What is the First Home Loan Deposit Scheme (FHLDS)?
Are you looking to buy your first home, or know someone who is?
If you've been priced out of the property market for some time, the current market conditions represent a chance for first home buyers to get onto the property ladder. As a first home buyer, this will be a time when there are many important factors to consider, and we want you to be fully informed of the home buying process so you can enter the property market with confidence and started your very first home buying journey.
And most importantly, we want you to buy a home you'l be proud of.
A guide to buying your first home with Frasers Property
Step 1: Set your budget
Have you saved enough for a 10% deposit of the purchase price or do you need to work out a savings plan? Speak with a finance expert to determine how much you can borrow to finance your purchase and obtain pre-approval.
Step 2: Select your preferred home
Be one of the first! As an early purchaser, you will have greater opportunity to choose a home that meets your criteria in relation to position, aspect, floor plan and price. Decide what you want:
- How many bedrooms do you need?
- How many bathrooms?
- If buying an apartment, do you want ground floor with a courtyard, or a higher level with a balcony and potential view?
- Which floor plan layout do you like?
- Any other considerations to meet your needs and preferences?
Step 3: Reserve your home
Once you have selected your home of choice, to initially take the property off the market for 10 days all you need to do is pay a non-refundable reservation administration fee. This is usually $500, but can differ across each state so the Project Sales Manager will confirm this amount for you.
Step 4: Finalise your contract
Finalise your contract by sending it to your solicitor for review. Once you have received legal advice you may sign the contract with your solicitor and a witness. From the contract date, you will have 10 days to pay the balance of the 10% deposit.
Step 5: Construction in progress
Keep yourself updated on your new home during its construction. Our Care Team will send you monthly updates on the progress of your new home.
Step 6: Pre-settlement of your home
Once your home is complete, you'll be invited to a pre-settlement inspection and if all is ok you can instruct the solicitors to proceed with the settlement of your new home or apartment.
Step 7: Settlement of your home
Arrange settlement and transfer of the balance of the purchase price. Then you move in!