It’s the great Australian dream, buying your own home, but as a first home buyer it can be a daunting experience. Often with very limited or no experience in the property market at all, first home buyers have a million questions going on in their head.

One of the most pressing issues for new home owners’ is locating the right person who is willing and able to provide the support, guidance and money they need to progress forward when making their first purchase.

Aside from the massive challenge of finding a dream home priced within their financial means, there are common questions that keep most first home buyers awake at night.

These include:

  • Do I apply for a loan first before looking for my first home?
  • Can I get a bank to agree to lend me money before I find the house I want to buy?
  • How do I know if I am eligible for the First Home Owners Grant?
  • How does the First Home Owners Grant work and are there any other benefits?
  • Who helps me with the First Home Owners Grant application?
  • How much money do I have to save as a deposit for my first home?
  • Can my family lend me money to put towards my deposit?
  • Do I earn enough from my job to get a loan from the bank to buy my first home?
  • What would the monthly repayments be on my loan and can I afford them?
  • What are other costs when purchasing a property other than the loan?
  • Will owning a home be cheaper than renting or will I be worse off?

What is the First Home Owners’ Grant?

The Queensland First Home Owners’ Grant (FHOG) is a state government initiative to help first home owners to get their new first home sooner.

Depending on the date of your contract, you’ll get $15,000 or $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000).

You can even buy off the plan or choose to build yourself. It’s a great opportunity to buy or build a new home in our great state.

How the FHOG can help you

  1. If you’re thinking of buying or building a new home, this could be what gets you started.
  2. It could get you something more than you were expecting.
  3. It can get you into your first home sooner.

Who is eligible for the Grant?

  • You must be an Australian citizen or permanent resident (or applying with someone who is).
  • You or your spouse must NOT have previously owned property in Australia.
  • You must be at least 18 years of age.
  • You must be buying or building a NEW home.
  • The value of the home MUST be under $750,000.

Recent Changes to Queensland’s HFOG

As part of the State Budget in mid-June, the Qld Treasurer announced changes to the FHOG from 1 July 2018, lowering it to $15,000. However, if your contract to purchase or build a new home was signed between 1 July 2016 and 30 June 2018, you may still be eligible to apply for the $20,000 grant.

Want to take the next step?

By booking an appointment for a FREE one-on-one session with a Home Loan Connexion ‘First Home Buyer Mentor’, all your questions and more will be answered.

Whether you’re buying your first home to live in or rent, a Home Loan Connexion ‘First Home Buyer Mentor’ will fully explain what is involved and help you to apply for your First Home Owner Grant.

And best of all, from a panel of 40+ banks and lenders at their disposal, they will hunt down the right loan for you.

To book a FREE consult with a Home Loan Connexion ‘First Home Buyer Mentor’ call 07 3240 4800 or email clientservices@homeloanconnexion.com.au