Helping Public Servants buy their first home

We help Public Servants buy their first home

Buying your first home is an exciting milestone, especially for public servants who have dedicated their careers to serving the community. At Public Home Loans, we understand the unique needs of first home buyers and are here to help you navigate the complex property market. Whether you need to access home loan options from banks and lenders across Australia or require guidance on financial matters, our expert team is committed to making the process as smooth as possible.

As a first-time buyer, understanding the various loan options and financial requirements can be overwhelming. Our team specialises in helping public servants access home loan options from banks and lenders nationwide. We can assist you in finding competitive interest rates, whether you prefer a fixed interest rate or a variable interest rate. Additionally, we will guide you through the application process, ensuring you have all necessary documents such as bank statements and proof of employment. One of the first steps before you apply for a home loan is to get pre-approved. This not only gives you a clear understanding of your borrowing capacity but also strengthens your position when negotiating with sellers.

Another crucial element for first home buyers is understanding lenders mortgage insurance (LMI). LMI is often required if your loan to value ratio (LVR) is above 80%, meaning you are borrowing more than 80% of the property's value. LMI protects the lender if you default on your loan, but it can add to your overall expenses. Our advisers can explore strategies to minimise your LMI costs and possibly even avoid it altogether by increasing your deposit or finding special deals from specific lenders. Furthermore, first-time buyers may be eligible for first home owner grants (FHOG). These grants can significantly reduce upfront costs, making buying a home more affordable. We will help you identify if you qualify and assist with the application process.

In addition to navigating LMI and FHOG, understanding the impact of stamp duty is essential. Stamp duty is a government tax based on the property's purchase price and can be a substantial expense. Some states offer concessions or exemptions for first home buyers, particularly for public servants. Our knowledge of these schemes can save you thousands of dollars, easing the financial burden of buying your first home.

Your credit history plays a vital role in your ability to secure a home loan with favourable terms. A positive credit history can lead to interest rate discounts and better loan conditions. If your credit history needs improvement, we offer advice on how to enhance it before applying for a home loan. This might include paying down existing debts or correcting any inaccuracies in your credit report.

For those considering investment properties alongside buying their first home, we provide expert guidance on investment loan options. Whether it's your first investment property or you're adding to an existing portfolio, understanding your financial situation and borrowing capacity is essential. We ensure a streamlined application process for both home loans and investment loan applications, so you can focus on making sound property investments.

In summary, Public Home Loans is dedicated to helping public servants achieve their dream of buying their first home. From accessing home loan options from banks and lenders across Australia to navigating interest rates, LMI, FHOG, and stamp duty, our expert team is with you every step of the way. We simplify the application process, provide insights into your borrowing capacity, and offer strategies to improve your financial standing. Contact us today to get pre-approved and take the first step towards owning your new home.

Let's talk about some of the schemes to help First Home Buyers

When it comes to buying your first home in Australia, there are a few schemes that can lend a helping hand to Public Servants. Let's dive into three key ones: the First Home Owner Grant (FHOG), the Home Guarantee Scheme (HGS), and First Home Buyer Stamp Duty Exemptions and Concessions.

First Home Owner Grant (FHOG):

The FHOG is like a boost from the government for first-time home buyers. If you qualify, you could receive money to put towards your new home. Here's how it typically works: Each state or territory has its own FHOG scheme, so the rules may vary depending on where you're buying. Generally, you need to be an Australian citizen or permanent resident, and neither you nor your spouse should have previously owned property in Australia. There's usually a limit on the property value you're purchasing, and you'll likely need to live in the home for a certain period.

Home Guarantee Scheme (HGS):

The HGS is another way the government assists first-time home buyers, especially those without substantial savings for a deposit. It acts as a safety net, enabling you to secure a home loan with a smaller deposit than usual. Part of the HGS is the First Home Loan Deposit Scheme (FHLDS), which allows eligible first-time buyers to obtain a home loan with a lower deposit and without having to pay lenders mortgage insurance (LMI).

First Home Buyer Stamp Duty Exemptions and Concessions:

Stamp duty is a tax typically paid when purchasing property. However, as a first-time home buyer, you might qualify for exemptions or concessions, reducing or eliminating your stamp duty payment. The criteria for these exemptions and concessions vary by state. Generally, you'll need to intend to live in the property yourself, and there may be a cap on the property value.

These schemes are designed to support you on your journey to owning your first home in Australia. If you're exploring homeownership, consider reaching out to Public Home Loans to learn more about how these schemes can benefit you.