First Home Buyers
Our V homeloans Brokers know that buying or building your first home can be a daunting and stressful prospect. That’s why we specialise in helping first home buyers achieve their dream of ditching the rent trap and getting in to their new home!
As part of one of WA’s largest home builders, the Ventura Home Group, helping West Australian first home buyers is in our DNA – that makes the first step of making the move a whole lot simpler.
We have a range of products available exclusively suited to first home buyers.
Keystart Home Loans
Keystart was set up by the Western Australian Government to assist people into affordable housing by providing low deposit home loans. It is available to both first and non-first homebuyers across Western Australia.
One of the most attractive aspects Keystart is that you only require a 2 per cent deposit, with no genuine savings required. The other significant difference between Keystart and the major banks is that they don’t require any mortgage insurance, which can save you thousands.
Low Deposit Home Loans
Low deposit lenders usually require a minimum of 5% genuine savings as deposit to purchase your first home. Savings are considered “genuine” when you have the 5% deposit amount in your bank account for a period of time (usually three months). It is a way that you prove to your lender that you’re able to save.
The good news is that we know that many of our clients are not always able to demonstrate genuine savings, or have the full 5% saved. That’s why V homeloans has acquired access to an extensive panel of lenders and have access to a number of products that may allow you to get into your new home without genuine savings, or with less than the full 5% deposit if you are renting.
A popular way for first home buyers to enter the property market is with the assistance of a parent, a close family member, relative or friend. In simple terms, this loan uses the equity in the guarantor’s property as security as well as the new property, or house and land package, being purchased.
Guarantor loans are a great option for first home buyers who have been unable to save a sufficient deposit, or those wishing to avoid paying a large sum in lenders mortgage insurance, but who don’t possess a 20% deposit. Once you have sufficient equity in your own home the guarantee can be removed.
Did you know that construction loans account for only 8% of the Australian mortgage market? But here at V homeloans our team of experienced brokers generally deal with construction loans 85% of the time. That is because construction finance is in our DNA (as part of the Ventura Home Group, one of Western Australia’s largest building companies) and we pride ourselves on providing our customers with a hassle free experience.
Construction finance is different to financing an established property – that is why you need an expert on your side. Your V homeloans broker will clearly explain the extra steps associated with a construction loan and work with your builder, developer and lender to ensure you can concentrate more on the enjoyable parts of building your new home.
Importantly, dealing with a broker inexperienced in construction finance can result in big delays that can cost you time (and more importantly money!). So let V homeloans guide you through the construction process quickly and smoothly to get you into your new home sooner.
First Home Owners Grant & Stamp Duty Concessions
The First Home Owners Grant (FHOG) is an Australian government scheme introduced to assist first home buyers in Western Australia purchase their first home. It is a one-off grant of $10,000 payable to first home owners who satisfy all eligible criteria. If you are eligible for the FHOG you may also be eligible for stamp duty concessions as a first home buyer, so let your V homeloans broker guide you through the process. You may qualify for the First Home Owners Grant if you:
- Are 18 years or older
- Are an Australian Citizen or Permanent Resident
- Have never owned a residential property in Australia
- Have never received a First Home Buyers Grant in Australia
- Are intending to live in the home for at least 6 continuous months within 12 months of settlement.
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. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.