Saving money is hard, especially trying to save a deposit for a house, but it is not impossible. Sometimes it means pulling your belt in a little tighter and cutting down on your spending. The Australian Government has also put together a grant package to help first home buyers to buy their first home. This package can be used towards the deposit on your home, most banks will take this as part of the deposit as long as you have a savings record of six months or more. This grant has been a great help for many first home buyers just starting out.
Once you have approval from your bank you can then start to look around for a suitable home within the price range you have been approved for. Real estate Sydney professionals can help you to narrow down the list of potential homes if you know exactly what you are looking for. This will save you time and fuel running around looking at all of them. With the first home owners grant to help boost the amount you can borrow, you should have no trouble finding the home of your dreams.
With the first home buyers grant you could be eligible for $7000 towards buying your first home. There are a few conditions such as you cannot get the grant if you are only buying a block of vacant land. The grant is provided for existing residential homes. There is no income test or assets tests, anyone is eligible to apply as long as this is the first home they have owned. Premises such as holiday homes, businesses or renovations to an existing home do not qualify for this particular grant.
There are a few rules to being granted the first home buyers grant and this web page lists what the criteria is. http://www.osr.nsw.gov.au/lib/doc/factsheets/fs_fhb1.pdf. If you are looking to buy a home and want to apply for the first home owners grant, you can check out the website to see if you qualify for it.
This government grant has helped many people to become home owners when many thought it an impossible dream. Owning your own home for many was just that, a dream. It is no longer a dream anymore, it is a reality for many.
If you are just looking for an investment property, then property management Sydney professionals will be able to assist you with this. The grant does not cover investment properties though so you will have to discuss your assets and finances with the bank in that instance.
