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About Jaimie
Testimonials
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First Home Buyers

Whilst the First Home Owner’s Grant (FHOG) and the First Home Owner’s Boost (FHOB) have provided a significant step up to first home buyers, the effects of the global credit crunch have made getting money from lenders a little more difficult. I’m going to outline a few steps you can take in advance to increase your success of getting a loan.

  1. Save a deposit.  Obvious, but to show evidence of what the banks call “genuine savings” is the best way to increase your chances of success and reduce your Lenders Mortgage Insurance (LMI) premium.  LMI premiums are calculated at a higher rate for non-genuine savings.  Aim for 5% of the purchase price you’re looking at.  Genuine savings do not include the FHOG, tax refunds or gifts, amongst other things.  They do include savings from earnings, funds held in a savings account for > 3 months or equity in existing property. Genuine savings along with your income display your capacity to repay a loan.
  2. Boost your perceived genuine savings.  If you’re renting, this expense will cease when your loan is settled, but in the meantime, pay your rent by direct debit so it shows on your bank statements.  Pay any other regular payments such as car and contents insurance this way as well.
  3. Reduce the available limit on your credit card.  Credit cards attract high interest rates and adversely affect your capacity to repay a loan.  Alternatively, pay your credit card off totally each month.
  4. Develop a personal budget to achieve steps 1-3 above.

If you can show a lender that you can achieve the above steps in any 3 month period, you’re way ahead of the pack!

What can The Biking Broker do to help?

I understand banking processes and policies so I can help you choose the best lender for a first home buyer.  I do this by having a good understanding of lender processes and how they respond to different types of borrowers;

a. so I can accurately match your situation with the right loan product and lender organisation

b. so I can complete your application to the standards that give you the greatest chance of approval

c. so I can save you time and disappointment with trial and error application processes by pinpointing the right loan product and lender with your particular needs and circumstances

First Home Owner’s Grant (FHOG)/ First Home Owner’s Boost (FHOB)

Currently the First Home Owner’s Grant (FHOG) is $7,000 for purchase of an existing property or $14,000 for construction of a new property. The First Home Owner’s Boost (FHOB) is an additional $7,000 toward purchase or construction.

FHOG is on-going, with no current end date.

The FHOB halves after 30 September 2009 and is currently set to expire on 31 December. For more information on expiry dates click here>>

To be eligible for the  FHOB, you must enter into a contract to purchase a new home or a construction contract before the appropriate date.

For more information: go to the Office of State Revenue.

Download:

1.  a FHOG brochure here.

2.  FHOG/FHOB application form here: http://www.osr.qld.gov.au/forms/fhog-forms/form-fhog-application-kit.pdf