First Home Buyers Perth

First Home Buyer Support: Your Guide to Home Ownership in Perth

Buying your first home can be an exciting yet daunting journey. At Lime Mortgage Brokers, we’re here to guide you every step of the way. We understand the unique challenges faced by first-time home buyers and offer a range of support options to help you achieve your dream of homeownership.

1. First Home Owner Grant (FHOG) WA

The First Home Owner Grant (FHOG) WA is a government incentive designed to assist eligible first-home buyers in Western Australia. This grant can significantly reduce the upfront costs associated with purchasing or building a new home.

• Key Eligibility Criteria:
  • Must be an Australian citizen or permanent resident.
  • Must be a first-time home buyer.
  • Must meet income and property value thresholds.

2. Home Buyers Assistance Account (HBAA)

The HBAA provides financial assistance to eligible first-home buyers to help cover some of the costs associated with purchasing an established home in WA. This can include:

• Solicitor/conveyancing fees

• Valuation fees

• Inspection fees

• Mortgage registration fees

• Eligibility Criteria:

  • Must be purchasing an established home in WA valued at $400,000 or less.
  • Must be purchasing through a licensed real estate agent.

3. Low Deposit Loans

Securing a home loan with a small deposit can be challenging. However, there are various low deposit loan options available for first-home buyers. These options often require lenders to assess your individual circumstances and may involve:

• Lenders Mortgage Insurance (LMI): LMI protects the lender in case of default.
• Guarantor Loans: Involve a guarantor who agrees to be responsible for a portion of the loan if you are unable to repay it.

4. No Deposit/Guarantor Loans

While rare, some lenders may offer first-home buyer loans with no deposit required. These options often have stricter eligibility criteria and higher interest rates.

• Important Note: It’s crucial to carefully research and compare options before committing to a no-deposit or guarantor loan, as they may carry higher risks.

5. Affordability Calculators

Our website offers a range of helpful tools, including affordability calculators. These calculators can assist you in:

• Determining how much you can afford to borrow.
• Estimating your monthly mortgage repayments.
• Understanding the impact of interest rate changes on your repayments.

Need more help?

Contact Lime Mortgage Brokers today for a free consultation. Our experienced team can answer your questions, assess your eligibility for various government schemes, and guide you through the entire home loan process.