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First Home Buyer

Becoming a first home owner is a significant moment in life that you will always remember. This is an exciting journey, but we understand it can also be overwhelming. At Rhythm Finance Co, we’ll guide you through every step of the home loan process, so you can relax knowing we’re working hard for you. We’re passionate about helping you achieve your goal of home ownership.

How we help first home buyers…

We’ll help you understand the home loan process and the costs involved.
We’ll work out your borrowing capacity.
We’ll explain all the available lending options.
We’ll help you get pre-approval.
We’ll support you every step of the way.

With government assistance for home buyers available, now is a great time to get started. We can also discuss loan structures to help you get into your own home sooner, even without a deposit.

Government 5% Deposit Scheme

Buying your first home doesn’t have to mean saving a 20% deposit. The Australian Government 5% Deposit Scheme (formerly the Home Guarantee Scheme) helps eligible buyers get into the market sooner, with a smaller deposit and no Lenders Mortgage Insurance (LMI).

Key features:

  • 5% deposit only – buy with as little as 5% saved, rather than the usual 20%
  • No LMI – the government guarantees the gap to the lender, so you avoid Lenders Mortgage Insurance, potentially saving thousands
  • You own 100% – the government takes no equity stake in your home
  • No income caps – open to eligible buyers regardless of income
  • Unlimited places – the annual cap on scheme places has been removed
  • Single parent stream – eligible single parents or legal guardians can access the scheme with just a 2% deposit
  • Property price caps apply – maximum purchase prices vary by location, so it’s worth checking the cap for your area. Note Coffs Harbour now has $1,500,00 max purchase price under the scheme
  • Available through participating lenders only – not every lender offers the scheme, and rates/fees vary between them

Want to find out if you’re eligible or how much you could borrow? Get in touch and we’ll walk you through it.

Stamp Duty Savings for First Home Buyers in NSW

Are you buying your first home in New South Wales? You might be eligible for government assistance for home buyers, which includes a stamp duty exemption or discount. Specifically, there’s no stamp duty for homes valued up to $800,000, while homes priced between $800,000 and $1 million receive a discounted stamp duty. If you’re considering vacant land, you can enjoy a full exemption up to $350,000 and concessions up to $450,000. To qualify for this assistance, you need to be an Australian citizen or permanent resident, purchasing your first home to live in. Additionally, you must move in within 12 months and stay for at least a year as part of the home loan process.

Your First Home Loan Journey

1. Talk with a mortgage broker

Are you buying your first home in New South Wales? You might be eligible for government assistance for home buyers, which includes a stamp duty exemption or discount. Specifically, there’s no stamp duty for homes valued up to $800,000, while homes priced between $800,000 and $1 million receive a discounted stamp duty. If you’re considering vacant land, you can enjoy a full exemption up to $350,000 and concessions up to $450,000. To qualify for this assistance, you need to be an Australian citizen or permanent resident, purchasing your first home to live in. Additionally, you must move in within 12 months and stay for at least a year as part of the home loan process.

2. Get your loan application underway

We’ll provide you with loan options that are right for your situation, including options for government assistance for home buyers, and help you choose the best one. Then we’ll prepare the application for the chosen lender as part of the home loan process.

3. Conditional approval

Once the lender has assessed and accepted your application, they will provide a conditional approval, also known as pre-approval. With this pre-approval in hand, you can confidently go shopping for your first home, especially if you’re looking into government assistance for home buyers to help navigate the home loan process.

4. Unconditional approval

Unconditional approval, also known as formal approval, is granted once the lender has everything they need, and a formal approval letter will be issued. This signifies that your loan is fully locked in, which can be particularly beneficial for those seeking government assistance for home buyers during the home loan process.

5. Sign loan documents

Once you’ve received your loan docs, we’ll guide you through the home loan process, clarify any doubts, and ensure everything is signed, sealed, and delivered smoothly, especially if you’re looking into government assistance for home buyers.

6. Loan settlement

Your solicitor or conveyancer will arrange the settlement directly with the lender on the date specified within the contract of sale. If you are utilizing government assistance for home buyers, any funds you are contributing towards the purchase will need to be made available for settlement as part of the home loan process.

7. Celebrate

Congrats, you are now officially a First Home Owner! Our journey with you doesn’t end here; we’ll keep in touch to ensure your home loan continues to be the right option for you now and into the future. We can also provide information on government assistance for home buyers to help you navigate the home loan process effectively.