"First-Time Home Buyers" Buying or Building your First New Home

I am a "First-Time homebuyer" planning to purchase or build my first new home. Can you please provide me with some information on the First Home Owners Grant scheme and the stamp duty concessions available to me from the government?

- A First-Time Homebuyer

Hi First-Time Homebuyer,

Your question is both interesting and timely. Currently, Australia is experiencing a great construction boom with Queensland and Western Australia becoming biggest contributors to the boom.

I don't know what state or territory you are from. But, I do know that this is the best time for you buy property. The current property market, together with the First Home Owners Grant (FHOG) scheme benefits and stamp duty concessions the government provides will help you buy your first home easily. You may even be pleasantly surprised to know that you may get a better deal now, than what you would have received a few years ago.

First Home Owners Grant (FHOG) Scheme and Stamp Duty Concessions available to First-Time Homebuyers

"Buying" or "building" your first new home should be a realisation of your dreams. And the following things will help you in fulfilling it:

• The various "First Home Owners Grant (FHOG)" schemes available to you as a first-time homebuyer.

• The range of "Stamp Duty" concessions or exemptions available in some states and mainland territories help in reducing the cost of your new property.

Understanding the First Home Owner Grant (FHOG) Scheme

The First Home Owner Grant (FHOG) Scheme:

• Is a one-off grant, payable to you as a first-time homebuyer if you want to "purchase" or "build" a new residential property to live in; and

• Is a national scheme funded by each state and mainland territory, and is administered under their own legislation.

Understanding Stamp Duty Concessions for First-Time Homebuyer

Every state and mainland territory has a first-time home buyer concession in place for stamp duty, which differs quite considerably between each state and territory.

How does First Home Owner Grant Scheme work?

The process is similar across Australia. However, you need to provide supporting paperwork in order to prove your eligibility including:

• Proof of identity (you must be an Australian citizen or a permanent resident);

• "Contract of Sale" (i.e. if you are "buying" a new home), or a "contract to build" (i.e. if you are "building" your new home); and

• Proof that you and your spouse must not have previously owned a home in Australia

Note: For further information on the amount of grants, stamp duty exemptions and concessions payable by each state and territory, please visit your state government or territory website at:

New South Wales - www.osr.nsw.gov.au

Queensland - www.osr.qld.gov.au

South Australia - www.revenuesa.sa.gov.au

Tasmania - www.sro.tas.gov.au

Western Australia - www.treasury.wa.gov.au

Australian Capital Territory - www.revenue.act.gov.au

Northern Territory - www.treasury.nt.gov.au

Obtain the Services of an Expert

As with any aspiring new home owner buying or building your first new home at any stage of life can be an overwhelming process. You will have to find a specialised lender/credit provider who is willing and able to assist you. All these things can be daunting and time-consuming. So, having an expert finance broker on your side will save you lots of time and help you to complete your home buying process quickly.

Singh Finance is a reputed Australian finance brokerage firm that employs a team of experts and professionally qualified finance brokers who will leave no stone unturned in obtaining a pre-approved first-time buyer home loan for you. Call on 0424 190 908 today or visit our website and get an opportunity to obtain quick commercial finance.

Reasons why Refinance Home Loans has Steadily Increased!

The number of people refinancing their home loans has steadily increased over the past few decades. With interest rates at an all time low and with better competitive home loan deals on offer, more customers are looking to refinance their home loan to secure:

• A lower interest rate

• Saving money by reducing your loan repayments

• A more flexible home loan product which offers redraw facilities and an offset account

• A reduction in the time of their home loan

• Access to the equity in their home loan to enable them to renovate their home, buy a new car or even build a swimming pool

Change in Circumstances

Change is inevitable and you may now find your situation has changed to the extent you are now looking at refinancing, as a result of any of the following circumstances:

• You may want to invest in another property

• You have a new baby, or another baby is due

• You may want to consolidate credit card debts and personal loan debts, or

• Your current interest rate is locked-in above the market value

Performing an Annual "Financial Health Check" of your Finances is Important!

Regardless of your situation, it is always advisable to perform an annual "Financial Health Check" on your home loan and personal finances. As you would ask yourself some questions when you are feeling unwell, you should look at your finances in the same way and ask yourself the following questions to ascertain if your finances are in order:

• Is your existing lender/credit provider meeting your needs?

• Should you fix your home loan to create certainty around your monthly repayments?

• Would you prefer a "combination" of both fixed and variable interest rates?

• Does your current home loan product have all the features you need such as, redraw facilities and an offset account?

• Will you save money by refinancing?

• What will be the impact of any costs involved to refinancing home loan?

• Will you now better manage your personal and household budget by refinancing?

So, even if you don't have any specific reasons in mind, it is always worth weighing up your options from time to time. Consider performing a "Financial Health Check" of your personal finances and household budget. The "Financial Health Check" will at least enable you to determine if you have a legitimate reason for refinancing and, if the long-term savings outweigh the short-term costs.

Refinancing can be very beneficial to you if done properly and if done for the right reasons. Remember to work out if you will be better off by switching to another lender/credit provider and if you will save money by switching.

Once you have determined that refinancing is right for your circumstances, you should seek expert advice from a professionally qualified finance broker. The finance broker should have access to interest rate comparisons and should be able to show you the long-term savings and confirm to you if these savings outweigh the short-term costs.

So, don’t just jump on the bandwagon and refinance your home loan. Consider its consequences and take advice of an expert finance broker to make a profitable choice.

Quicker approval and better interest rates can be availed by opting for home loan refinance. Solve all your financial troubles by calling on 0424 190 908. Singh Finance will not only help you in managing your current loan effectively, but it will also help you in making new investments by providing low rate real-estate investment property loans.