Q. How can I qualify for First Step Homes' financial model?
You can find out more about the qualifying criteria for our no to low deposit home loans here.
Q. How much money do I need to purchase our family home?
For a single individual you will need a net income of approximately $100,000 per year. For a family with two children the combined net income of the household would need to be approximately $120,000.
Q. Do I need to be employed in the same job for more than a year?
The primary income earner must be employed for over twelve months or have had two positions within the same industry within 2 years with equitable income.
Q. How do lenders view overtime income?
Whilst overtime income does not usually come into consideration when assessing a candidate for a home loan, allowances can be made for cases where you can provide evidence of consistent long hours for over a year or two. Should they consider your overtime income as regular and substantial, they may consider 50% of this portion of your income when assessing your loan.
Q. How does paid or unpaid default showing on my credit report affect my ability to get a loan?
The bank will not lend to you if you are showing paid or unpaid defaults on your credit report. This means that bankruptcy, discharge from bankruptcy, part 9 judgments, and unpaid bills on your credit history can affect your success in acquiring financing.
Q. Can my partner and I be over 50 years old?
There is no age limit to our service, but the bank requires evidence of assets or superannuation that can be used to pay out the mortgage for our house and land packages, rent to own homes, or buy and hold strategies when you retire.
Q. Am I eligible for the First Home Owner Grant?
Your state's revenue department will have a complete listing of the prerequisites you will require to qualify for this grant. The property must also be your primary place of residence meaning that you will have to live at the property to be eligible for the First Home Owner Grant.
Q. How much stamp duty am I required to pay and when?
Details differ as to stamp duties in accordance to the state in which you are buying the property. First home buyers are exempt from stamp duties in both Queensland and New South Wales. The New South Wales government offers an incentive that allows for up to $5,000 payable for stamp duty, whilst in Queensland stamp duty is paid in proportion to the land. Speak to one of our experienced sales representatives to find out more.