Are you ready to buy your first home?
Secure Your Dream Home with Confidence: Download Our First Home Buyers Guide
Buying your first home is an exciting milestone, but navigating the process can be overwhelming, especially for busy professionals like you. Whether you’re just starting to explore the market or are ready to take the plunge, our comprehensive First Home Buyers Guide is here to help you every step of the way.
Start your journey with our FREE easy to follow First Home Buyer guide
Step-by-step tips, expert advice, and everything you need to know to make your first home purchase a success. Simply fill in your details below to download the guide!
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Unlock the Secrets to Successful Homeownership: A Sneak Peek into Our First Home Buyers Guide
Here’s What You’ll Discover Inside the Guide:
• Navigating the Home Buying Process
Buying your first home is a significant milestone, but the process can seem daunting. Our guide breaks it down into simple, manageable steps, from assessing your financial position and understanding the property market to making an offer and completing the settlement. You’ll get practical tips that can save you time, money, and stress.
• Understanding Mortgage Types
Not all home loans are created equal. Our guide demystifies the different types of mortgages available, including fixed, variable, and split rate loans. We’ll help you understand the pros and cons of each option, so you can choose a mortgage that aligns with your financial goals and lifestyle.
• Maximising Your Borrowing Power
As a medical professional, you may have unique opportunities to maximise your borrowing potential. Learn how to leverage strategies like parental guarantees, salary packaging, and managing existing debt to enhance your borrowing capacity and secure the home of your dreams sooner.
• Budgeting for Your New Home
A well-prepared budget is the foundation of a successful home purchase. Our guide walks you through all the costs you need to consider, from government fees and legal costs to home insurance and property inspections. With our budgeting tips, you’ll feel confident and prepared every step of the way.
• Expert Tips for Medical Professionals
At DPM, we understand the unique financial landscape you navigate as a doctor. That’s why our guide offers tailored advice on how to integrate your home purchase into your broader financial strategy, ensuring that your new property supports your long-term goals.
Let Us Guide You to Buying Your Dream Home
At DPM, we understand that purchasing your first home isn’t just about finding the right property; it’s about making informed financial decisions that align with your long-term goals. Our guide is specifically tailored for medical professionals, offering practical insights and expert advice that address your unique financial situation.
Download the guide now and let DPM Lending be your trusted partner in the home-buying process. Our Lending team is here to provide unwavering support, competitive lending options, and personalised advice every step of the way. If you’re ready to get started, book an appointment today!
Frequently asked questions
The First Home Owner Grant (FHOG) is a one-off payment from the government to assist first-time home buyers in purchasing or building a new home. The grant aims to offset the effects of the Goods and Services Tax (GST) on home ownership.
The First Home Owner Grant (FHOG) varies across Australian states and territories:
- New South Wales (NSW): $10,000 for new homes valued up to $600,000 or for building a new home up to $750,000.
- Victoria (VIC): $10,000 for new homes in metropolitan areas and $20,000 in regional areas for homes valued up to $750,000.
- Queensland (QLD): $15,000 for new homes valued under $750,000.
- South Australia (SA): $15,000 for new homes valued up to $575,000.
- Western Australia (WA): $10,000 for new homes or substantially renovated homes valued up to $750,000 south of the 26th parallel or $1,000,000 north of the 26th parallel.
- Tasmania (TAS): $30,000 for new homes, available until 30 June 2024.
- Northern Territory (NT): $10,000 for new homes.
- Australian Capital Territory (ACT): As of July 1, 2019, the FHOG was replaced with a Home Buyer Concession Scheme which provides duty concessions for first home buyers.
You can apply for the First Home Owner Grant through your state or territory’s revenue office or through your lender when you arrange your home loan.
Applications generally require proof of identity, proof of purchase or building contract, and other supporting documentation.
Below are the relevant offices for each state:
- NSW: Revenue NSW
- VIC: State Revenue Office Victoria
- QLD: Queensland Treasury
- SA: RevenueSA
- WA: Department of Finance WA
- TAS: State Revenue Office Tasmania
- NT: Territory Revenue Office
- ACT: ACT Revenue Office
A typical deposit for first home buyers in Australia ranges from 5-20% of the property’s purchase price. Some lenders offer loans with a deposit as low as 5%, but having a 20% deposit can help you avoid Lenders Mortgage Insurance (LMI) and may provide better interest rates. Some lenders will offer medical professionals and other professions LMI exemptions.
Yes, the First Home Owner Grant can be used towards your deposit. However, you should check with your lender to ensure that the grant can be applied directly to the deposit, as some lenders may have specific requirements.
First home buyers in Australia may be eligible for stamp duty concessions or exemptions, which vary by state and territory:
- NSW: Full exemption for homes valued up to $800,000 and concessions for homes valued between $1million.
- VIC: Full exemption for homes valued up to $600,000 and concessions for homes valued between $600,001 and $750,000.
- QLD: Full exemption for homes valued up to $500,000 and concessions for homes valued up to $550,000.
- SA: No specific concessions for first home buyers, but there may be other grants available.
- WA: Full exemption for homes valued up to $430,000 and concessions for homes valued up to $530,000.
- TAS: 50% concession on stamp duty for homes valued up to $600,000, available until 30 June 2024.
- NT: No specific concessions for first home buyers, but there may be other grants available.
- ACT: Full exemption under the Home Buyer Concession Scheme for homes valued up to $470,000 and concessions for homes valued up to $607,000.
Yes, doctors often have access to special home loan packages with lower interest rates and other benefits. Lenders consider doctors to be low-risk borrowers due to their stable and high-income professions, leading to more favourable loan terms.
Yes, many lenders waive Lenders Mortgage Insurance (LMI) for doctors, even if their deposit is less than 20%. This is due to the perceived lower risk associated with lending to medical professionals, allowing them to save on the cost of LMI, which can be substantial.
The average age of first-time home buyers in Australia is around 34 years old. This can vary based on individual circumstances, economic factors, and regional differences.
DPM has several helpful online lending calculators available including:
