First home buyer's loans reviewed - Getting into the property market
The increasing cost of real estate across Australia is making it increasingly difficult for first home buyers to get into the property market. With this in mind, home lenders have come up with more innovative loan options in order to help first home buyers get into the property market. Here we look at some of the first home buyer loans available today that are helping more Australians get into their first home.
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No deposit home loans
No deposit home loans allow first time home buyers to borrow 100 percent or more of the value of the property. This allows first home buyers to get into the property market without having saved a large deposit. No deposit home loans are available from many bank and non bank lenders. These first home buyer's loans are available to both owner occupiers and investors. So whether you're buying your first home as an investment or to live in, a no deposit home loan may be suitable for you.
Find out more about no deposit home loans on our home loan resources page.
Family pledge home loans
These first home buyer's loans offer the opportunity for family members with equity in their homes to help first home buyers get into the market. These first home buyer loans allow other family members, usually parents, to guarantee a portion of the loan using the equity in their own homes. The amount guaranteed can be set by the borrower and their family members who are guaranteeing the home loan. These loans are a great option for young families trying to get into their first home.
Find out more about family pledge home loans
Other concessions for first home buyers
For first home buyers in Australia, the Federal and State Governments will help you out. The Federal Government provides a First Home Owners Grant of $7,000 to eligible first home buyers, while the various State Governments offer concessions on stamp duty. For example, in NSW stamp duty is not payable by eligible first home buyers while in Qld and Victoria concessions apply.
You can find more information on the First Home Owners Grant and the stamp duty concessions available.
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