you sign to buy or build your new home, and whether you lodge your application directly or via your lender. The grant is usually paid at the time of settlement to your lender and applied directly to your home loan. If you are building a home, the grant will be approved when your first loan repayment is due.

Where can I find out more information?

Whilst utmost care is taken to ensure information on our website is kept up-to-date, it’s always useful to check the official government website for FHOG facts. In Victoria, that’s the State Revenue Office.

Start Your Journey

Make your home journey a reality with Fairhaven Homes.
Book a consultation with one of our New Home Consultants or call us on:

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