2020 – A great time to buy your first home in Toowoomba
If you are planning on investing in your first home this year, then you’re in luck! From January 1st this year the Federal Government introduced the First Home Loan Deposit Scheme.
This scheme is designed to allow for faster and easier access for first time buyers to enter the market, by lessening the restraints from the banks.
Normally banks would require a minimum 20% deposit, this scheme will allow approved borrowers to proceed with a 5% deposit, while avoiding lenders mortgage insurance.
We speak to Stroud Homes Toowoomba owner Megan Thomas about why now is a great time for first home buyers, and how Stroud is the perfect builder for this client segment.
So, who can apply for the new scheme?
There are multiple eligibility requirements, the most important being the maximum household income.
Singles – your taxable income for the previous financial year must not be more than $125,000.
Couples – your combined taxable income for the previous income year must not be more than $200,000.
If you are unsure of your eligibility, please head to www.nhfic.gov.au. If you think you’re eligible, please apply through participating lenders which include (from January 1st): NAB and Commonwealth Bank.
The 25 non-major lenders will begin offering guaranteed loans from February 1st.
If the First Home Loan Deposit Scheme is not for you, there are still other First Home Buyer Grants available.
After attending an initial information evening late last year in regards to the new scheme, the team at Stroud Homes Toowoomba is now able to be on the front foot with important dates and information, and to share it with their clients.
“We are also offering our super six range of homes and inclusions to make our homes more affordable to first home owners whilst still maintaining quality inclusions and amazing customer service,” says Megan.
The Team at Stroud Homes Toowoomba can also customise ALL of the house & land packages to suit each individuals’ requirements – this includes land options, home options and budget options.
Stroud Homes pride themselves on delivering quality homes to all their clients, you’ll see this reflected in the company’s frequent awards from both the Housing Industry Association (HIA) and the Master Builders Association.
“If you build right the first time you’ll have no problems staying in the market,” adds Megan.
Few experiences compare to buying a home. The whole process will put you through a host of different emotions including excitement and anticipation.
But, as simple as it may sound, a property purchase can also be stressful. Therefore it’s vital to remember a few things along the way.
“I think you need to be realistic with the size of the home,” says Megan. “Just remember this is your first home and you have plenty of time to upgrade in the future once you have equity in your home, more savings and a higher income.”
If you’d like to know more about how Stroud Homes Toowoomba can help to get you in your new home quicker, don’t hesitate to contact Megan and the friendly Toowoomba team: