Do you know What The Top Ten Traps For The First Home Buyer are? First-time home buyers often qualify for government schemes designed to help potential homeowners enter the housing market for the first time. But every schedule is different and it pays to know the fine print before looking for your dream home.
The First Home Buyer
Before you go ahead and apply for a First Home Buyer Scheme, there are several important things to consider.
Here are my top ten pitfalls to watch out for before considering a first-time homebuyer grant:
1. Make sure you are aware of the latest scheme name, terms and conditions, and eligibility criteria in your area… and expect these to change approximately every four months.
2. Not all brokers are aware of the latest changes and conditions per the scheme, so consult a financial planner or mortgage expert before setting up your contract.
First Home Buyer
3. Note that many schemes offer money to help only with the purchase of a new home or new construction.
4. Due to downward pressure on many global construction markets, most subsidies are no longer available to purchase existing or previously occupied properties, as governments want their schemes to help fund more new construction.
5. New homes eligible for First Home Buyer grants must be appraised at less than a maximum value set by the government offering the scheme.
6. At least one applicant for first-time homebuyer grants must be a citizen of the country administering the scheme, and all must be over 18 years of age. What Are The Top Ten Traps For The First Home Buyer?
7. Most schemes require that all applicants and their spouse or spouse have no prior residence status.
8. You can usually apply for the First Home Buyers Grant through your chosen financial institution, Or you can have a specialist broker handle all the necessary paperwork on your behalf.
9. Most grant applications can be submitted directly to the Office of State Revenue. Or equivalent within 12 months of the building purchase or completion
10. In most cases, applications made when getting your financing will result in the grant being paid on settlement