What great news for first-time home buyers if you purchase a brand new home before June 2009, a whopping $21,000 against mortgage, expenses or even new furniture. So if you’re prepared to take the plunge and sign up for what’s potentially the biggest investment you’ve ever made, now, more than ever, seems to be the best time to get into the property market as a first home buyer. While your friends and family will be full of advice, as with any major decision in our lives, having their experiences and opinions on board is always helpful, but your own research will give you peace of mind and certainty before you sign up for a big purchase and potentially sign your life away to the mortgage company.If you wish to learn more about this, visit Cream City Home Buyers.
Generally speaking, most first home buyers already have an idea about the place and the type of home they want, so now it’s just a matter of figuring out whether you can afford to buy what they want. Nearly all the major banks and other lenders are providing special deals for First Home Buyers with reduced loan fees and lower interest. With the help of some robust search engines, not only shopping around for a home loan, but a property is almost as simple as 1-2-3, so leap over the internet and let your fingers do all the work for you. Know that the bank can not lend you all the money to purchase your first home. At least a small portion of your deposit would have to come from your own savings as a first home buyer, or even a donation from your family. When you have found the correct home loan, apply for a pre-approval. That can be done in person or online. A pre-approval is the preliminary approval of a property that is acceptable to the bank. You’ll need to submit a completed application form along with specifications such as your name, proof of income and evidence of savings (gift). If the bank is confident that you are a suitable first home buyer, they will issue a pre-approval and you can start your first home shopping around.
So when do I apply for a First Home Owner Grant, and how? The First Home Owner Grant is only open to Australian residents and people, so you should contact your state revenue office for more information before applying, preferably visit their respective website. If you follow all the criteria and conditions for your first home buyer, there are two ways you can apply for your first home owner grant. If you apply through your bank for the first homeowner grant, you are likely to receive the grant at settlement, so on the day that you legally become a homeowner. If you apply directly with the state revenue office for the grant, it is unlikely that the grant will come through until after payment. The best way to do so is to maintain daily communication with your preferred bank’s lending manager. Note, they are the best source of knowledge and advice for first-time home buyers every day, so don’t be afraid to call them if you have a question, after all, they ‘re here to help.