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Lawform Financial Services Group Pty Ltd
12 View Street, Camden, NSW 2570
12 View Street, Camden, NSW 2570
First Home Owner Grant (FHOG) update
From 1 October 2012, the $7,000 First Home Owner Grant (FHOG) has been replaced in NSW by the $15,000 First Home Owner Grant (New Homes) Scheme.
First home owners who purchase or build a new home after 1 October 2012 will be eligible for the $15,000 grant. The grant will reduce to $10,000 on 1 January 2014.
The $7,000 first home owner grant for established properties has ended.
It is standard policy for most Lenders to require a 5% genuine savings deposit if borrowing over 85-90% of the property value. There are a selected few lenders that will lend up to 95% plus capitalising (adding) the full Lender’s Mortgage Insurance to your loan. There is even a product that allows a secured credit card at home loan rates up to $20,000 to assist with stamp duty and purchase costs, if borrowers are a little short on completing the transaction (subject to serviceability).
If you are wanting to borrow less than 85% there are Lenders that will allow a non-refundable gift or lump sum earnings as borrowers contributions.
With new products on the market, first time borrowers have more opportunity than ever before to get their foot into the property market.
If you are ready to move to application or you would like to discuss your potential borrowing capacity for future ownership of your first home, Lawform is only too happy to discuss your options.
First home owners who purchase or build a new home after 1 October 2012 will be eligible for the $15,000 grant. The grant will reduce to $10,000 on 1 January 2014.
The $7,000 first home owner grant for established properties has ended.
It is standard policy for most Lenders to require a 5% genuine savings deposit if borrowing over 85-90% of the property value. There are a selected few lenders that will lend up to 95% plus capitalising (adding) the full Lender’s Mortgage Insurance to your loan. There is even a product that allows a secured credit card at home loan rates up to $20,000 to assist with stamp duty and purchase costs, if borrowers are a little short on completing the transaction (subject to serviceability).
If you are wanting to borrow less than 85% there are Lenders that will allow a non-refundable gift or lump sum earnings as borrowers contributions.
With new products on the market, first time borrowers have more opportunity than ever before to get their foot into the property market.
If you are ready to move to application or you would like to discuss your potential borrowing capacity for future ownership of your first home, Lawform is only too happy to discuss your options.
