First Home Buyers
Are you ready to spread your wings and take the leap into homeownership? or have you decided it's time to bid farewell to renting?
Rated 5 from 32 Reviews
Are you ready to spread your wings and take the leap into homeownership? or have you decided it's time to bid farewell to renting?
Rated 5 from 32 Reviews
Starting your journey to buy your first home can be a daunting task, especially if you're wondering whether there's a First Home Buyers Grant (FHOG) available in Western Australia and how it operates. Total Loans in Port Hedland are here to provide you with the answers and guidance to all your questions to make the whole process easy for you. For those eligible, the FHOG can provide significant financial support, offering a one-time payment from the State Government to help individuals and families realize their dream of owning a residential property in Australia.
Get a Head Start on Your Homeownership Journey
At Total Loans Mortgage Brokers Port Hedland, we understand the challenges and complexities of purchasing your first home. From navigating soaring property prices and grasping unfamiliar concepts to competing with seasoned investors and fellow first-time buyers, it's natural to feel overwhelmed.
When you begin your homeownership journey with us, you gain access to expert advice tailored to set you up for success. We simplify the intricacies of your first home purchase, connect you with professionals who understand your unique situation, and create a tailored strategy to ensure you can live your best life while achieving your homeownership dreams.
Support Every Step of the Way
Our commitment to you starts from the initial research stage of your journey and continues until you secure a mortgage. We encourage anyone considering their first residential property purchase to consult our housing and mortgage experts for valuable insights into the advantages and disadvantages of being a first home buyer.
Our cutting-edge software allows us to sift through thousands of mortgages to find the one that suits you best. By entrusting us with your financial matters, you can concentrate on finding the perfect property.
Discovering First Home Buyer Grants in Western Australia
Did you know that the Western Australian government offers support when you're buying your first home? It's essential to be aware of the grants and incentives you're eligible for before you embark on your homeownership journey.
First Home Owner Grant (FHOG) $10,000 for new homes
This one-time payment is available if you purchase a newly built home or construct a brand-new home from scratch. The property can take the form of a house, townhouse, apartment, or unit, provided it is valued at $430,000 or less and has never been previously sold or occupied. In Western Australia, the FHOG is valued at $10,000.
Stamp Duty Exemption or Concession for established Homes
This one-time duty exemption applies to homes valued at $430,000 or less, resulting in substantial savings, up to $15,000. For homes valued between $430,001 and $530,000, a stamp duty concession is available, offering a discount on the land transfer duty. To qualify, the home must serve as the principal place of residence (PPR).
National First Homebuyer Guarantee Scheme and Other Government Initiatives
The National Government has introduced various initiatives, such as the First Homebuyer Guarantee Scheme and the Home Super Saver Scheme, to further support first-time home buyers. These schemes aim to ease the path to homeownership for those entering the property market.
Overall, the Western Australia First Home Buyers Grant and associated schemes provide significant assistance to eligible home buyers. While several eligibility criteria apply, these initiatives open doors to homeownership that might otherwise remain closed.
Purchase Price Cap
To be eligible for the FHOG, the property's purchase price must fall within a specified limit, which can vary based on whether the property is in metropolitan Western Australia or regional Western Australia.
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Jamie, Manjimup
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There are a number of fees and costs involved when buying a property. To help avoid any surprises, the list below sets out many of the usual costs:
Stamp duty — First Home Buyers have a one-time duty exemption which applies to homes valued at $430,000 or less, resulting in substantial savings, up to $15,000. For homes valued between $430,001 and $530,000, a stamp duty concession is available, offering a discount on the land transfer duty. To qualify, the home must serve as the principal place of residence (PPR).
Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
Building inspection — This should be carried out by a qualified expert, such as a structural engineer before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance.
Ongoing costs — If you buy a strata title, regular strata fees are payable. You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.
CB
Callum Barnes
Russell was extremely helpful and knowledgeable in helping me get approved to buy my first home. I was able to borrow more than I could which opened up a new door to buying potential for me. He was extremely efficient and was always available to answer any questions I had!
DR
Dane Ross
Very helpful, friendly and professional. Helped us every step of the way. Cannot recommend highly enough
CS
Carmen Stewart
I cannot recommend Russell Briggs highly enough! From start to finish, he demonstrated exceptional knowledge and professionalism in every aspect of his work. He guided us seamlessly through the process of acquiring finance for our SMSF, ensuring we understood every step along the way. Russell’s remote services are ideal for busy individuals—everything was handled efficiently without the need to leave our home. No matter which state you’re in, he can help you achieve your financial goals. We have truly found our forever finance broker and wouldn’t consider using anyone else. If you’re looking for a reliable, approachable, and experienced financial advisor, Russell is the one to call!
As a Licensed Finance Brokerage, with our own Australian Credit License Number: 388425. We are required to always operate with a strict code of ethics and act with honesty and integrity, comply with all the laws and regulations relating to the Mortgage Industry and maintain confidentiality in all dealings. Total Loans has membership of several major industry and governing bodies to ensure that staff keep up to date with industry standards and changes. These include: Australian Finance Group, Australia's largest mortgage wholesaler (AFG) Mortgage and Finance Association of Australia (MFAA) Australian Financial Complaints Authority (AFCA)
Your borrowing capacity can vary with each Lender. All lenders have their individual serviceability calculators to assess how much you can borrow with them. At Total Loans we have access to most lenders calculators and can provide you with information on how much you can borrow with each lender. Some of the factors that lenders consider when assessing how much you can borrow include length of employment, deposit, guarantors, suitable security, previous repayment history, current debts ie personal loans, credit card/store cards.
Mortgage brokers are often able to offer better rates by negotiating with multiple lenders, while banks only present their own offers. We provide a detailed comparison report so that you can compare the features, rates and fees of the products of various lenders, without going to each bank directly, saving you time and money. We also have access to promotions through the broker network, such as discounted, application fees and interest rates.
There are lenders who are willing to consider applicants with defaults or poor credit conduct. However, this greatly depends on the details listed on your credit file and the extent of your credit score. Before recommending a lender, it is advisable we check your credit report.
A mortgage broker serves as a valuable intermediary between you, the borrower and the lenders. We have over 15 years in the finance industry and use our expertise and specialized software to secure competitive rates and facilitate a smooth mortgage settlement. At Total Loans, our mission is to safeguard your interests and expertly manage the entire mortgage process, so it is stress free and easy for you.
Not at all. Our service is free and transparent, with no hidden charges. When you receive a loan from us, it is the same as if you went directly to the lender. The lender pays us a commission, but it does not impact your home loan in any way.
Did you know that over 70% of loans in Australia are submitted through a Mortgage Broker? Navigating the countless mortgage products on the market can be confusing and overwhelming. A Mortgage Broker plays a pivotal role in guiding borrowers through the maze of options, explaining product features, and aiding in selecting the ideal loan for you. Beyond purchase assistance, at Total Loans we provide ongoing support, ensuring you always have access to the best financing options available.
All Lenders have different turnaround times. The Lender you choose will depend on your situation and the urgency of your loan requirements. We will determine the loan that is right for you during our strategy session.
Rylee Nominees Pty Ltd ABN: 35 737 082 292. Rylee Nominees Pty Ltd Holds Australian Credit Licence 388425.
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Names & Locations of users have been changed to protect their privacy and are illustrative only.
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