Understanding First Home Buyer Support for ACT Employees

Getting Started with Your First Home Purchase

Buying your first home as an ACT Government employee opens up a world of opportunities. With stable employment and regular income, you're well-positioned to apply for a home loan and take advantage of various first time home buyer schemes available across Australia.

The application process might seem overwhelming, but understanding your options helps you make informed decisions. As a public servant, you have access to Home Loan options from banks and lenders across Australia that recognise the security of government employment.

First Home Buyer Schemes and Benefits

Several first time home buyer programs can help reduce your upfront costs and loan amount requirements:

• First Home Owner Grants (FHOG): Available in most states, these grants provide financial assistance for eligible first home buyers
• Home Guarantee Scheme: Allows you to purchase with as little as a 5% deposit while avoiding lenders mortgage insurance (LMI)
• Stamp duty concessions: Many states offer reduced or waived stamp duty for first home buyers
• Interest rate discounts: Some lenders offer preferential rates for public servants

The Home Guarantee Scheme is particularly valuable as it addresses one of the biggest hurdles - saving for a large deposit while avoiding LMI costs.

Understanding Your Financial Position

Before applying for a home loan, assess your financial situation carefully. Your borrowing capacity depends on several factors:

• Your income and employment stability (a significant advantage as a government employee)
• Existing debts and monthly expenses
• The size of your deposit
• Your chosen loan to value ratio (LVR)

Most lenders require bank statements and other documentation during the investment loan application process. Having these ready speeds up your application.

Interest Rate Options and Loan Features

When buying a home, you'll choose between different interest rate structures:

Variable Interest Rate: Your rate fluctuates with market conditions, potentially offering savings when rates fall.

Fixed Interest Rate: Provides certainty with locked rates for a specific period, helping with budgeting.

Many first Home Loan products also include features like offset accounts, which can reduce the interest you pay over time while providing flexibility for your finances.

The Application Process

The streamlined application process for ACT Government employees typically involves:

1. Getting pre-approved: This shows sellers you're a serious buyer and helps determine your budget
2. Property search: Focus on properties within your approved loan amount
3. Formal application: Submit all required documentation once you find your property
4. Settlement: Complete the purchase process

Getting loan pre-approval gives you confidence when making offers and can make the difference in a competitive property market.

Maximising Your Benefits as a Government Employee

ACT Government employees often qualify for additional benefits and packages not available to other borrowers. These may include:

• Reduced documentation requirements
• Access to banks and lenders nationwide with special public service packages
• Waived or reduced fees
• Higher borrowing capacity due to employment stability

Planning for Your Future

While focusing on your first home purchase, consider how this decision fits your long-term financial goals. Some buyers later explore investment loan options or look at buying your first investment property to build wealth.

Understanding your options now helps you make decisions that support both immediate housing needs and future financial growth.

Starting your home buying journey as an ACT Government employee puts you in an advantageous position. With the right support and understanding of available schemes, you can turn your homeownership dreams into reality.

Call one of our team or book an appointment at a time that works for you to discuss your first home buyer options and get started on your property journey.