Buying your first home

Are you ready to make your dream of owning a home a reality? At JL Mortgage Services, we can provide assistance to help you break into the property market! As a first home buyer, you may be eligible for various Government incentives, including the First Homeowner Grant, the First Home Buyer Guarantee Scheme, and the First Home Super Saver Scheme (FHSSS).

The First Homeowner Grant in Queensland offers eligible first-time home buyers $15,000 towards the purchase or construction of a new home. Additionally, the federal government offers initiatives such as the First Home Guarantee (FHBG), which guarantees part of an eligible first home buyer’s home loan from a participating lender. This enables you to purchase a home with as little as 5% deposit and without paying Lenders Mortgage Insurance.

The scheme’s eligibility criteria has recently expanded to include any two borrowers jointly applying, beyond the scope of spouse or de facto couples, and non-first home buyers who have not held a property interest in Australia within the previous 10 years.

Moreover, the FHSSS allows first home buyers to make voluntary contributions (before tax) to their super fund, which can be withdrawn to use as a home deposit. You can contribute up to $15,000 per financial year, subject to your normal super contribution caps. The government is also expanding the Family Home Guarantee to include single legal guardians of dependents, in addition to natural and adoptive parents. Furthermore, permanent residents can now access the Home Guarantee Scheme.

At JL Mortgage Services, we can provide all the information you need to take advantage of the assistance available for first-time home buyers. Get in touch today!