Article by Roisin Kelly-Goldsmith
Are you a first home buyer intrigued by the Federal Government’s new First Home Super Saver Scheme? Well the good news is it’s designed to help Aussies like you achieve your homeownership dreams.
Whether you’re a young Aussie squirrelling away your money for a first home loan deposit or have simply spent too many years renting while paying off your landlord’s mortgage, we'll run you through how this new scheme can help you get a foot in the property door sooner rather than later...
Saving for your first home is no easy task - not only do you have the home loan deposit to save up for but there’s also the cost of lenders mortgage insurance, stamp duty (unless you’re eligible for exemption in your state) and upfront mortgage fees.
So it’s easy to see why the Australian Government has attempted to fix the housing affordability issue in its 2017 Federal Budget by introducing the First Home Super Saver Scheme. As a first home buyer it may please you to know, that from July 1 you can:
Sounds pretty good right? Let’s see if it’s really all it’s cracked up to be, by running through the positives and negatives below…
As you can see, the benefits of this new scheme seem to outweigh the cons, so it could end up being a major win for all the first home buyers out there struggling to get into the property market. To find out more about the First Home Super Saver Scheme visit the ATO’s dedicated landing page here and before you go read our top tips for getting your first home loan approved below.
While taking the first step and saving for your home deposit (and other property buying costs) may be exciting, when you get there you still have to convince the banks that you’re worthy of a home loan. So make sure you...
1. Can show genuine savings. When you apply for a home loan the lender will want to see that you have 'genuine savings' by looking at least 3 months worth of your most recent bank statements. The benefit of a good savings history is it shows the bank that you’re more than capable of repaying the home loan.
2. Don’t job hop. Unless absolutely necessary, it’s a good idea to stay with your current employer, so you can show the lender you have a stable income and are not a risky borrower.
3. Check your credit score. It’s easy to receive a copy of your credit score these days, as there are several online credit reporting providers which allow you to access a copy of your credit report once a year for free. When you download your report, make sure you look out for any errors, and get them removed from your file before applying for a home loan.First time buyer guides