Buying your first home is an exciting and complex process. It is a dream of almost all the citizens living in Australia, to buy a home and raise their families.
Most of the people choose to go for home loans to borrow money from lenders to buy home. Most of the lenders ask for a chunk of money as a deposit for home loans. But, what if the borrower does not have any savings to deposit?
There is an option of no deposit home loans in Melbourne offered by many lenders. In no deposit home loan, you can borrow 100% of the buying price. However, to borrow no deposit home loans from lenders, you need to meet some conditions such as having a guarantor, good credit score and more.
Then, what can be the better option for borrowers who do not have any savings in Australia and want to buy home hassle-free without such conditions? Well, Government of Australia has given a gift to all the first time homebuyers named as First Home Owner Grant scheme in Melbourne.
First Home Owner Grant
For a first time homebuyer, it is no more difficult to get first home loan even if they do not have any savings. They can use the FHOG as a deposit to borrow money from lenders. The First Home Owner Grant (New Homes) only applies in case of new homes.
As a first time homebuyer, you are entitled to a base amount of $15,000 (NSW) to help in the purchase of your first home. The First Home Owner Grant (FHOG) is disbursed by the Australian Government to all eligible applicants. You can apply for FHOG through any of the renowned bank nearby. It is a scheme that is tweaked periodically by the Government.
To apply for the First Home Owners Grant scheme and for more information, you can consult a broker or you can apply through whichever financial institution you deal with.