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EMPLOYMENT
Q. How long do I need to be in full-time employment before I can apply for a loan?
A:- Generally three to six months full-time employment is acceptable to most lenders. However, if you have worked for the same company on a part-time or permanent part-time basis prior to becoming a full-time employee this could assist in being eligible for a loan sooner.
LOAN AMOUNT
Q. How do I know what price range I can start looking for houses in?
A:- This will depend on your income and your current debts (if any). A phone call to our office to speak to one of our Finance Strategists will answer any questions you may have and is obligation-free to you.
GUARANTORS
Q
. Can my parents or grandparents go as guarantors on the loan for us?
A:- Yes. They will need to provide details of their income, debts, assets and liabilities also and will or course sign the guarantor loan documentation which is issued by the lender’s solicitor
AGE
Q. How old do I have to be to own my first property?
A:- To have your name on real estate title in Australia you must be 18 years old. However, if you are keen to get started before you reach 18, why not talk to a family member who would join a partnership with you?
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STAMP DUTY
Q. How much stamp duty will I pay on the Contract of Sale for my first home?
A:- The amount varies from State to State depending on the purchase price of the property and your eligibility as a first home owner and whether you will be living in the property as your principal place of residence. As a guide, if the property is in Queensland, the price is $295,000 and it will be your PPR, you will pay no stamp duty on the Contract of Sale as first home owner and PPR concessions apply. (Refer to our online calculators to determine duties payable.)
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