First Home Buyers can still buy their own home by taking advantage of the $7,000 first home owners grant and stamp duty concessions.

The fact that first homebuyers do not pay any stamp duty for the purchase of a home up to $320,000 provides real support to assist people to get into their own home. A reduced concession is available for homes over $320,000 up to $460,000 for first homebuyers.

The stamp duty concessions plus the $7,000 first homeowner’s grant are important to first homebuyers. This is particularly so in the affordable Ipswich region home market where homes are still affordable under $320,000. Brisbane people are fast becoming aware of the affordable housing in Ipswich as we see more and more inquires from Brisbane based home buyers.

Sometimes the lack of a deposit puts homebuyers off seeking a home loan. However banks and other lenders have developed loan products and policies to assist homebuyers who meet the income, employment and good credit record but do not have a deposit. In these cases lenders may only require a three percent savings record or are prepared to lend up to 100% of the value of the property provided funds are available to cover costs. The $7,000 first homeowner’s grant can assist with costs. Some lenders will lend even higher. Another avenue for homebuyers to consider is family assistance by way of a gift, inheritance or by a family member guaranteeing the loan.

A pre-approved home loan is often a good start for a first homebuyer. We can have loans pre-approved, which assists homebuyers by knowing how much they can borrow before going house hunting and deciding on a particular home.