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First Home Owners Grant (FHOG)
 If you’re thinking of buying your first home and are trying to figure out how much you can afford, you need to look into the federal government FHOG (First Home Owner Grant) program.
The grant is administered at the state and territory level so there are some differences depending on where you are buying. To find general information about the program, enter FHOG in (your state or territory) into your favorite Internet search engine and you’ll be directed to the appropriate web site.
You should also speak to different mortgage loan consultants in your local area to help determine whether or not you qualify for this grant, as well as for other forms of government assistance that may be available.
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Fixed Rate Loans or Variable Rate Loans: What’s Best for You?
 Trying to determine whether a fixed rate loan would be better for you than a variable rate loan boils down to guessing which way the rates will go. As you know, mortgage interest rates are impacted by changes in the cash rate set by the RBA (Reserve Bank of Australia).
With a fixed rate loan you lock in an interest rate for the length of the loan, usually 1 – 5 years. At that point you would be able to renegotiate a new fixed rate or switch to a variable rate.
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Five Different Categories of Home Loans
 There really is no such thing as a single type of home loan as there are variables that go into the loan beyond dollar amount. However, there are general loan categories within which you will need to get specific details from your mortgage broker or lending institution. Here are five categories:
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Government Fees for Home Purchases
If you have done some research on mortgage costs in home buying you know there are a variety of lender fees which can vary from lender to lender and are often negotiable. This is why it is so important to shop around and compare not only the interest rate charged by particular lenders, but also their fees. Smart buyers know that in many instances the mortgage loan with the lowest interest rate is not always the cheapest loan. Beware of those lender fees!
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Eight Lender Fees You Should Know
 Some first time buyers are surprised to learn of some of the fees they are required to pay about which they were completely unaware. There are both additional lender fees, which may vary depending on the lender you select, and government fees which you will pay regardless of the lender you choose. Here are typical lender fees you should know:
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Borrowing Power, how much can you borrow?
Some uneducated first time home buyers think having a large deposit down payment available will increase the amount of money they can borrow – their “borrowing power.” Unfortunately, even a deposit as large as 50% of the purchase price of the home tells the lending institution nothing about what they need to know – will you be able to continue to make repayments and pay off the remaining 50%.
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