First Home Buyers
Purchasing your first home is a significant milestone, and it’s an endeavour that requires careful navigation. At Cresco Finance, our goal is to empower first home buyers with the knowledge and resources necessary to make this dream a reality. We understand the complexities and challenges faced by individuals stepping into the housing market for the first time.
Eligibility Criteria for First Home Buyers
To be eligible for the First Home Buyers Assistance Scheme, several criteria must be met:
- The purchase must be for a new or existing home or vacant land in NSW.
- The property value should fall within the specified threshold amounts.
- The transfer must encompass the entire property.
- Buyers must be individuals (not a company or trust).
- Each applicant must be over 18 years old.
- Buyers and their spouse or partner should not have previously owned or co-owned residential property in Australia.
- Applicants should not have received an exemption or concession under this scheme before.
- At least one of the first home buyers must be an Australian citizen or permanent resident.
- For new or existing homes, there are requirements for living in the property, which may be waived upon application.
We aim to provide a comprehensive and informative experience for first-time homebuyers by offering detailed guidance on the steps involved in securing a mortgage.
Understanding various loan options, upfront payment requirements, and potential government schemes or incentives is crucial. Our team of experts is dedicated to walking you through the home buying process, from assessing your financial readiness to exploring different mortgage types. We’ll help you find options with terms that fit your budget, ensuring a seamless and informed journey into homeownership.
Navigating the process of buying your first home can be overwhelming, particularly when considering pre-approval, property selection, negotiation, and understanding the legal and financial aspects. Our commitment is to offer a wealth of information, ensuring that first home buyers are well-equipped with the knowledge necessary to make informed decisions.
This comprehensive guidance is supported by our commitment to keeping you informed about available schemes and the various types of mortgages, guiding you through the application process, and supporting you even after the purchase is complete. With our assistance, your first home purchase will be an informed, empowered, and exciting experience.
Eligibility Check for Home Buying Assistance
Wondering if you qualify for home buying assistance in New South Wales (NSW)? Prospective homeowners can now utilize the Home Buyer Assistance Finder available on nsw.gov.au. This user-friendly online tool enables house hunters to conveniently assess their eligibility for the three primary programs offered by the NSW Government.
The Home Buyer Assistance Finder serves as a new online resource providing an initial indication of whether you meet the requirements to apply for government assistance.
Requirements For Living in the Property
For contracts exchanged on or after 1 July 2023, you or an eligible first home buyer must move into the property within 12 months after settlement and live there as your primary residence for at least 12 continuous months.
For contracts exchanged between 1 July 2017 and 30 June 2023, similar residence requirements exist but for a minimum of 6 continuous months.
We are partners in achieving financial growth and property ownership.
Our commitment is to provide expert guidance, tailored solutions, and a seamless experience throughout your home financing journey. Explore the possibilities, discover your eligibility for home buying assistance, and take the first step towards the property of your dreams. Contact us for a consultation and embark on your path to property ownership with confidence.