Home Buyers
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The dream of owning a home is a significant life milestone for many Australians, ranking alongside milestones like marriage and starting a family. Yet, this aspiration demands careful consideration and planning. For those embarking on their journey to home-ownership, the importance of early saving becomes a resounding theme. However, the questions often loom: How much should you save for a deposit, and how much can you safely borrow from a bank? At Your Finance Manager, our dedicated team is here to guide you through this crucial phase, offering expert advice, and collaborate with real estate agents, solicitors, and financial institutions.
We have a broad range of lenders on our panel and we’ve taken the time to know and understand each of their niches. This way, we can help our clients to the best of our ability by finding a lender that will be able to help them achieve their financial goals.
Regardless of the complexity or duration of your journey, we are committed to guide you through the process; and with a few strategic steps, securing a home loan can be well within your reach. At Your Finance Manager, we go beyond the ordinary to ensure you achieve your home-ownership aspirations.
First Home Buyers
First home buyers are individuals who are purchasing their first home. The Australian government has introduced several schemes to support first home buyers, including the First Home Owner Grant and the First Home Buyers Assistance Scheme.
The First Home Owner Grant is a one-off grant payable to first home owners that satisfy all the eligibility criteria. The scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. Each state has their own eligibility criteria, but generally include:
Empowering Your Home Purchase with a Family Guarantee
For those seeking an extra boost to their borrowing capacity, the Family Guarantee can be a valuable solution. This arrangement allows a family member to serve as a guarantor to secure your deposit, enabling you to reduce your Loan to Value Ratio (LVR) to less than 80%. As a result, you can avoid paying Lender’s Mortgage Insurance (LMI) on top of your deposit. With the Family Security Guarantee, you may even borrow up to the full purchase price of your new property, expanding your possibilities.
- Being over 18 years old
Not having owned any property or land before
Having a certain income level or below
Having contributed to a savings scheme for a minimum period
Purchasing a new home that has not been previously occupied or sold
