NO DEPOSIT HOME LOANS FOR FIRST HOME BUYERS

A first home buyer couple Adam and Amy have been renting for 2 years. They are from a country town in Queensland, however, both have moved to the Southern Brisbane suburbs due to work reasons. The couple have been renting at the one home over the last 2 years and have been paying their rent on time, in fact, they have been sometimes paid their rent a few weeks in advance of the due date.

Over the last 2 years Adam & Amy have also purchased a motor vehicle each, as both require a car to do their job. Whilst they bought both cars with finance, they have worked hard over the last 2 years to completely pay off their car loans. Now they have no debts, but Adam and Amy are both keen on calling a home their ‘own’. They understand a deposit is required to buy their first home, however, their circumstances and hard work in paying off their previous debts have meant they have only saved enough to pay for the costs of moving into their first home.

As Adam and Amy have shown a good rental payment and loan payment history they want to see if they are eligible to build a brand new home in the area using the First home owner incentives and/or any builder’s grants. As their budget is around $350,000 they can use the FHOG in QLD of $20,000 (before 30 June 2017) to form part of their deposit as their rental payments have formed part of their genuine savings.