Ready To Make The Dream Of Owning
Your First Home a Reality?
We're here to assist families and young people to purchase their first home.
We will guide you through the home ownership process from property inspections to signing the contract.
Why should you buy a home?
There are many benefits to building a new home over buying an established home.
First, you get a brand new home with your choice of designer fixtures, finishes, façade, floor plan, design and orientation – a stunning home just perfect for your lifestyle.
First home buyers may also be eligible for government grants and financial incentives that can help make the dream of new home ownership a reality. Our First Home Owner Grant fact sheet includes information about specific grants and stamp duty savings for new homes
Understanding your eligibility
If you’ve never bought a home before, you may be eligible for a First Home Owner Grant (FHOG). FHOG is a national scheme but it’s funded by each state, so the amount of money granted varies.
When determining your eligibility the government will take into account things like previous home ownership or investment properties, and your spouse or de facto partner’s home ownership. You don’t need to apply ahead of time but you do have to make your application within 12 months of buying your new home.
You may also be eligible for other funds, like Regional Relocation Grants, so make sure you check all of your options. Eligibility conditions and grant amounts can change, so it’s important to do some research – just visit the FHOG website, which explains the various grants available and has calculators that will tell you how much you’re eligible to apply for. We will also walk you through your available options when you meet with us.
Understanding your credit
Your credit rating is used by traditional lenders to assess your eligibility for a loan. At Tribe we review your financial circumstances as a whole, so your credit rating is not the defining factor when you apply for a loan.
Understanding what affects your credit rating is important for any home buyer since credit scores are so closely linked to home loan applications. You can get a copy of your personal credit file to review your credit rating including any defaults listed against your credit file. Ask us about your credit ratings and how they can affect your ability to borrow money.
There are two primary types of interest rates on mortgages: fixed and variable. Both have benefits and it's important to get advice this can be provided by your financial advisor, accountant or potential lender as to what either means for you financially.
- Fixed rate mortgage: best for the borrower who wants to stick to a budget and plan their finances. You'll miss out on the benefit of interest rate drops but you're also protected against increases.
- Variable rate mortgage: a flexible option if you don't mind some risk, as you may get hit with a rate rise and end up paying more interest. On the other hand, you will benefit from interest rate falls, which will help you pay off your loan earlier.
It may be possible to split your home loan so that part of it is fixed and the rest is on a variable rate.
Speak to the Tribe Property consultant regarding your current financial status and we can advice the best mortgage rate for you.
Get the right legal advice
We have property lawyers on the team who can take you from exchange of contracts to settlement and completion. Our lawyers are qualified to give you legal advice on your contract for sale, the obligations of buyer and seller, your rights, what the contract conditions mean (including any added clauses from the seller), and the state the property for sale is in.
Pre-purchase building inspections
An important part of the buying process is making sure the property you have your heart set on is being sold to you in the appropriate condition. For a few hundred dollars, your legal representative will arrange to have the property inspected for pests and property damage or faults before you complete the sale. These inspections are carried out by professionals who can find problems you might not pick up when you’re viewing the property – like moisture, rotting floorboards, termites, and unsafe features.