Steps to a New Home: Financing

There’s a lot to be said about owning a new home, which often causes confusion among first-time homebuyers; however, if you’ll take it nice and slow, you’ll find yourself holding the keys before you even realize what’s right before you. While the law might require you to finish construction as soon as possible, don’t be in too much hurry.

To start things off, ask yourself where you’ll get the money. Homebuyers will need every source of cash they can secure to pay off every penny. For this matter, your bank savings may not be enough. You’ll need the government’s help—and they can provide it to you through a grant.

First Home Owner’s Grant (FHOG)

First-time homebuyers of new homes in Western Australia are eligible for a first home owner’s grant of $10,000. Here are some key requirements for one to qualify for the FHOG:

·         The home must not be worth more than $750,000 (for homes south of the 26th parallel, which includes Perth)
·         The buyer must be an Australian citizen 18 years or older         
·         The buyer must not have received the FHOG previously


Home loans will be the backbone of your financing strategy. If you were to apply for a loan at a bank or lender, you may have a hard time on your hands, especially if you have a less than stellar credit score and history. It’s for this purpose that home builders have their own financing packages that you ought to consider.

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