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First
Home Owners Grant - FHOG
The Federal Government
introduced the FHOG in 2000 to assist
First Home Buyers meet the cost of buying
or building their first homes.
It is a non means-tested
grant of $7,000 that can even be used
to form part of the deposit on your first
home purchase.
Finance 4 consultants can help you
to access the FHOG.
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How
Much Can I Borrow?
How much you can borrow,
also known as your borrowing capacity,
will depend on how much of a deposit you
have, your current income and what expense
commitments you have. It will also vary
from lender to lender. ... click here
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Am
I Eligible For The First Home Owners Grant?
This one-off grant of
$7,000 is available to First Home Buyers
intending to live in the home they are
buying. Basically, you are eligible if
you are an Australian citizen or a permanent
resident who is buying or building your
first home in Australia and intend to
occupy it as your principal place of residence
within 12 months of settlement. Note that
if you are purchasing the property in
conjunction with others, they must also
meet the same criteria for the grant to
be available.
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What
Will My Repayments Be?
It is one thing to work
out how much you can borrow, but you need
to know if you can afford the repayments. ... click here
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How
Much Do I Need To Save For A Deposit?
The amount you need as
a deposit will depend on the type of home
loan and the lender you select. Generally
you will require a minimum of 5% of the
property value.
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How
Much Do I Need To Set Aside For Stamp Duty?
Stamp duty is a tax levied
on the purchase of a property. It is calculated
according to the purchase price of the
property and the state or territory the
property is situated in. ... click here
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What
Other Expenses Will I Need To Pay Besides
Mortgage & Stamp Duties?
As a rough guide, you
should budget for between 5-7% of the
purchase price, in addition to your deposit,
to cover fees and charges. While mortgage
and stamp duties will make up the bulk
of this 5-7%, the balance may include;
* Building and pest
reports
* Valuation fees
* Lenders mortgage insurance (LMI)
* Solicitors fees
* Insurances
* Utility connection fees - phone/gas/electricity
* Council and water rates
* Removalist costs
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How
Do I Choose Which Home Is Best For Me?
When deciding on the
area to live in, apart from considering
proximity to family, friends and work
commitments, you will obviously need to
think about prices. Prices will vary greatly
from suburb to suburb.
To help you decide on
the right home for you,
Finance 4 consultants can
arrange for a free report on the area
you are interested in.
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What
Should I Do Now?
You can make an appointment
with a Finance 4
consultant by calling 07 3818 1144.
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