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FIRST HOME LOAN DEPOSIT SCHEME EXTENSION

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers in purchasing their first home. During the Federal Budget Release on October 6, Treasurer Josh Frydenberg announced that the scheme, which has so far this year aided 20,000 first home buyers, has been extended by another 10,000 spots.

Australians will be able to build or purchase a newly built home with a deposit of as little as 5 percent. The extension has also come with increase in the Property Price Caps that were previously in effect, allowing applicants to purchase and build homes up to $950,000, in Sydney, $850,000, in Melbourne, $650,000, in Brisbane, and $550,000, in Perth.

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Treasurer Josh Frydenberg said that it is essential to conserve the residential construction industry as it plays a big part in boosting the Australian economy as it recovers from the coronavirus pandemic.

“Helping another 10,000 first home buyers to buy a new home through our First Home Loan Deposit Scheme will help to support all our tradies,” Frydenberg said.

In states where the virus is seen to come under control and movement increases, record-low lending rates and greater levels of federal government and state grants are set to push demand for housing credit. Capital chief economist of AMP, Shane Oliver, suggests that there is risk in increased debt, higher than otherwise prices and potential oversupply in the face of limited immigration.

The decision to extend the scheme comes after the National Housing Finance and Investment Commission predicted housing demand could fall by up to 230,000 dwellings over the next three years, due to border restrictions.

The extension will available until 30 June 2021, but if you are thinking about purchasing your first home, please reach out to one of our team members, as the extension is set to exhaust quickly.

HOW CAN WE HELP YOU?

There has been considerable interest in this Scheme and it will be important to get in early as the extended allocations are limited to just 10,000.

The Specialist at Brisbane Home Loans can review your financial position and advise you if qualify allowing you to purchase a property with just 5% deposit and avoid paying thousands in lender morgage insurance

If you are ready to go, we will assist you to prepare an application ready to be lodged once the applications for the Federal Grant are ready. We will also assist guide you with details of the State Grant and National Grants that collectively can provide you with a $40,000 contribution to your dream home.  Call Jordan or Dan on 3889 9250 to make an appointment.

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Why it Pays to Review Your Home Loan

Why it Pays to Review Your Home Loan! A home loan should never be a set and forget kind of thing. Borrowers should be reviewing their home loan every year or every two years. But who has time for that? Well that’s where Brisbane Home Loans Free Loan Health Check becomes an extremely beneficial tool.

How To Improve Your Credit Score

How To Improve Your Credit Score Having a deposit may not be enough to get you a loan if your credit history is not good! Lenders are ready to scrutinise your purchasing behaviour before approving a personal loan. Be ready to show your future lender 6 to 12 months of bank statements that will scrutinised

Why Choose Brisbane Home Loans

You're In Good Hands

Brisbane Home Loans is all about good old fashioned personal service without exception.

We Find The Right Deal For You

We take the time to listen to your needs and then search the market for the best products that satisfies your needs at the lowest possible cost to you.

Ongoing Comittment

We continue to work for you after the deal is finished, ensuring that we asess any new offers that become available which may improve your current deal.

One Stop Lending

We give our clients access to Personal Loans, Home Loans, Investment Loans and Commercial Loans.  You always only deal with on person for all your lending services.

How We Work With Our Clients

We can meet clients in our office, in their home, their office or the local coffee shop. Our initial interview will helps us understand the clients needs in the short, medium and long term so that we can find the best possible lender for your loan.

The world of financing continues to be more and more complicated. Our Lenders have experience in finding the right product to meet the specific needs of each of our clients.  During this phase, we identify two to three options that may be suitable.

Our Lending Specialists will present to you a number of options available outlining  the differences, benefits and downfalls of each option presented. Our preferred option and reasons why, we consider this the best fit for you will be clearly explained.

Our Lending Specialists work with our clients to have all documentsation signed, submitted to the lending institution and processed through to approval.

We pride outselves on client service which is why our Lending Specialists establish a reasonable review timeframe where they touch base with our Clients to ensure everything is working as planned.  During this review, the client is made aware of any new financing options in the market.

Brisbane Home Loans is not about one off loans. We truly care about our clients, which is why we stand by their side beyond the completion of the loan.

What Does A Mortgage Broker Do

Listen and Evaluate Your Needs
Calculate How Much You Can Borrow
Compare Options Available to You in The Market
Provide You Expert Advice
Do All The Leg Work
Obtain Pre-Approval For You
Create A Plan For You To Ensure Your Always Getting The Best Deal
Most Importantly We Provide This at No Cost To You

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