The rules for the First Home Owner Grant differ slightly around Australia but some basic conditions apply:rnu003culu003ern tu003cliu003eYou must be a permanent resident or an Australian citizen. If you’re co-buying with someonernelse, at least one of you must be a permanent resident or Australian citizenu003c/liu003ern tu003cliu003eYou must not previously have owned or co-owned a home in Australia or have received anrnAustralian First Home Owner Grant in the past.u003c/liu003ern tu003cliu003eYou must be buying a home to live in – not as an investment propertyu003c/liu003ern tu003cliu003eYou need to live in the home for at least six months after purchase,u003c/liu003ern tu003cliu003eYou must be a natural person (not a company or a trust), andu003c/liu003ern tu003cliu003eYou need to be aged over 18.u003c/liu003ernu003c/ulu003ernOther conditions may apply depending on your state/territory. In many states, the First Home Owner Grant is only available if you buy or build a new home. In some states, you may not be eligible for the FHOG if you pay over a certain value for your first home.rnrnAs each state has its own set of rules for the First Home Owner Grant, it is important to understand the guidelines that apply for your area.

That depends. Some states offer generous savings on stamp duty for first home owners, others do not offer concessions on stamp duty at all. In a number of states, saving on stamp duty are only available if you buy or build a new home.rnrnThis makes it important to know whether stamp savings are available to first home buyers in your part of Australia – stamp duty can be expensive, and you may need to add the cost to your home buying budget.

Stamp duty is one of the upfront costs that apply when you buy a home or vacant land. It is a type of state government tax, so the rates of duty differ between states. The common thread is that stamp duty is calculated as a percentage of the price paid for your home.rnrnPut simply, the amount of stamp duty you will pay depends on where you are buying, and how much you pay for your home or vacant land.

KickStart your ‘dream’ home with a $25k cash grant under the federal government’s newly announced HomeBuilder program. While the program will provide a massive relief to thousands of tradespeople around the country, as well as a much needed boost to the economy and the construction industry – it will also help those Australians looking to turn their plans of a “dream” home into a reality.rnrnGood news, the grant is not just for first time home purchasers.rnrnThe cash grants of $25,000 will be available for both existing property owners and first home buyers that want to build a brand new home or substantially improve their existing home.rnrnWhat is the eligibility criteria?rnTo access HomeBuilder, owner-occupiers must meet the following eligibility criteria1:rnrnBe an Australian citizen aged 18 years or older and be an individual, not a company or trust.rnrnBe on an income of less than $200,000 for couples, and $125,000 for singles.rnrnBe spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million.rnrnBe building a new home worth less than $750,000 (this includes land value).rnWhat renovations would be allowed?rnrn2 To be eligible for HomeBuilder:rnrnRenovations must improve the accessibility, liveability and safety of the property.rnThe value of renovations must be within the price range of $150,000 and $750,000rnThe total value of your existing house and land must not exceed $1.5 millionrnConstruction must commence within three months of the contract date.rnrnThe grant cannot be used for additions to the property that are not connected to the home, such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.rnrnrnIf I am eligible for the $25K – are there ways to supplement the grant and access more funds?rnrnIf you need extra funds to contribute to your renovation plans, depending on your situation, some options to consider could be a personal loan or even a refinancing your existing loan to get cash out (you may even get a cheaper rate). If you’re thinking of applying for a construction loan, we can also help you with this process.rnrnAs a first home buyer you may be eligible for other government grants in the process too that could add to the $25k – be sure to do your research on state government based incentives that could further improve your starting point into the marketrnrnI’ve been sitting on the fence about buying, if I am eligible for the grant, could I still benefit from buying now?rnrnThe good news is that the HomeBuilder scheme is there to complement the existing state and territory other grants and concessions are already available across the country. These include the first home owner grant programs, stamp duty concessions and the First Home Loan Deposit Scheme and First Home Super Saver Scheme.rnrnAnd, with record low rates it could provide a window of opportunity for those looking to enter the property market.rnrnWill the boost increase house prices?rnThe HomeBuilder grants should not increase house prices. The scheme is different from the First Home Owners Grant which was rolled out during the global financial crisis in 2009, where it brought forward a lot of demand in 2009 and 2010 and then there was a steep drop off, this scheme is different.rnrnThe HomeBuilder grant would boost buying activity but the handout isn’t sizable enough to start a “flood” of activity that would drive up prices.rnrnWhere can I apply? Here’s a state by state breakdownrnFor those wishing to access the grant, click here for a state by state breakdown and further information on the eligibility and application processes.3rnrnIf you want to stay in the loop and find out more about the HomeBuilder grant and how it could work for you, contact your local Mortgage Choice broker today. They’ll be able to guide you through your options and the process – and can ensure that the best solution for you is also the right fit for your financial situation.rnrnFor more information about becoming a First Home Buyer check out our Information Centre.

Step by step guide to what’s involved in buying your first home, including the home loan process.rnrnOnce you’ve worked out how much you can afford to borrow and repay, saved your deposit, factored in all the costs involved, and investigated the home loan that’s right for you, now comes the fun part – buying your home! We investigate the steps involved.rnrn1 Application processrnBegin your home loan application process if you’re looking for pre-approval.rnrn2 How to choose your propertyrnWith the financial foundation all laid out, start house hunting.rnrn3 Making an offerrnOnce you’ve found your dream home, make an offer for the property.rnrn4 Buying at auctionrnAlternatively, if the property is up for auction, prepare to bid at the auction.rnrn5 Conveyancing processrnConveyancing refers to the sale of real estate from a vendor (seller) to a purchaser (buyer).rnrn6 Exchanging contracts and settlementrnOnce your offer is accepted, you move to exchanging contracts and property settlement.rnrn7 Paying off your mortgage soonerrnCongrats – you’re now a proud and savvy home owner! Learn how to pay off your mortgage sooner.

Home loan refinancing may be used for different reasons including:rnu003culu003ern tu003cliu003eRenovating your home or other home improvements such as a pool.u003c/liu003ern tu003cliu003ePaying off your debts such as credit cards by rolling them into your home loan.u003c/liu003ern tu003cliu003eObtaining a cheaper rate, even if it means giving up a few loan features.u003c/liu003ern tu003cliu003eTo raise cash for a purchase such as a car.u003c/liu003ern tu003cliu003eYou want to switch from a variable rate to a fixed rate, perhaps because you can want to reduce the risk of higher repayments.u003c/liu003ernu003c/ulu003e

Refinancing can be a smart way to manage your money.rnrnHere are a few ways in which you may benefit from refinancing.rnu003culu003ern tu003cliu003ePeace of mind – a fixed rate can mean knowing what your repayments will be each monthu003c/liu003ern tu003cliu003eReduce your monthly repayments through access to a lower interest rateu003c/liu003ern tu003cliu003ePotential to pay off your loan faster through more flexibilityu003c/liu003ern tu003cliu003eReduce your monthly repayments overall by consolidating credit cards, personal loans or other debts into a lower rate loanu003c/liu003ern tu003cliu003eFree up some extra cash to finance a renovation or purchase an investment property by unlocking equity in your current propertyu003c/liu003ernu003c/ulu003ernYour local Mortgage Choice broker can step you through the process and work out how much equity you have to help you with making a decision.

When the Reserve Bank of Australia (RBA) raises its interest rates, banks and other lenders usually follow suit by increasing your mortgage repayments. Refinancing your home loan from a variable to a fixed rate can provide certainty with your repayments.rnrnBK Lending Solutions can perform a free Home Loan Health Check to see if your current home loan is still the most suitable option for you after an interest rate rise.

Potential reasons to refinancernGet peace of mindrnFixing part – or all – of your loan, or securing a better rate to reduce your monthly repayments can help with peace of mind.rnrnConsolidating other debtsrnConsolidating other debt, like credit cards or personal loans, could help you to reduce your interest rate on these loans.rnrnTake advantage of different featuresrnYou may wish to switch to a loan with more suitable features such as a redraw facility or offset account.rnrnUnlocking equityrnRefinancing can help you unlock the equity in your home to finance a renovation, or free up some capital for property investment.

Refinancing refers to the process of paying out your current home loan by taking out a new loan, either with your existing lender or through a different lender.rnrnYou could get a lower interest rate and reduce your monthly repayments or you could fix your rate for a certain period, and have the security of fixed monthly repayments.

We all like free money, and that’s exactly what the First Home Owner Grant (FHOG) is – a lump sum of cash to help with the purchase of your first home.rnrnThe First Home Owner Grant is funded by state governments, so different amounts are available in each of state and territory. Exactly how much you will receive depends on where you are buying. In regional Victoria, for instance, the FHOG is worth $20,000.

The rules for the First Home Owner Grant differ slightly around Australia but some basic conditions apply:rnu003culu003ern tu003cliu003eYou must be a permanent resident or an Australian citizen. If you’re co-buying with someonernelse, at least one of you must be a permanent resident or Australian citizenu003c/liu003ern tu003cliu003eYou must not previously have owned or co-owned a home in Australia or have received anrnAustralian First Home Owner Grant in the past.u003c/liu003ern tu003cliu003eYou must be buying a home to live in – not as an investment propertyu003c/liu003ern tu003cliu003eYou need to live in the home for at least six months after purchase,u003c/liu003ern tu003cliu003eYou must be a natural person (not a company or a trust), andu003c/liu003ern tu003cliu003eYou need to be aged over 18.u003c/liu003ernu003c/ulu003ernOther conditions may apply depending on your state/territory. In many states, the First Home Owner Grant is only available if you buy or build a new home. In some states, you may not be eligible for the FHOG if you pay over a certain value for your first home.rnrnAs each state has its own set of rules for the First Home Owner Grant, it is important to understand the guidelines that apply for your area.

That depends. Some states offer generous savings on stamp duty for first home owners, others do not offer concessions on stamp duty at all. In a number of states, saving on stamp duty are only available if you buy or build a new home.rnrnThis makes it important to know whether stamp savings are available to first home buyers in your part of Australia – stamp duty can be expensive, and you may need to add the cost to your home buying budget.

Stamp duty is one of the upfront costs that apply when you buy a home or vacant land. It is a type of state government tax, so the rates of duty differ between states. The common thread is that stamp duty is calculated as a percentage of the price paid for your home.rnrnPut simply, the amount of stamp duty you will pay depends on where you are buying, and how much you pay for your home or vacant land.

Step by step guide to what’s involved in buying your first home, including the home loan process.rnrnOnce you’ve worked out how much you can afford to borrow and repay, saved your deposit, factored in all the costs involved, and investigated the home loan that’s right for you, now comes the fun part – buying your home! We investigate the steps involved.rnrn1 Application processrnBegin your home loan application process if you’re looking for pre-approval.rnrn2 How to choose your propertyrnWith the financial foundation all laid out, start house hunting.rnrn3 Making an offerrnOnce you’ve found your dream home, make an offer for the property.rnrn4 Buying at auctionrnAlternatively, if the property is up for auction, prepare to bid at the auction.rnrn5 Conveyancing processrnConveyancing refers to the sale of real estate from a vendor (seller) to a purchaser (buyer).rnrn6 Exchanging contracts and settlementrnOnce your offer is accepted, you move to exchanging contracts and property settlement.rnrn7 Paying off your mortgage soonerrnCongrats – you’re now a proud and savvy home owner! Learn how to pay off your mortgage sooner.

You can refinance your home loan with Mortgage Choice with all the paperwork and running around done by us at no cost to you. Simply contact us and we will help you find the refinance option right for you.

You can refinance your home loan by contacting us today. You can shop around for a provider and compare using our free Home Loan Health Check or let us do it for you and provide you their expertise.

Potential reasons to refinancernGet peace of mindrnFixing part – or all – of your loan, or securing a better rate to reduce your monthly repayments can help with peace of mind.rnrnConsolidating other debtsrnConsolidating other debt, like credit cards or personal loans, could help you to reduce your interest rate on these loans.rnrnTake advantage of different featuresrnYou may wish to switch to a loan with more suitable features such as a redraw facility or offset account.rnrnUnlocking equityrnRefinancing can help you unlock the equity in your home to finance a renovation, or free up some capital for property investment.

Refinancing refers to the process of paying out your current home loan by taking out a new loan, either with your existing lender or through a different lender.rnrnYou could get a lower interest rate and reduce your monthly repayments or you could fix your rate for a certain period, and have the security of fixed monthly repayments.