Buying your first home should be an exciting and satisfying experience and with a little knowledge and preparation there is no reason why it shouldn't be. There are a number of things to be aware of ranging from government benefits for first home buyers to understanding the requirements the various lenders place on you before they will give you a loan. Don’t be worried about the number of things to consider … that's what our service is for.

Our service at Shire First Mortgages costs you nothing (the various lenders pay our commissions) and we provide top quality professional assistance the whole way through the entire buying or refinancing process. Ask us about our Service Guarantee !

As a first home buyer, items you should consider include:

• The NSW First Home Owners Grant  (New Homes) Scheme- $15,000 only available for the purchase of new properties valued up to $650,000. The grant will reduce to $10,000 on 1 January 2014.

• Stamp Duty Exemption schemes – various schemes provided by the state governments. For purchases in NSW, first home buyers are exempt from stamp duty for if they purchase a newly completed or off the plan  home for less than $500,000 providing a saving of up to $17,990. For purchases of newly completed or off the plan homes from $500,000 to $600,000 a pro rata stamp duty is payable. .

• Deposits required – the amount of deposit you need to provide

• Genuine savings – the amount of savings you need to evidence to the lender - most lenders will require you to have a minimum of 3% & 5% genuine savings.

• Loan capacity – your capacity to borrow money from the various lenders as determined mainly by your income

• Your repayments – what your loan repayments will be at various loan amounts.

Your Shire First Mortgages loan consultant can help guide you through all of these items.  We will take care of all aspects of your First Home Owner's Grant and ensure the money is available at settlement of your property. For more information or a free consultation contact us today.

 For full and up to date information click on  Office of State Revenue.