Secure government funding and save thousands

Are you a first home buyer or single parent planning to purchase a new property in Windermere? If yes, there are several government schemes available to help you according to Southside Home Loans. The federal government’s Home Guarantee Scheme (HGS) has now supported more than 150,000 buyers since its inception in January 2020.

Eligibility is limited. Price caps up to $800,000 apply in Windermere, while income caps are $125,000 for individuals and a combined $200,000 for joint applicants.

The HGS comprises three programs:

• First Home Guarantee: eligible first home buyers can purchase a property with a 5% deposit without needing to pay lender’s mortgage insurance (LMI). There are 35,000 places available this financial year.
• Regional First Home Buyer Guarantee: the same as above, but for regional first home buyers only, with 10,000 places this financial year.
• Family Home Guarantee: eligible single parents or single legal guardians can purchase a property with a 2% deposit without paying LMI. Five thousand places are available this financial year.

According to Housing Australia, who administer the HGS of the 150,000 buyers using the scheme, 51% have been women and 55% under the age of 30.

Five tips from Southside Home Loans for first home buyers:

1. Steps to buy your property: over 40 lenders are available to choose from and several competitive interest rate options are presented for individual requirements
2. Preparation is key: the home loan market is very competitive and there are many loan options available for each home purchase.
3. Think of buying a property as a three-legged stool tool: land, house and finance. Always look at finance options at the same time you are considering a land and home purchase.
4. Grants and concessions: understand how grants work and personal circumstances to ensure maximum benefits are received. Are you eligible for the Victorian 1^st Home Owner Grant and stamp duty concessions? The savings here can go a long way towards purchasing a dream home.
5. Bank application process: important requirements to consider:

• • income/liabilities/living expenses.
  • borrowing capacity, purchasing power and loan serviceability.
  • current and future finance circumstances.
  • deposit/contribution.
  • lenders mortgage insurance.
  • interest rates.

Southside Home Loans speaks daily with people seeking to buy a property and offers the most competitive loan option to suit individual circumstances. The company offers a savings planner to help people achieve home ownership goals.  Visit www.southsidehomeloans.com.au and view the deposit planner.

Call today on 0409 770 300 to book an appointment and find out if you qualify for the Home Guarantee Scheme, 1^st Home Owner Grant as well as stamp duty concessions.

Four-bedroom home and land packages in Windermere start from $612,500 which qualify under the HGS to obtain concessions.

To find an affordable land lot visit the Windermere Sales Gallery at 275 Greens Road, Mambourin to discuss land and home and land package opportunities. Open Saturday – Wednesday from 11am- 5pm.