First Home Owner Grant
In July 2000 the First Home Owner Grant (FHOG) of $7,000 was introduced nationally to assist first home buyers. Eligibility and the grant amount differ between states and territories and if the property is established or new. It is highly recommended you visit the FHOG website to learn more and to find out if you are eligible.
The FHOG is definitely helpful for first home buyers, however it is essential that first home buyers do not borrow beyond their means and that the loan is manageable.
Gateway is a responsible lender that operates under the same strict prudential standards as every Australian Bank, overseen by the Australian Prudential Regulation Authority (APRA).
4 Steps to Buying your First Home
There are 4 steps you should follow to purchase your first home.
1. Find out how much you can borrow
Before searching for a property it is important to know how much you can borrow and therefore how much you can afford to pay for a property.
Ideally, you should be able to show evidence of saving for your deposit.
At Gateway you may be able to borrow up to 95% of the purchase property value. If you are borrowing over 80% of the purchase property value you will also have to pay Lenders Mortgage Insurance.
To gain an indication of how much you may be able to borrow, use our calculators.
2. Research which home loan suits you
There are numerous loan products available in the market. What is important is to choose one that suits your needs.
Are you after a fixed rate or a variable rate? Do you want a redraw facility? What are the fees associated with the home loan? These are all factors you need to take into account when selecting a loan.
Compare Gateway’s Home Loans to see which loan may suit your needs and also our competitive interest rates.
3. Search for your first home
Searching for your first property may be daunting and time consuming. Sometimes when you finally find the ‘ideal home’ someone else outbids you and you are back to the drawing board.
So that you are in the best position it is a good idea to set up email alerts with as many real estate sites and real estate agents as soon as possible.
You can conduct a search and set up alerts at the following sites:
4. Apply for your first home loan
Applying for a Gateway Home Loan is easy. There are four options, you can either:
1. Applications are subject to our normal credit assessment criteria.
2. Terms and Conditions apply and together with interest rates are subject to change.
3. Loan Fees apply.
4. Gateway Credit Union Ltd is not responsible for any opinions, advice, statements, services or other content of any website that is linked to by this site and is provided by third parties. You access the third party sites and/or use the sites’ products and services solely at your own risk and Gateway Credit Union assumes no liability for any such products and services. The links are provided solely for your convenience and do not indicate, expressly or impliedly, any endorsement, approval, representation or guarantee of accuracy, completeness or usefulness by Gateway Credit Union of the sites or the products or services that are offered by the owners of third party websites.