Fabulous news for first home buyers.

What fabulous news for first home buyers, a whopping $21,000 towards
deposit, expenses or even new furniture if you buy a brand new home before June
2009. So if you’re ready to take the plunge and sign up for what is likely to
be the biggest commitment you’ve ever made, now, more than ever, seems to be
the perfect time to get into the property market as a first home buyer. Even
though your friends and family will be full of advice, as with any major
decision in our lives, it’s always good to take their experiences and opinions on
board, however your own research will give you peace of mind and assurance, before
you sign up for the big purchase and possibly sign your life away to the
mortgage company. Generally, most first home buyers already have an idea on the
location and the type of home they want, so now it’s just a matter of finding
out whether you can afford what you want to buy. Almost all the major banks and
other lenders offer special packages with reduced application fees and lower
interest specifically for First Home Buyers. With the help of some
comprehensive search engines, shopping around not only for a home loan, but a
property is almost as easy as 1 – 2 – 3, so jump on the internet and let your
fingers do all the work for you. It’s important to remember that the bank can’t
lend you all the money to buy your first home. As a first home buyer, at least
a small part of your deposit will have to come from your own savings or
alternatively a gift from your relatives. Once you find the right home loan,
apply for a pre-approval. This can be done either online or in person. A
pre-approval is the bank’s preliminary approval subject to an acceptable
property. You will need to provide a completed application form along with
requirements such as your identification, income evidence and savings (gift)
verification. Once the bank is satisfied that you’re an acceptable first home
buyer, they will issue a pre-approval and you can start shopping around for
your first home.

So when and how do I apply for a First Home Owner Grant? The First Home
Owner Grant is only available to Australian residents and citizens, so before
you apply you should contact your state revenue office, alternatively visit
their respective website for more information. If you satisfy all the first
home buyer criteria and conditions, there are two ways you can apply for your
first home owner grant. If you apply for your first home owner grant via your
bank, you’re likely to receive the grant at settlement, so on the day you
officially become a home owner. If you apply for the grant directly with the
state revenue office, the grant is not likely to come through until after the
settlement. The best way is to keep in regular contact with the lending manager
of your chosen bank. Remember, they help first home buyers every day and are
the best source of information and guidance, so don’t be afraid to call them if
you have a question, after all, they’re here to help you.