Buying your first home in Australia is a remarkable milestone and fulfils one of your major life aspirations. The government of Australia and local state authority offers various grants and home-buying-friendly schemes to make your homeownership more affordable. Our blog post will provide a comprehensive guide about state government grants available to first-time home buyers in Melbourne City.
A first-home buyer is typically a buyer who has never owned a property in Australia. Federal and state governments in Australia offer schemes and incentives to first-home buyers, making it easier to get a home loan and save money on your mortgage.
The First Home Owner Grant, popular as FHOG, is a federal housing scheme available to Australian citizens. You can go for it if you fit the bill to meet the specified eligibility criteria. You can get a one-time payment towards the outright purchase or construction of a new residential property. For Melbourne citizens, the FHOG provides a grant of up to $10,000 for new homes or off-the-plan properties valued at up to $750,000.
It is a grand federal initiative to assist first-time home buyers like you with a deposit of as little as 5% of the overall property's value. Through this scheme, eligible applicants can secure a home loan without paying for a lender's mortgage insurance, which is typically required for loans with a deposit below 20%.
For first-time home buyers, the government offers several grants and incentives to relieve the financial burden and support your lifetime journey towards homeownership.
As a first-time home buyer, you must do your homework and research and consult with relevant authorities to understand each grant or scheme's eligibility criteria and application process. Alternatively, you can contact Moneynest Finance, Moneynest professional home loans broker team will assist you in the whole process. From what exactly it is to the eligibility criteria, the differences state by state, how much you could receive, and when the grant gets paid, Moneynest is a one stop solution for all first-time home buyers.
If you have doubts or enquiries about how refinancing your mortgage can assist you in achieving your financial aspirations in life, our team will be happy to connect with you . We can answer all your questions and provide a complimentary and professional review of your current mortgage to see if a refinance makes sense.