FINANCE SERVICES
Buying Your First Home
How much can you borrow?
On our website you will find many calculators which will enable you to be able to evaluate:
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How much surplus income you have every month
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How much will the loan repayments be
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How much can you borrow
These calculators are a guidance tool only, but aide in helping you know exactly what your loan boundaries are.
How can Able Finance help you?
At Able Finance, we know how daunting it can be purchasing your First Home. To help ease the process we have detailed every step of the Home Loan process, as well as some key terms and how they will affect you.
At Able Finance we provide access to over 40 different Home Loan Lenders. Our consultants conduct in constant weekly Lender training to ensure that they can find the right loan for You. Our services save you time and money, by providing you with up-to-date knowledge on all 40 of our Lenders and which Lender’s product is more suited for your needs. Always remember, we work for you, NOT the Bank.
What types of Loan are there?
There is a large maze of loans in the industry. Many people will be telling you what type of loan you should obtain and what loan has worked for them. Here at Able Finance we analyse YOUR situation and find a solution for YOUR needs. To enable us to further understand your needs we have detailed a list of the different Types of Loans in the industry and their characteristics for your perusal. This will enable you to have a fair understanding of each product, so as you can let your consultant know what characteristics you are looking for in a loan.
How do I qualify for the First Home Owner Grant?
The First Home Owners Grant is a Scheme introduced by the Commonwealth Government to help offset the introduction of the Goods and Services Tax (GST). If you qualify for the First Home Owners Grant (FHOG) you are entitled to a one-off $26,000 payment of which you can use as a deposit for the purchase of your new home. This can be for the construction of a dwelling or a dwelling that has never been lived in.
If purchasing an established property (a dwelling that has been lived in), you may be eligible for the First Home Owners Discount (FHOD). The NT Gov’t will waive Stamp Duty on purchases up to $500,000. Purchases over that amount and up to $650,000, Stamp Duty will be discounted by $23,929. You will also be eligible for the $10,000 Home Renovation package.
To qualify for the FHOG and FHOD you must satisfy the below conditions;
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Eligible applicants must be natural persons who are Australian citizens or permanent residents, who are buying or building their first home in Australia.
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To qualify for assistance, neither the applicant nor their spouse (or de facto) must have owned a home prior to 1 July 2000, either jointly, separately or with some other person.
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Neither the applicant nor their spouse (or de facto) must have owned and occupied a home after 1 July 2000.
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Neither the applicant nor their spouse (or de facto) must have claimed this grant previously.
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Entering into a binding contract or commencement of building, in the case of owner-builders, must have occurred on or after 1 July 2000.
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An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self contained fixed dwelling that lawfully can be used as a place of residence.
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An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of settlement or completion of construction of the home.
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Joint applicants will be restricted to a single application for a single property and only one payment of $26,000 will be made or one Stamp Duty discount
If you are not entirely sure whether you qualify for the FHOG or FHOD, ring Able Finance to make a no-obligation appointment. Your consultant will be able to guide you through the FHOG and FHOD tests and advise you what further concessions are available in your jurisdiction.