Note: This post has been completely rewritten as of  22 May 2017.

In 2016, 90,000 Australians purchased their first home. Susan was one of them. Susan had long decided that she would buy her own home by the time she turned 30. With a steady job, a decent income and $35,000 in her kitty for a home loan deposit, she was all set to buy her first property when reality hit her.

Out in the market, lenders offered her a much higher rate of interest on her home loan than she had seen online, especially because she did not have the full 20% deposit. Susan was disappointed. However, she did not give up. On her friend’s advice, she visited the HashChing platform and was surprised at the low rates offered on our pre-negotiated home loan deals. She decided to contact our experts (yes, it is free) who informed her that affordable low deposit homes are a reality.

Today, Susan stays in her own house in Brisbane, Queensland. This is how we transformed her dream into reality:

first home owners grant eligibility

Susan’s case study

Over the years, at HashChing, we have helped several customers secure over 90% LVR loans at competitive interest rates. Whether you are self-employed, have bad credit on your file or simply do not have enough deposit to secure a home loan, we believe you still stand a fair chance at securing a competitive home loan rate if you have the means to repay your home loan.

When Susan got in touch with HashChing, she had genuine savings of $35,000, not adequate to cover a 20% deposit for a property worth $450,000 in Brisbane.


Click Here To Find A Local Top-Rated Mortgage Broker & Start Saving Today!



First of all, we checked Susan’s borrowing capacity, financial condition and her savings. We also advised her to pull out a free copy of her credit report from a website such as Veda and go through it minutely to ensure no problems cropped up later. (Know how you can keep your credit file clean.)

Additionally, while Susan did not have adequate deposit, being a first time home buyer, we found she could take advantage of the First Home Buyers Grant (Check the specific limits and eligibility criteria in your State.)

The Grant:

In Queensland, First Home Buyers who are purchasing a newly built home are eligible for a grant of $20,000 that can be put towards their home loan deposit. Stamp Duty exemption is also available in certain cases.

To determine Susan’s eligibility, we had to check specific points with her. To be eligible for a First Home Owners’ Grant in Queensland, the applicant must:

  • Be buying a new property with value of the home being under $750,000

  • Be at least 18 years of age

  • Be an Australian citizen or permanent resident (or applying with someone who is an Australian citizen or permanent resident)

  • Be a first time home buyer

  • Continuously reside in the house for a period of 6 months within one year of the completion of the transaction.

We also explained it to Susan that she must meet all the above-mentioned requirements as failure to do so would lead to heavy fines.

Home Loan preapproval:

Susan fulfilled all the criteria and the next step was to secure a home loan pre-approval for her.

It is important to seek pre-approval for your home loan before you start searching for properties in the market, as it tells how much you can spend, automatically filtering out the properties beyond that range from your search. Even sellers consider pre-approved buyers to be more serious and are often willing to negotiate the price with them.

For Susan, we sought pre-approval with a lender who offered her a great package with a low interest rate and an offset account linked to the home loan. (Know how much savings you can do with a mortgage offset-account.)

The paperwork:

With the loan being preapproved successfully, Susan entered into a contract with the builder for the new home. Without wasting any time, we lodged the necessary paperwork with the First Home Owners’ Grants Office on her behalf. At HashChing, we always stress the importance of time to our clients. The FHOG approval process is stringent and time bound, and one must not lose the benefit simply out of confusion or shying away from taking professional help.

Her new abode:

Susan’s application for First Home Owners Grant was approved, thanks to the timely and organised paperwork. We received the funds on her behalf right on time, ensuring a quick and efficient deal on the settlement date.

Do you know that only around 20% of such applications are lodged correctly the first time? Any delay or incorrect paperwork can delay the settlement of your house. Thus, it is important to be careful or take expert help like Susan did.

Susan’s case in numbers:

Purchase Price – $450,000

Stamp Duty – Exempt

Other costs – $8,000 (Legal fee, other costs and Lenders Mortgage Insurance)

Loan Amount – $405,000 (90% LVR)

FHOG – $20,000

Cash Required – $33,000 ($53,000 – FHOG)

Did you see how Susan could purchase her first home with only $33,000 cash? Instead of waiting to save further while property prices continued to soar, Susan took the help of expert brokers at HashChing to find her way into the property market.

You could follow her example and own your first home now. Speak to an expert today and have your queries answered instantly, for free!

By Vidhu Bajaj



HashChing is helping Australians by providing access to pre-negotiated home loan deals. Obligation free consultation with one of our partner brokers might save you time, hassle and money.

We already have your details. Please click here to login.