If you are buying your first property, or looking to enter the Melbourne property market soon, now is the time to look at your options and consider the choices available to you.  Interest rates are falling and many potential home owners are now ready to make the leap into the property market.

First-home buyers can choose from a range of home loans, including fixed rate, variable rate, low-doc home loans and no deposit home loans.  At Your Local Finance, your personal mortgage broker can talk you through all the loans available and search for one that is right for you.  We offer a complete service to all first-home buyers, and you know that you can trust our experienced and friendly staff to help you whenever and wherever you need us.

First Home Owners Grant
When considering buying your first home, make sure you factor in the first home buyer grant.  The First Home Owners Grant was increased in 2008 but is now due to be reduced as of 31 December 2009.  The original first home owners grant of $7,000 is still available to eligible first home buyers after this date. 

The grant was boosted by the Federal Government during the global financial crisis to boost the property market but is now winding back to the original $7,000.  The grant is designed to help first home buyer onto the property ladder.

A free First Home Owners Grant eligibility quiz is available here.

Requirements:
•    You must be an Australian citizen or permanent resident who has never owned property in this country
•    You must have lived in Australia for at least six months;
•    You must be over 18-years old
•    The property must be located in Melbourne or Victoria


How much can I borrow to buy my first home?
Your borrowing capacity can be determined by looking at your income, your expenses, the financial goals you may have and all of your personal circumstances.  A mortgage broker can calculate this for you easily, so you can be prepared when looking at the property market.

What other costs will I incur?
Buying a home means more than just the mortgage.  There are legal fees, settlement fees, property inspection fees, there may also be stamp duty, and then there are moving costs such as hiring removal a firm or truck.  It is important to factor these costs in when budgeting for your new home.  At Your Local Finance, our experienced mortgage advisors can offer you some assistance and point you in the direction of some great resources to help make the move as easy and as stress-free as possible.

Looking to buy your first home?  Don’t get caught out, talk to a friendly and experienced mortgage broker on .