ARCHIVED FIRST HOME BUYER
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Buying With Friends |
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I am thinking of buying a property with a friend of mine and I was
wondering if we get two separate loans for a single property, are
we both eligible for the $7,000 First Home Owners Grant. If not, |
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who gets it? |
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The first Home Owners Grant Scheme is only payable once per property.
So, in the case of joint tenants, the situation is much the same as if |
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those tenant were co-applicants or 
partners, ie they both have to
meet the eligibility requirements to
receive the one grant for the one
property. Only one application
is processed and one bank account
nominated to receive the funds.
How the receivers of the grant split
up the money is up to them.
From YMM April 2007 |
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First Home Buyer |
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Hi, the question I have is my partner and I want to move away from
renting. We are both employed and also we both have not yet had
the Government first home loan assistance. We are not married but |
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are de-facto. What are we entitled to for a first home loan each? Will
we both get the $7000 assistance or will they half it? Any information
would be greatly appreciated thanks.
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Hi & thank you for your enquiry. As you are living in a de-facto relationship
and you are looking to purchase in joint names you would only be eligible
for one First Home Owner Grant of $7000. This could well be used to assist |
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with the purchase of your first home. You will need to supply more
information to be assessed for your borrowing abilities. Good luck with the
house hunting.
From YMM February 2007
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No Deposit |
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I am currently in the process of looking to buy a first home and
need to buy it soon due to personal circumstances. I don't have
the minimum 5% deposit saved. My parents have offered to act |
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as guarantors, using the equity in their current home. Can you tell
me if lenders will allow me to borrow in this way? What are the
potential problems involved? I am looking to borrow about $230,000.
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You should have no trouble getting finance as long as you have an
employment and a savings record which shows the lender that you
can make the repayments. Together with the First Home Owner
Grant to help you with your deposit, and the fact that your parents |
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will act as guarantors, many lenders should be able to arrange a loan
that suits your circumstances.  However we do suggest you talk to a
financial planner, accountant or solicitor to
help you understand the guarantee process.
As should your parents. A guarantee is a
promise by your parents that the person or
persons who are applying for credit (that's
you) under a credit contract will keep to all
the terms and conditions the document contains.
If you fail to make the repayments, not only
would your parents be liable for the money
owing, but they would also be liable to pay for any reasonable expenses incurred by the lender to collect the money owning, up to the limit,
if any, stated in the guarantee. If they are
unable to make the payment, then the lender
can take legal action against them, which may result in the forced
sale of any property owned by you, such as your own house. If the
sale of your house is insufficient to repay the lender, your parents
may be forced to sell some of their own assets to cover the
outstanding debt remaining.
Best of luck with the purchase of your new home!
From YMM April 2007 |
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Do We Qualify? |
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My husband has only been with his current employer for six weeks but
has not been unemployed and has stayed within the same industry.
I have been with my current employer for 14 years and we have a
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five percent deposit.five percent deposit. Are we likely to have any
problems obtaining finance?
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You should be OK in obtaining finance (subject to serviceability /
property location etc) although I would recommend you get an
approval in principle before exchanging contracts.
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As a general rule lenders will consider approving a loan where a
borrower has started a new job provided he/she has a minimum 2
years experience within that same industry (as is the case with your
husband).
Your; 5% deposit means your loan will be a 95% borrowing against
the price of the property and as a result you will be required to pay
Lenders' Mortgage Insurance. The cost of this depends on the loan
amount but generally if your loan is under $300,000 the cost will be
about 1.75% (once only) over $300,000 around 2.3%. Some products
allow you to add the premium to the loan amount but there is added
cost in this.
If you would like an approval in principle (subject to valuation); we
would be happy to help with this and at the same time we can obtain
a firm quote for the lenders' mortgage insurance.
Please feel free to contact Zuzana Buttel our Sales Manager if you
would like any further help with an application.
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