It is recommended that buyers have a deposit of at least 20%, as this will mean you won’t have to pay Lenders Mortgage Insurance (LMI). First home buyers in Melbourne with a deposit of only 5%, however, may be eligible for the First Home Loan Deposit Scheme.
Yes, in some circumstances first home buyers can access their super to purchase a home. This is known as the First Home Super Saver (FHSS) scheme. It allows you to contribute up to $15,000 each financial year that can later be withdrawn as your deposit (up to a maximum of $50,000). Please contact us for more information on this scheme.
If one partner has previously owned or bought property in Australia, it may have an impact on your first-time buyer status when you make a joint application for a mortgage. If they did not live in the property as their primary residence, you may still be eligible for the first home buyers grant in Melbourne. Please contact us for more information.
No, under the Stamp Duty Exemption, first home buyers in Melbourne currently do not pay stamp duty providing their property is valued at $600,000 or less. Buyers who have purchased properties valued between $600,001 and $750,000 may be eligible for a stamp duty concession.
In order to avoid LMI, you need a deposit of at least 20%.
Yes, providing you meet all other eligibility criteria and have the means of making your monthly mortgage repayments.
We service clients in the Melbourne CBD area and across the surrounding suburbs of Melbourne, Australia.