There are many grants and savings available to First Home Buyers at the moment.
If you want to purchase an existing home:
On a $180,000 two bedroom unit you could save $12,000
On a $360,000 three bedroom home you could save $32,000
Example 1 - On a $180,000 two bedroom unit you could save $12,000
| 2 Bedroom unit - pre owned | |
| No First Home Buyers | |
| Price | $180,000 |
| Add costs | $3,000 |
| Add stamp duty | $5,127 |
| Add lenders mortgage insurance | $7,019 |
| Total required to buy home | $195,146 |
| Deposit - 5% of price | $9,000 |
| Add costs | $3,000 |
| Add stamp duty | $5,127 |
| Add lenders mortgage insurance | $7,019 |
| Funds you need | $24,146 |
| With First Home Buyers | |
| Price | $180,000 |
| Add costs | $3,000 |
| Total required to buy home | $183,000 |
| Deposit - 5% of price | $9,000 |
| Costs | $3,000 |
| Funds you need | $12,000 |
| Final Loan Amount | $171,000 |
| Monthly repayments | $650 |
| Savings | $12,146 |
Example 2 - On a $380,000 three bedroom home you could save $34,800
| 3 Bedroom house - pre owned | |
| No First Home Buyers | |
| Price | $360,000 |
| Add costs | $3,000 |
| Add stamp duty | $14,215 |
| Add lenders mortgage insurance | $18,384 |
| Total required to buy home | $395,599 |
| Deposit - 5% of price | $18,000 |
| Add costs | $3,000 |
| Add stamp duty | $14,215 |
| Add lenders mortgage insurance | $18,384 |
| Funds you need | $53,599 |
| With First Home Buyers | |
| Price | $360,000 |
| Add costs | $3,000 |
| Total required to buy home | $363,000 |
| Deposit - 5% of price | $18,000 |
| Costs | $3,000 |
| Funds you need | $21,000 |
| Final Loan Amount | $342,000 |
| Monthly repayments | $1,300 |
| Savings | $32,599 |
