affordable ways to
own your first home
Owning your first home starts with feeling overwhelmed, and ends with feeling over the moon. You wave goodbye to nosey inspections and hello to your new favourite landlord ā YOU.
But if crunching the numbers has you feeling the crunch, stress less. Making the process as simple as possible just happens to be our specialty. See below for advice to make things easy as 1-2-3.
anthing's possible
finance process
Step 1: Can I get a loan?
Home loans are like romantic partners: we all need something different!
Theyāll be around for a while, so choose carefully! Our super-friendly in-house finance team will make things as easy as possible by understanding your needs so you feel right at home with your home loan.
Step 2: How much can I get?
Your loan is like a tailor-made suit, only instead of chests and arms, we measure savings and earnings.
From there, weāll have you looking flash and feeling fantastic with a loan that fits just right.
Step 3: How am I going to pay for it?
Itās important not to bite off more than you can chew.
Youāll be chewing your home loan for a while! Calculating the payments you can manage, will help determine your price range and what kind of loan you need.
FHOC
easy finance
get into your home sooner
Low Deposit Home Loans
Even without smashing a smashed avo every morning, saving a deposit can be difficult. Between rent, bills and everyday living expenses, mustering that mountain of moula might seem out of reach. Has the rent trap got you for good? Not on our watch.
Itās possible to secure a home loan with a low deposit. Homeownership may be closer than you think!
GRANTS HELP MAKE
THE MOVE THAT LITTLE BIT EASIER
Government Grants
If you plan to live in your first home, you could be eligible for the First Home Owners Grant (or FHOG to the cool kids).
Thatās up to $10K!
You could also have your Stamp Duty, the governmentās tax on house purchases, waived. Waive hello to a tax-free home!
The government often creates new grants and schemes to help aspiring home owners, so keep an eye out and make sure you know what assistance youāre entitled to.
HERE TO ASSIST YOU
INTO YOUR NEW HOME
Home Start Assistance
There are hurdles on the path to homeownership.
Think of First Home Owners Centre as a secret trampoline, launching you over any obstacle.
Here are just three ways we help:
- Debt Assist Scheme
- Deposit Assist Scheme
Debt Assist Scheme
Home loans are daunting enough without other debts weighing you down.
If you need to get on top of debts before the home owning dream gets underway, First Home Owners Centre can lighten the weight to shorten your wait. Our Debt Assist scheme covers a certain amount of debt to help get you out of trouble and in control.
Deposit Assist Scheme
Then comes the deposit.
If thereās more moths than money in your wallet, our Deposit Assist scheme can help you gather the deposit for a home. If youāre currently making regular rent payments, chances are youāre eligible for this rentersā rescue.
Rent Assist Scheme
If you choose to build, youāll need somewhere to live while your home sweet home is brought to life. But financing a place to sleep WHILE financing the place of your dreams is no mean feat.
Keystart Home Loans
A little help from Keystart Home Loans can bring you to that memorable moment faster and easier. Their low deposit home loans without lenders mortgage insurance lower the barrier to homeownership, so you can wait less and live more.
With just a 2% deposit needed, perhaps your home owning journey starts with Keystart.
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FAQ
What is the First Home Owners Grant (FHOG)?
The First Home Owners Grant (FHOG), also known as the new home owner grant, is a one-off government payment designed to help eligible first-time buyers purchase or build a new residential property. The grant is not a loan and does not need to be repaid. It is usually available only for newly built homes, off-the-plan purchases, or substantially renovated properties. The amount of the First Home Owners Grant and the eligibility criteria vary depending on the state or territory, including property price limits and residency requirements. The grant is often used to reduce upfront costs such as deposits, construction expenses, or settlement fees.
Can I get a first home owners loan with a low deposit?
Yes, many first-time buyers are eligible for a first home owners loan with a low deposit, sometimes as little as 5% of the property value. Government-backed first home owners schemes are designed to support buyers who have stable income but limited savings. These schemes may allow eligible applicants to avoid paying lenders mortgage insurance (LMI), which can significantly reduce the overall cost of buying a home. Approval depends on meeting income limits, property value caps, and demonstrating that you can comfortably manage loan repayments.
What is a low deposit home loan?
A low deposit home loan allows buyers to purchase a property with less than the standard 20% deposit that most lenders usually require. For first-home buyers, low deposit home loans are often supported by government guarantees under a first home owners scheme, which reduces the lenderās risk. This means buyers may be able to enter the property market sooner without needing years to save a large deposit. While low deposit loans can make home ownership more accessible, borrowers should consider factors such as interest rates, repayments, and long-term affordability.
What is the First Home Owners Scheme?
The First Home Owners Scheme is a broad term that covers several government initiatives designed to help first-time buyers enter the property market. These initiatives may include the First Home Owners Grant, new home owner grants, low-deposit home loans, government loan guarantees, and stamp duty concessions. Together, these programs aim to reduce upfront costs, improve borrowing power, and make buying or building a first home more achievable for eligible Australians.
Can the First Home Owners Grant be used as a deposit?
In many cases, the First Home Owners Grant or new home owner grant can be used toward your deposit or to help cover other purchase costs such as construction progress payments or settlement fees. However, most lenders offering a first home owners loan still require applicants to show some genuine savings to demonstrate good financial habits. The exact way the grant is applied depends on the lender, the type of property, and the state-based rules under the relevant first home owners scheme.
Who is eligible for low deposit loans and first home buyer support?
Eligibility for low deposit home loans, the First Home Owners Grant, and other first home owners schemes generally depends on several factors. These include your income level, the size of your deposit, the value of the property, and your ability to service a first home owners loan. Applicants are usually required to be Australian citizens or permanent residents and must not have previously owned property in Australia. Each state and federal scheme has its own rules, so eligibility can vary.