First Home Buyers

Getting the right first home loan is crucial for several reasons:

• Affordability: A well-chosen loan ensures your monthly payments fit your budget. Consider not only the mortgage payment but also rates, insurance, maintenance and other homeownership costs.
• Long-Term Impact: Your first home loan sets the stage for your financial future. Favourable terms can save you money over time, while unfavourable ones can end up costing you thousands in extra interest payments.
• Pre-Approval: Before house hunting, get pre-approved. It helps you determine your budget, negotiate a better price, and get you into your first home faster.

Remember, a well-informed decision now can positively impact your homeownership journey! Use the experience of Skate Capital to help you make the right choice. Check out our calculators to see estimated costs and repayments.

There are several government schemes available to first home buyers. 

• The First Home Owner Grant (FHOG) is a $10,000 grant towards the purchase (or build) of a new home subject to eligibility criteria. Find out more at firsthome.gov.au website and search by your state.
• Stamp duty concession. In Western Australia, eligible first home owners can receive an exemption or concession on stamp duty depending on the dutiable value. See the WA government duties fact sheet webpage for more information.
• Home Buyers Assistance Grant is a grant of up to $2,000 available in Western Australia to reimburse some incidental expenses associated with the purchase of your first home. See the WA government home buyers assistance webpage for more information.

 The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner. It is administered by Housing Australia on behalf of the Australian Government. 

Under the FHBG, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to buy a home with as little as 5% deposit without paying Lenders Mortgage Insurance. 

For the FHBG, any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan. Eligibility criteria apply.

For more information see the Housing Australia webpage.