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For a Limited time only Receive a FREE Property Guide for your local area
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*Available for Sydney Metro Properties |
First Home Buyers
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The stress-free guide to buying your first home. CONTACT US now to discuss your home loan options!
Which Home Loan Is Right For Me?
With so many different loan products on the market, finding a home loan is not as simple as it used to be. There is a range of options available to you that may save you money, provide you with greater flexibility and peace of mind.
A & B Financial Solutions consultants use their expertise and experience in the home loan market coupled with a unique computer software program that enables them to compare hundreds of loans in a matter of minutes. Our consultants will then be able to provide you with a short list of loans that are both competitive and suitable simplifying the loan selection process.
Some of our more popular loan products are as follows:
• Standard Variable Home Loans & Investment Property Loans
• Buying a New Home
• Fixed Rate Loans
• Re-Financing
• Lines of Credit
• Construction Loans
For further information, please contact us to discuss your individual needs please call us on (02) 9982 8014 or email us at info@abfinancial.com.au
ACT NOW and apply to us online
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First Home Owners Grant? (FHOG) & First Home Plus
You’re A & B Financial Solutions Mortgage Broker can help you arrange the First Home Owner Grant and Stamp Duty concessions under the First Home Plus scheme.
After the 30 June 2010 the FHOG will continue and applicants will receive $7,000 for purchasers of existing homes. As well as possible Stamp Duty Exemptions for properties up to $500,000 and possible Stamp Duty Concessions for properties from $500,000 to $600,000
Applicants that are looking to purchase a vacant block of land will receive possible Stamp Duty Exemptions for vacant land up to $300,000 and Stamp Duty Concessions for vacant land from $300,000 to $450,000
From 1 January 2010, a $750,000 Cap will apply to all applications where the commencement date of the eligible transaction is on or after 1 January 2010. Applicants who purchase or build a home which has a total value of more than $750,000.00 will not be eligible for the grant.
Some rules that apply to the above Grants as follows:
1. You must be an Australian citizen or permanent resident buying or building your first home in Australia.
2. The property you buy must be a recognized house, unit or flat specifically designed for people to live in.
3. You or your partner must not have purchased in Australia before.
4. You must occupy the home within 12 months of settlement or within 12 months of building completion if it’s a newly built home. Note there is a minimum period of time that you must be permanently living in your property to comply with the grant rules.
5. You must apply for the grant within 12 months of settlement or building completion.
In some states additional bonuses may be available. Please contact us on (02) 9982 8014 or email us at info@abfinancial.com.au to discuss your opportunities and for assistance in accessing the First Home Owners Grant.
Note this is meant as a guide only and is subject to the Office of State Revenue Approval for more information, please visit the Office of State Revenue's Website.
The NSW Home Builders Bonus (HBB)
The NSW Home Builders Bonus (HBB) has been introduced to stimulate the construction of new homes in NSW. HBB provides exemptions and concessions for certain purchases of new homes, homes off the plan and vacant land on which a new home will be built (New Housing Concession).
A partial concession of 25% of the Stamp Duty for completed new homes (E.g. Spec Homes) and off the plan purchases where construction has commenced prior to the 01 July 2010.
To be eligible for the HBB the value of vacant land must not exceed $400,000 and new homes must not exceed $600,000
Agreements for sale or transfers of vacant land or a new home will be eligible for the HBB concessions where they are entered into on or after 1 July 2010 and before 1 July 2012.
If an agreement to purchase vacant land or a new home has taken place (i.e. contract signed) before 1 July 2010 but settlement will not take place until after 1 July 2010, the concessions will not apply.
For vacant land, construction must commence with the laying of foundations within 26 weeks after the agreement for sale or transfer and construction must be completed within 18 months after the laying of foundations begins.
An off the plan purchase will be eligible as follows:
- If the agreement for sale is entered into on or after the 01 July 2010 and before the 01 July 2011, and completed by 31 December 2012
- If the agreement for sale is entered into on or after the 01 July 2011 and before the 01 July 2012, and completed by 31 December 2013
Where 25 per cent stamp duty reduction applies for the purchase of a completed new home, duty is payable within three months of the date that the agreement for sale or transfer is first executed (i.e. contract signed).
It is important to note that all applications for exemptions or concessions under HBB must be made within 3 months of the date of the agreement for sale.
- A Newly Constructed Home will refer to a Home that has not been previously occupied or sold as a place of residence and includes a substantially renovated home.
Other Conditions May Apply
In some states additional bonuses may be available. Please contact us on (02) 9982 8014 or email us at info@abfinancial.com.au to discuss your opportunities and for assistance in accessing the First Home Owners Grant.
Note this is meant as a guide only and is subject to the Office of State Revenue Approval for more information, please visit the Office of State Revenue's Website.
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How Much Can I Borrow?
How much you can borrow, also known as your borrowing capacity, will depend on how much of a deposit you have, your current income and what expense commitments you have. It will also vary from lender to lender.
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Am I Eligible For The First Home Owners Grant?
This one-off grant is available to First Home Buyers intending to live in the home they are buying. Basically, you are eligible if you are an Australian citizen or a permanent resident who is buying or building your first home in Australia and intend to occupy it as your principal place of residence within 12 months of settlement. Note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be available. Contracts must be entered into prior to the 30 June 2010.
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What Will My Repayments Be?
It is one thing to work out how much you can borrow, but you need to know if you can afford the repayments.
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How Much Do I Need To Save For A Deposit?
The amount you need as a deposit will depend on the type of home loan and the lender you select. Generally you will require a minimum of 5% of the property value.
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How Much Do I Need To Set Aside For Stamp Duty?
Stamp duty is a tax levied on the purchase of a property. It is calculated according to the purchase price of the property and the state or territory the property is situated in.
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What Other Expenses Will I Need To Pay Besides Mortgage & Stamp Duties?
As a rough guide, you should budget for between 5-7% of the purchase price, in addition to your deposit, to cover fees and charges. While mortgage and stamp duties will make up the bulk of this 5-7%, the balance may include;
* Building and pest reports
* Valuation fees
* Lenders mortgage insurance (LMI)
* Solicitors fees
* Insurances
* Utility connection fees ? phone/gas/electricity
* Council and water rates
* Removalist costs
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How Do I Choose Which Home Is Best For Me?
When deciding on the area to live in, apart from considering proximity to family, friends and work commitments, you will obviously need to think about prices. Prices will vary greatly from suburb to suburb.
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