Choosing Lenders Wisely
Entering the property market for the first time can be a learning process for a variety of reasons. The main aspect many consider is the financial. Cairns is classified as a “rising market” under the Herron Todd White national property clock, which shows the region is headed towards a consistent and thriving growth. That combined with low interest rates available in banks has created opportunities due to affordability, allowing people to shift from renting to moving directly into the housing market.
As First Home Owners may have discovered while looking at the market for a suitable mortgage, there are some banks not recognising the Queensland First Home Owners’ Grant as savings. Curtis Pitt MP announced on 6th of March that he had spoken to the managing director of Bank of Queensland – BOQ, Jon Sutton, who said that they will be recognising the First Home Owners’ Grant to be included in the deposit in their assessment for new applications.
This is great news for First Home Owners throughout Queensland, in particular Cairns, as $20,000 can help provide a home that is more than you were expecting, or allow you to move in sooner. Good research with a variety of lenders is key to providing the right opportunities. A decent Mortgage Broker can look at a number of options and quickly, so the loan is suited to your needs. More lenders need to be on board with the Queensland First Home Owners’ Grant, just as Bank of Queensland is. The grant has been boosted to $20,000, but only until 30th June 2017.
To be eligible for the grant:
You must be an Australian citizen or permanent resident (or applying with someone who is).
You or your spouse must not have previously owned property in Australia.
You must be at least 18 years of age.
You must be buying or building a brand new home, valued under $750,000.