Exciting times as changes are made to the Home Builder Grant

Have you heard the exciting update about the Home Builder Grant?!

Certain lenders have now confirmed they are allowing the $25K Home Builder Grant to go towards a deposit for a new build! Previously, the grant could only be used in addition to your own deposit. This is particularly good news for first home buyers who have been working hard to save their deposit but hadn’t quite reached the target yet.

This could mean many more people could get into their first home or next home sooner.

With any grant, there are still certain requirements to meet.

For this grant, these include:

– Maximum Loan to Value Ratio (LVR) 90% including Lenders Mortgage Insurance (LMI). For example, for a $450,000 home the maximum you can borrow is $405,000. The difference will be made up with the grant and your own savings.

– Grant application must be preapproved by the relevant States, Office of State Revenue and provide at time of lodgement.

If you want to talk to someone who can make sense of this for you, or talk about your eligibility, contact me today on 1300 100 262 or ask@yourmortgagecoach.com.au and I can help you with a competitive home loan.