Yes the first home owners grant can be used as a deposit for your home loan.

There are many different lenders with policy that varies but one very important fact to keep in mind is that lenders mortgage insurance, if applicable, can vary.

We have seen variations in excess of $10,000 in lenders mortgage insurance for the exact same loan and borrowers in the past.

Simply structuring your first home buyer loan to reduce lenders mortgage insurance can literally save you thousands of dollars in some cases.Read more

As of December 1 2008

- Maximum loan to value ratio on full doc loans will be 95%. LMI can still be capitalised on top of 95%.

- No Doc loans will no longer be available

- There will be changes on low doc loans.

Applications in the pipeline prior to 1 December 2008, Citibank will accept applications for the changed products provided that the information submitted is accurate and all requirements of the application checklist are supplied.

Commonwealth Bank No Deposit Home Loans not available from Monday 1 December 2008

The Commonwealth Bank is withdrawing its $0 Deposit home loan from the market. Applications with supporting documentation will be accepted up to 11.59pm Sunday 30 November 2008. No new applications will be accepted after this date.Read more

ANZ Announce the maximum home loan LVR (loan to value ratio) is now 90 percent

• effective midnight Sunday 16th November
• LMI can only be capitalised to 90 percent, not above

The following exceptions will apply in order for applications in progress still to be drawn at up to 95% LVR (subject to normal lending criteria):Read more

• Applications already approved but awaiting settlement
• “Approved Subject To” (awaiting income verification, valuation, etc.)
• “Approved in Principle”

ANZ announce the maximum home loan LVR (loan to value ratio) is now 90%

• effective midnight Sunday 16th November
• LMI can only be capitalised to 90%, not above

The following exceptions will apply in order for applications in progress still to be drawn at up to 95% LVR (subject to normal lending criteria):

• Applications already approved but awaiting settlement
• “Approved Subject To” (awaiting income verification, valuation, etc.)
• “Approved in Principle”
• Existing ANZ customers – non credit critical restructure without additRead more
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News Release

New Home Buyers Grant to boost the NSW housing sector

8 November 2008

The NSW Government will boost the grant for families building their first home or buying a newly-constructed home to $24,000.

Premier Nathan Rees said a family buying a newly-constructed home worth $500,000 will now be $41,990 better off.

"The November 11 mini-Budget will see a $3000 boost to existing $7,000 grant, taking the total grant to $10,000.Read more

In early October 2008 the Reserve Bank of Australia moved to lower the official cash interest rate by 1 percent.

Following this announcement most, but not all, banks and lenders announced they would reduce their standard variable home loan interest rates by 0.80 percent.

Over the past few days several banks have announced a further cut to their standard variable home loan interest rates of another 0.25 percent.Read more

Details regarding the Australian Commonwealth Government First Home Owners Boost incentive are as follows;

• First home buyers will be eligible for the First Home Owners Boost from the 14th October, 2008.
• All contracts entered into by 30 June, 2009 will be eligible for this new additional assistance.
• First home buyers who purchase established homes will have their grant doubled from $7,000 to $14,000.
• First home buyers who purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.

Ability Finance brokers specialise in helping first home buyers choose and apply for suitable first home buyer home loans. Ability Finance brokers can be contacted on 02 80024035 or by using this email contact form.

Download this finance broker first home buyer application form, complete and email or fax back so a broker can help you assess options and choose a suitable first home buyer home loan now.Read more