Buying your first home
What we offer for first-time homebuyers
1) Breaking
Down the Jargon: Mortgages come with a lot of terms and acronyms that
can be overwhelming, but with LoanVa, we take the time to explain every
detail in simple terms. From LVR (Loan-to-Value Ratio) to fixed vs.
variable rates, we’ll ensure you understand every part of the loan, so
there are no surprises along the way.
2) Tailored
Loan Solutions: No two homebuyers are the same, and we understand
that. That’s why LoanVa works with you to find the best loan options based
on your unique financial situation. Whether you’re looking for a low
deposit, first-time buyer incentives, or a competitive interest rate,
we’ll explore all available options to get you the best deal.
3) Reduced
Upfront Costs and Fees: One of the biggest hurdles for first-time
homebuyers is the upfront cost. LoanVa works tirelessly to help reduce
your initial expenses by finding loans with lower application fees, waived
lender fees, and even discounted rates. We’ll leave no stone unturned to
help you save money right from the start.
4) Clear,
Transparent Process: We’re committed to making the mortgage process as
straightforward as possible. LoanVa ensures that you’re fully informed at
every step, from loan pre-approval to settlement. We’ll explain all the
fees, the repayment terms, and any additional costs upfront—so you can
make an informed decision without any hidden surprises.
5) Ongoing
Support: We don’t stop once you’ve secured your loan. LoanVa offers
continuous support and guidance to ensure you're on track to achieve your
homeownership goals.
With LoanVa by your side, securing a home loan doesn’t have
to be complicated. We're here to guide you through the entire process, ensuring
that you not only get the best possible loan but also save on upfront costs and
fees. Your path to homeownership starts here—
Contact LoanVa borrowing made simple today and take the
first step toward your dream home with confidence!
First home buyer grants - Melbourne
First Home Owner Grant (FHOG): This one-off payment is only available if you buy a newly built home or if you build a brand-new home from scratch. The property can be a house, townhouse, apartment or unit - but it must be valued at $750,000 or less, and it must be new (never previously sold or occupied). The first home owners grant is worth $10,000 for homes in Melbourne and $20,000 for homes in regional Victoria.Eligibility Criteria for FHOGThe eligibility criteria for the FHOG are primarily based on your residency status, the type of property, and the purchase price. You or your spouse/partner must be an Australian citizen or permanent resident, and neither of you should have owned a residential property in Australia before.
Stamp Duty Exemption or Concession This one-off home buyer duty exemption applies to homes valued at $600,000 or less (which is a massive saving of around $30,000). For homes valued between $600,001 and $750,000, a stamp duty concession applies instead (which is a discount on the land transfer duty you pay). To be eligible, the home must be a principal place of residence (PPR).
First Home Buyer Guarantee Scheme: Also known as the Pilot Shared Equity Scheme, the FHBG is designed for first-home buyers in Melbourne buying an existing home (providing it's a residential property). It allows buyers to secure a loan with as little as a 5% deposit without needing to pay Lenders Mortgage Insurance (LMI). What is this means to you? You save approximately staggering $20,000 in LMI. To be eligible, singles must have an annual income of $125,000 or less, while couples must have a combined household income of $200,000 or less. For FHBG scheme, applications lodged from 1/07/2023, the annual income assessment is based on the financial year 2021-2022.
Off-the-Plan Concession: If you’re buying an off-the-plan land and building package, you may be entitled to a concession on stamp duty. Buyers will only pay duty on the value of the property and construction at the time of the contract date. As construction generally won’t have started or been completed when a contract is entered into, buyers won’t have to pay as much in stamp duty. Other eligibility criteria apply, such as being a permanent resident of Australia. To view all criteria and apply, visit the State Revenue Office website. There are a couple of other schemes available (such as the Young Farmer Duty Exemption or Concession and the First Home Owner with Family Duty Exemption or Concession), which have more specific eligibility. To learn more about these, please contact us for more information. The team at Mel Finance can provide more information on each of the grants, exemptions and concessions outlined above, as well as discuss the eligibility criteria in further detail. We can also help you to apply for all of the schemes that you are eligible for, ensuring that your savings are maximised during your first home purchase.
