Home loans in Hobart

While Hobart's housing market is strong, housing affordability has actually improved throughout 2006. Therefore, this improved housing affordability provides the perfect opportunity for new home buyers in Hobart to get into the property market before house prices rise further. Here are some tips for first home buyers in Hobart on home loans and the First home Owners Grant.

Shop around for the right Hobart home loan

After you have found your new home in Hobart, you need to decide on the right home loan. There are plenty of home loan options available to new home buyers in Hobart from both the traditional banks and non bank home lenders. Do your research first. You can compare the different home loans by checking out each lender's website. You can also find out more about the various home loan options and finding out which home loan may be best for you by taking a look around our website.

Get professional help choosing the right loan

As a new home buyer, you may not have much experience when it comes to picking the right home loan in Hobart. There are so many different types of loans with different features that it can all become very confusing. Many features may not be appropriate or necessary for your situation and so you could end up paying for features that you do not use. This is where a professional Hobart mortgage broker can help you find the best home loan option for you. If you decide to seek the help of a Hobart mortgage broker, make sure that they offer home loans from a wide range of lenders. If they only deal with a few lenders, then they may not be able to get you the best deal. Remember too, mortgage brokers will generally receive a commission from the lender that you eventually choose. This is not necessarily a problem, though it is something that you should bear in mind. Ask the mortgage broker about the commission they will receive.

Find out more information about mortgage brokers

The First Home Owners Grant

If you are buying your first home, then you may be entitled to the Federal Government's First Home Owners Grant of a one off payment of $7,000. Your home loan provider will usually help you apply for the First Home Owners Grant at the same time that you apply for your home loan in Hobart. To qualify for the First Home Owners Grant, home buyers buying or building their first home must:

• be at least 18 years of age, be Australian citizens or permanent residents
• not have owned a home prior to 1 July 2000 (including spouse or partner), either jointly, separately or with some other person, or purchased a home on or after 1 July 2000 and occupied that home.
• use the property as their principal place of residence and occupy it for a continuous period of 6 months starting within 12 months of purchase or completion of construction.

For more information on the First Home Owners Grant for Hobart home buyers, check the Tasmanian Government's Department of Treasury and Finance website at http://www.treasury.tas.gov.au

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