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Factors to Consider When Looking for a First Home Owners' Grant

Building a new home has always been a cumbersome activity and requires one to settle on a block of land. Getting a loan for first home owners is also daunting. You should not worry since mortgage brokers will assist you to get a mortgage through efficient services. You should consider mortgage brokers since they will assist you to get loans from the lenders by getting collateral security. However, there are various factors you should consider if you are a first home buyer in Brisbane. You should not worry since this article will offer a guideline to first home buyers through the company.

You should consider the previous home ownership. In other words, the Hunter Galloway grant is mainly aimed for first home owners and not individuals who have owned homes previously. Notably, even if you are purchasing property with your partner or spouse, they should also not have owned property previously. In case your partner or spouse owned property in the previous years, then you will not qualify for the $15000 first home buyers' grant. However, if all of you haven't owned property previously then you will be eligible for the loan.

You should also consider the type of property. Notably, it is evident that this is the most challenging factor for most individuals. In other words, to be eligible for first home owners grant, then you must be purchasing a new home or constructing a new home. Unfortunately, this offer does not apply to people intending to purchase existing properties or the ones which have been in use for an extended period of time. However, the policy is quite flexible in a substantially renovated home. In other words, you will qualify for the loan when you intend to purchase a substantially renovated home. You should take time to see this video: https://www.youtube.com/watch?v=2h0C5IxKbk4.

However, the substantially renovated home should undergo exclusive structural changes before you purchase it.You need also to consider your property purchase value. In other words, for you to qualify for the grant, the total value of the property should be below $750,000. However, the situation becomes harder especially if the sum of the costs of land and building must be below $750,000. You should, therefore, make sure that the total value of the property does not exceed the required amount to be eligible for the grant. You are also required to live in the home for a considerable period in order to get the loan. You should, therefore, consider the above factors since they will determine whether you meet the qualifications to get the grant or not. You may see more here.

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