Determine your first home eligibility in 60 seconds | FHBA Eligibility Estimator

 In First Home Loan, Grants & Incentives, Latest news, Other, Research, Tips

At FHBA we are passionate about helping aspiring first home buyers buy their slice of the great Australia dream. Two of our most FAQs when it comes to buying your first home is ‘Do I have enough to buy my first home?’ and ‘What is the minimum deposit I need to buy my first home?’

To answer these questions we have designed an easy-to-use tool that allows you to self-estimate how far away you are from purchasing your first home in your desired suburb and the approximate minimum deposit required for your first home. We call it the ‘FHBA Eligibility Estimator’.

What does the FHBA Eligibility Estimator calculate?

What can I determine using the FHBA Eligibility Estimator?

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Benefits of using the estimator!

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What does the FHBA Eligibility Estimator calculate?

The Eligibility Estimator estimates the following costs as well as government incentives associated with buying your first home:

  • Deposit required at 5%, 10%, 20% levels
  • Lenders Mortgage Insurance (indicative only)
  • Stamp Duty – Taking into account your State’s first home owner stamp duty concessions/exemptions (indicative only)
  • Mortgage Registration & Transfer fees – State based costs associated with the mortgage and transfer of title
  • Other Costs – which covers other costs associated with buying a property such as conveyancing, building/pest inspections and moving costs (indicative only)
  • First Home Owners Grant (FHOG) – Taking into account your State’s FHOG threshold (please note other eligibility criteria applies)

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Are you are ready to buy in your dream suburb?


What can I determine by using the FHBA Eligibility Estimator?

  • The estimated minimum deposit required in your desired suburb
  • The estimated funds required for a 5%, 10% or 20% deposit
  • The estimated costs required to purchase a home in your state
  • The government incentives you may be eligible for as a first home buyer

Eligibility Estimator FHBA

Illustration of the deposit requirements in the Victorian suburb of Wallan

 

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Watch the Demo!

The Eligibility Estimator is easy to use and you can complete your self-assessment in under 60 seconds!

Watch just how easy it is below:

FHBA Eligibility Estimator

The Eligibility Estimator allows you to self-estimate how your savings are tracking and whether you have enough saved to qualify for your first home loan. Upon completion, we will instantly send you a complimentary Australian Property Monitors Postcode Report (Valued at $39.95)

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How will the FHBA Eligibility Estimator help me?

The main function of the Eligibility Estimator is to allow you to self-compare different deposit options/costs in a particular suburb. However, as part of the tool, we will send you (straight to your inbox) a complimentary Australian Property Monitors (APM) Postcode Report, for your selected suburb/postcode upon completion of the Eligibility Estimator. You can select as many suburbs as you like!

The reports will provide you with some factual information, allowing you to research your dream suburbs. The reports include the following key information:

  • Median Suburb property price & price movement over the last 12 months
  • Last 20 years median price history
  • Peak selling periods(by month)
  • Price range segmentation (what price range properties have sold in the last 12 months)
  • Recently sold properties (price & address)
  • Properties available for rent (great for renters & rentvestors)

Wallan Median Price

Snippet from the APM Suburb Report for Wallan – showing Median price and prior price movements

Do you have a deposit saved? Try it now!

Disclaimer: The FHBA Eligibility Estimator is intended as an approximate guide only. It uses a mixture of the data you input, median property prices from APM PriceFinder and estimated purchasing costs. You should not rely solely on the results of the Eligibility Estimator. Please contact an FHBA Coach (who is a licensed credit adviser) for a more comprehensive estimate based on your personal circumstances.

Written By

First Home Buyers Australia

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