FIRST HOME BUYERS
First Home Owners Grant Scheme
From the 1st July 2000, eligible first home buyers will receive non means tested assistance of $7000. This payment is called the First Home Owners Grant (FHOG) and it is administered by the States and Territories.
In addition to the FHOG, the NSW Government also offers stamp duty concessions under the First Home Plus scheme. These concessions apply to both the transfer and mortgage duty for First home buyers in NSW. Homes valued up to $500,000 are duty free for first home buyers. Discounts are available on homes between $500,000 and $600,000.
Vacant residential land purchases are duty free up to $300,000. Discounts on duty are available for vacant land between $300,000 and $450,000.
Central Coast Home Loans will complete your FHOG application for you and onforward this to the lender. The lender will process the application and the $7,000 will be made available at settlement.
There are specific eligibility criteria attached to the FHOG so for further information click on the link below.
The Loan Process
- Call and make an appointment to see one of our highly trained consultants at a time and location that suits you.
- Once you have chosen a lender and a product to suit your needs you will complete a loan application form with your consultant and supply them with all the necessary supporting documentation.
- Your consultant will then lodge your application with the lender on the next available business day.
- With most lenders a Conditional Approval can be issued within 48 hours that is subject only to a valuation being carried out on the security property.
- After the valuation has been ordered most lenders will be ready to issue a Formal Approval on your finance on the 5th day after they received your application.
Please note - All lenders are different on turn around times for loan approvals. 5 days is generally a reasonable guidline for approvals to be issued if you are purchasing a property, however, things such as volumes and delays with the valuer obtaining access to the property can all impact on this time frame. Please ask your consultant to check with your chosen lender on their current processing times when your application is submitted.
- Prior to Formal Approval you should have a Pest and Building inspection on the property to ensure there are no hidden problems that will cost you money down the track. Assuming these inspections are in good order and your Formal Approval for finance has been issued you will generally be right to exchange contracts, but you should always confirm with your solicitor or Conveyancer first!
- Approximately one week after your loan has been approved you will receive your Loan Contracts that you need to take along to your solicitor or conveyancer to sign.
- From this point your Solicitor or Conveyancer will generally guide you up until settlement is reached - usually 6 weeks after exchanging contracts. Remember however that Central Coast Home Loans are here to answer all your questions and we will assist you with everything up to settlement and beyond.
What to Bring to an Interview
Standard Loans
- Savings history evidence (usually 6 months bank statements)
- Statements on all outstanding liabilities
- Front page of the Contract of Sale (if purchasing)
- Identification (generally 100 points is required - birth certificate, passport, medicare card etc.)
- Rental statements or a rental appraisal (if investment properties are owned)
Refinancing
- 6 months statements on loan being refinanced
- An up to date rates notice for all properties being refinanced
PAYG Employees
- Most recent group certificate or tax assessment notice PLUS
- 2 payslips (no more than 6 weeks old) OR
- A letter from your employer (on letterhead, stating position, length of employment, gross income and employment status, signed and dated)
Self Employed
- Last 2 years personal tax returns
- Last 2 years company tax returns
- Last 2 years company financial statements
- Australian Business Number (ABN)
Construction Loans
- Copy of Building Contract / Fixed price tender
- Copy of Building Plans
First Home Buyers - Applying for the Grant
- Original birth certificate
Credit Impaired Borrowers
- A written explanation for all defaults.
Getting Pre-approved
A pre approval is the process of having your finance approved through the lender of your choice that is subject to a satisfactory valuation. An application form is completed and all supporting documentation is attached ,however, there is no property involved at this point.
Pre approvals are free to obtain and take the guess work out of knowing how much a lender will actually allow you to borrow and it also makes it very clear as to what you can realistically afford. For more information or to apply for a pre-approval phone (02) 43 672 770.