If you’re a first-time homebuyer in Australia, the First Home Buyer Deposit Scheme (FHBDS) could be a great opportunity to purchase your first home with a lower deposit requirement. However, before you apply for the scheme, it’s important to consider a few key factors to ensure that it’s the right option for you.
Q: What are the things to consider in applying for a first home buyer deposit scheme?
A:
- Eligibility requirements
- Property affordability: Consider the total cost of the property, including any ongoing expenses such as mortgage repayments, council rates, and insurance, and make sure you can comfortably afford them.
- Deposit size: Consider whether you’re able to save a larger deposit or if the FHBDS is the best option for your financial situation.
- Property location: The FHBDS has property price caps depending on the location of the property.
- Other government schemes: Consider whether you’re eligible for other schemes, such as the First Home Owner Grant or stamp duty concessions, which could provide additional financial support.
- Mortgage options: Look at factors such as interest rates, fees, and any additional features such as an offset account or redraw facility.
By carefully considering these factors, you can ensure that the FHBDS is the right option for your financial situation and help make your dream of owning a home a reality.
