First Home Buyer FAQs

When getting ready to purchase a home and land package, a potential home buyer’s first point of order is often how to organise the finances. But where should you begin? To help you get started, below are three of the most frequently asked questions about this aspect of home ownership.
Do you qualify for a home loan?
A bank will first have to make sure you qualify for a home loan before you they approve you for it. They are going to look at your financial history and assess whether you make the cut or not. Employment, steady income, savings, and ability to handle debt are some of the things they’ll look at
How much can you borrow?
In home ownership, this is the wrong question to ask. The better question would be, how much can you comfortably pay given the repayment schedule you choose? To answer this question, you need to take a closer look at your income and expenses, including any other debt you may have, such as credit card or car loans.
What is a First Home Owner’s Grant?
In WA, first home buyers are entitled to a $10,000 First Home Owner’s Grant (FHOG) for newly constructed homes. FHOG can be a great help when it comes to budgeting for the purchase of your first home.

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