It’s a great time to be a First Home Buyer, with plenty of grants and incentives to help you get into your own home sooner. Let’s do this!
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Is the thought of buying your first home low key intimidating?
Yep, we get it. It’s a major decision, so much dough, and so, so much adulting. There are so many builders and so much info around – where do you even start?
That’s where we come in.
We’re all about making this epic journey an easy and fun one (yep, totally possible). We’re WA’s most trusted builder for first home buyers, and we’re with you from start to finish. (finance to front door)
The perfect place to start.
We know thinking about money can be overwhelming, especially when your a first home buyer! That’s why we’ve created helpful money tools and guides to make financing your new home easy and stress-free.
As they say, it’s all about Location! So where to do you want to call home? 🏡 North of the river, south of the river? The hills or the coast? Near family, friends, schools and parks? There’s a bit to consider:
Your very first home. Exciting! Such a massive step; getting a home you can call your own – plus when you choose to build you can make it your own!
Thanks to the government, getting a home you can call your own is a lot easier. There are a number of grants, schemes, and initiatives that are offered by the State and Federal Government that you can take advantage of! ✅
Read more about Government Grants
The First Home Guarantee (FHBG) is an Australian Government initiative to help first home buyers buy their first home. Eligible first home buyers can buy or build a home with a deposit of as little as 5% (lenders criteria apply). The government guarantees 15% of the home so eligible buyers do not need to pay the traditional Lenders Mortgage Insurance (LMI).
FHBG eligibility requirements:
The Family Home Guarantee helps single parents get into (or back into) the property market. Single parents or legal guardians with at least one dependent will be able to buy a home with a deposit of just 2%. The Government will then guarantee the remaining 18%. This means no Lenders Mortgage Insurance, which we know can be a barrier for people building their own home.
Family Home Guarantee eligibility requirements:
The First Home Owner Grant (FHOG) is a massive win for first home buyers who choose to build. The State Government gives you a one-off payment of $10,000 to help with your loan. The best part is, you don’t need to pay it back! There are a few basic requirements you need to meet in order to be eligible.
FHOG eligibility requirements:
The First Home Super Saver scheme (FHSS) allows first home buyers to save money for their home inside their super fund. Eligible first home buyers who make voluntary contributions into their super can withdraw these amounts (in addition to associated earnings / less tax) to help with a home deposit. If you’re eligible, the maximum amount of contributions that can be withdrawn under the scheme is up to $50,000, but you don’t need that much to get started!
FHSS eligibility requirements:
Eligible Personal Voluntary Super Contributions
Stamp duty, or transfer duty, is a tax that applies to all property and land purchases or transfers. As a first home buyer though, you get a little extra help from the WA Government known as first home owner rate (FHOR). For the most up-to-date info on stamp duty and current concession rates, always visit the WA Government website.
Here are the facts:
These considerations are something to bear in mind when deciding between building your first home or buying established – you could save thousands!
For the most up-to-date info on stamp duty and current concession rates, always visit the WA Government website.
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Yes! There are a number of options available for home buyers who have little to no savings. Depending on the amount you need to borrow and your personal circumstances, you may be able to get a home loan through one of the below options:
Speak to one of our in-house finance experts who can work with you to determine the best option for you.
Keystart is a WA Government initiative designed to help get you into your new home faster by lowering the entry costs. You don’t need to be a first home buyer to apply for Keystart and you can easily refinance as soon as you’re ready.
To be eligible for a Keystart loan, you’ll need to meet the following requirements as a minimum:
Before applying for a Keystart loan, we would recommend finding out if you qualify first.
Your income is one of the first and most important criteria. Besides assessing your ability to afford loan repayments, lenders will also consider your employment security and any apparent future risks, e.g. self-employment. Generally, the more stable your monthly income, the more likely your application will be approved.
Your credit score is a number based on your credit report, which includes records on money you’ve borrowed, loans you’ve applied for, and whether you pay them back on time.
Your credit score will be between zero to 1,000 or 1,200. The higher your score, the more reliable you will look to lenders. A score of at least 670 and above is considered good.
For most lenders, the more money you have saved for a home loan deposit, the more you’ll be able to borrow. Most lenders require a deposit of at least 5% – 20% of the total home loan amount.
At Easystart, we understand not all first home buyers will have a large amount of savings for a deposit. Learn more about our low deposit home loans here.
There are a number of options available for home buyers who have little to no savings.
Depending on the amount you need to borrow and your personal circumstances, you may be able to get a home loan through one of the below options:
