Who is this article?
This article applies to members of the Australian Army who wish to purchase their first home.
Can a member of the Australian Army get a home loan without real savings?
Yes, use the First Home Buyer Grant [FHOG] and the Home Assistance Program [HPAS].
How much can I buy with FHOG and HPAS as my deposit?
In New South Wales and Queensland, first-time buyers do not have to pay up to $500,000 in stamp duty. Since there is no stamp duty, only $7000 FHOG and $16,949 HPAS are used, and the maximum purchase price without any use of own funds is $340,000. HPAS and FHOG are sufficient to pay 5% deposit, legal fees and purchase costs at this purchase price. Of course, if you do have some savings or a gift, the purchase price may be higher, as long as your income is sufficient to pay the repayment.
What are the criteria for obtaining an Australian Army home loan without real savings?
1] The Australian Army is employed for at least 1 year,
2] Clean credit history - absolutely no default or bankruptcy,
3] Positive assets. Positive asset positions refer to assets held more than liabilities. The assets of this test do not include pensions and household content.
4] If the interest rate rises by 1.5%, take into account the existing liabilities to pay enough income for repayment
5] Perfect repayment history of all liabilities [including credit card and personal loan] in the past 6 months
Is the interest rate higher?
No, interest rates are standard - you are not charged a higher fee because you don't have real savings.
Orignal From: Australian Army Home Loan - Can I use HPAS and FHOG as my deposit to get a no-home loan?
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