First Home Buyers
We’re here to help you finance your first home!
Buying your first home is exciting but it can be challenging when it comes to knowing what loan you need. That’s where we come in!
Whether you are buying an existing home, a new home or vacant land and need a construction loan, we ensure we understand your needs and goals so that we can find the option that best suits your situation. We help you determine your eligibility for the multiple First Home Owners Schemes that are available (see below). We outline how each loan works and what it costs so that you have all the information you need to make the decision that works for you.
A security support loan, family guarantee loan or a property share loan could also be a consideration to help you with your first home purchase.
We then handle the application and manage the process right through to settlement to make the process as easy for you as possible.
To find out what information we will need for your First Home Loan, download our Application Checklist below.
First Home Owner Schemes*
* conditions apply
1. First Home Loan Deposit Scheme (FHLDS):
What it does - assist first home loaners with the purchase of a new home and removes fees associated with lenders mortgage insurance (LMI)
Requirements - need to show three months genuine saving at 5% of loan amount
For more information please see the following link: https://www.nhfic.gov.au/what-we-do/fhlds/
2. First Home Buyer Assistance Scheme:
What it does - full or partial exemption of fees associated with transfer duty (stamp duty) for purchases of a new or established home.
Requirements - this applies to first home buyers, purchasing new and used home.
For more information please see relevant state websites: NSW, VIC, SA, TAS, QLD, WA, ACT and NT
3. First Home New Home Owners Grant
What it does - a grant towards the purchase or build of a NEW home
Requirements - applies to first home buyers, purchasing or building a NEW home
For more information please see relevant state websites: NSW, VIC, SA, TAS, QLD, WA, ACT and NT
4. First Home Buyer Choice
What it does - gives first home buyers the option to pay an annual land tax + percentage of their land value instead of stamp duty
Requirements - applies to first home buyers purchasing house up to $1.5mil or vacant land to build up to $800k
For more information pease see relevant state websites - NSW (this scheme is only available in NSW)
Information Required for First Home Buyers:
You can check out our detailed Client Checklist here, otherwise below is an overview of the information needed for First Home Buyer applications.
Identification Documents:
Licence
Passport
Medicare Card
PAYG Income Evidence:
Payslips - 3 months, most recent & YTD figures shown
Previous 2 years Personal Income Tax Return
Previous 2 years ATO Assessment Notice
Bank Statements:
Last three months bank statements for all accounts - Credit Cards, Personal Savings etc.
Other Supporting Documents:
Asset & Liability Statement - PDF provided by Zel Finance
Declared Living Expenses - PDF provided by Zel Finance
Credit Guide - PDF provided by Zel Finance
Privacy Statement - PDF provided by Zel Finance
Note - more information will be required in due course, however this will assist us with an initial review of your position. Please note that most banks require 5% genuine savings, lenders are looking at savings & expense patterns (especially while you are living at home) showing you are saving what would otherwise be the monthly payment of a loan.