Stop Renting! There has never been a better time to buy.
If you are a first home buyer then the conditions are ripe for you to stop renting. With Interest Rates at a record all-time low, your opportunity to buy your own home has never been better.
The State Government’s First Home Owner’s Grant can provide you with $15,000 dollars’ assistance available for building a brand-new home, with house and land valued up to $750,000. Click here to find out more about the First Home Owner Grant and buying your first home.
The First Home Loan Deposit Scheme is a Government-backed initiative to help Australians get into their first home sooner. Basically, to avoid First Home Buyers having to pay for lenders insurance, under the Scheme, part of an eligible first home buyer’s home loan from a participating lender will be guaranteed by the National Finance, Housing and Investment Corporation. This is aimed at enabling first home buyers to purchase a home with a deposit of as little as 5 per cent (lender’s criteria apply). New places have been released, to find out more about the First Home Loan Deposit Scheme and to see if you are eligible, click here.
To read more about how you can use the First Home Loan Deposit to buy your first home at North Harbour, click here.
What does LVR stand for?
The acronym LVR stands for Loan to Value Ratio and is also sometimes referred to as ‘LTV’. The LVR is the amount you are borrowing, represented as a percentage of the value of the property being used as security for the loan.
What does LMI stand for?
The acronym LMI stands for Lenders’ Mortgage Insurance and is a one-off insurance payment made by the borrower at the time of the loan settlement that protects the lender.
What is a Fixed Interest Rate?
With a locked in rate your home loan interest rate will remain the same over the fixed rate term (usually 1 to 7 years). Fixed rate loans are generally a great option for first home buyers who are getting used to making home loan repayments or other borrowers who are on a strict budget and need repayment consistency.
What is an Interest-only Loan?
An interest-only loan is a loan that temporarily allows your repayments to only cover interest on the amount borrowed, the principal, for a set period of time.
What is a P&I loan?
A principal and interest loan has repayments of the principal, which is the amount of money you have borrowed from the bank (minus your repayments) and the interest which is the money charged on top of the principal and is calculated based on the interest rate and size of the principal.
Phone the North Harbour team on 07 5433 1111, visit our Sales & Information Centre or complete our online form.