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First Home Owners Mortgage
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If you’re a first home buyer or thinking about buying your first home, Big Sky has introduced the First Home Owners Mortgage with a low variable interest rate.
Benefits of Big Sky's First Home Owners Mortgage include:
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- Having and enjoying your own home, to do what you want, when you want
- Paying off your own mortgage rather than someone else's
- An optional $5,000 Credit Card with 6 months interest free to help set up your home
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Apply here or call 1300 654 321 for more information.
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* Normal lending criteria apply: Standard Credit Card Rates will apply after 6 months. Interest rate is variable. Terms and conditions apply for the Credit Card and Cash Rewards program and are available on request.
^ A loan establishment fee will apply if the loan is refinanced within the first 3 years.
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First Home Owners Grant
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What is the First Home Owner Grant?
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The First Home Owner Grant (FHOG) scheme was established to offset the effect of the GST on home ownership by providing a grant to first homeowners. The scheme came into effect on 1 July 2000 and is an on-going scheme. The FHOG is not means-tested nor is it restricted by the purchase price of the property.
We also accept State based FHOG's.
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How Much is The Grant?
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A one-off payment of up to $7,000 will be payable to eligible first home owners to help with their purchase or construction.
The Australian Government has announced a First Home Owner Boost.
The First Home Owner Booster supplements the First Home Owner Grant Scheme.
First home buyers who purchase established homes will receive a boost of $7000 taking the grant to $14000.
First home buyers who build a new home or purchase a newly constructed home will receive an additional $14000 taking the grant to $21000.
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Are You Eligible?
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To be eligible to receive the FHOG, each applicant must satisfy the following eligibility criteria:
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- Eligible applicants must be natural persons, who are Australian citizens or permanent residents who are buying their first home in Australia
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- To qualify for assistance, neither the applicant nor their spouse (or de facto) must have owned a home prior to 1st July 2000, either jointly, separately or with some other person
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- Neither the applicant nor their spouse (or de facto) must have claimed this grant previously
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- Entering into a binding contract or commencement of building, in the case of own builders, must have occurred on or after 1st July 2000
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- An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self-contained fixed dwelling that lawfully can be used as a place of residence
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- An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of completion of construction or settlement of the home
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- Application for the grant must be made within 12 months of completion of the construction or the settlement of the home
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- There is no tax payable on the grant
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- Joint applications will be restricted to a single application for a single property and only one payment will be made
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Which Homes Qualify?
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The home must be a fixed dwelling that meets local planning standards and this includes new or existing dwellings such as a house, flat, unit, townhouse or apartment.
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How and Where Do You Apply for the $7,000 Grant?
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Applications forms are available from Big Sky. On application a Big Sky Consultant will discuss with you what supporting documentation is required. You can lodge your application through Big Sky.
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Need a substitute for a cash deposit between signing contracts and settlement?
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 Deposit Power Short Term Application Form
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Deposit Power Long Term Application Form
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What is a Deposit Power Guarantee?
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Deposit Power Guarantee is a guarantee also known as a bond that substitutes for a cash deposit between signing contracts and settlement. The Guarantee can be used for all or part of the deposit required up to a maximum of 10% of the purchase price. It is a guarantee to the vendor by Vero Insurance Limited ABN 48 005 297 807.
At settlement you, the purchaser are required to pay the full purchase price including the deposit. The use of a Guarantee does not remove your obligation to pay the full deposit upon settlement. If you default under the Contract of Sale for the purchase but still required to pay the deposit, the vendor can claim the Guarantee amount from Vero.
Vero will then recover the money from you.
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Who can apply for the Guarantee?
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Guarantee users include existing property owners who wish to purchase property, investors who wish to expand thier property portfolio and first home buyers.
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Why do Purchasers like Deposit Power Guarantee?
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Like many of today's purchasers, cash for the 10% or even 5%, deposit required to enter into a contract on another property is often tied up in the current home or other investments. This can mean either expensive bridging finance or borrowing from a finance company at high interest rates. Regardless of where the finance is obtained, interest charges establishment fees and other up-front costs connected with the loan can be expensive and time-consuming to arrange.
Deposit Power offers an efficient, secure alternative that saves you time and money.
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Does the Guarantee cost less than other deposit options?
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If you purchase a Deposit Power Guarantee representing $20,000 deposit, the fee including stamp duty is $240. Alternative bridging finance for the same amount could cost you an application fee of often 1.5%, totalling $300; plus interest payable over eight weeks (calculated at an interest rate of 6%) of $185. The total cost of bridging finance in this example is $485.
As well as being less expensive, a Deposit Power Guarantee is fast. A response is usually provided within 24 hours of your application.
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Can I use the Guarantee at auctions?
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Yes. A Guarantee can be issued prior to you attending an auction. The Guarantee amount is fixed, but not the property details, so you can attend a number of auctions. You simply complete the vendor and property details on the Guarantee Certificate when you are the successful bidder.
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Will the vendor accept the Guarantee?
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The Guarantee is legal and available in all states and it is at the sole discretion of the vendor to accept it. However, the vendor is often anxious to obtain a contract of sale on the property and secure a deposit commitment from the purchaser. Once the Guarantee is provided, contracts are signed and the property is sold.
It is recommended that a Suggested Special Condition (found on the back of the Guarantee Certificate) is inserted or annexed to the Contract of Sale. This condition will amend the deposit provisions and allow the Guarantee to be used.
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What is the Counter Indemnity?
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Vero gives the Guarantee on the understanding that you will pay the vendor the Guarantee amount on the settlement date of the contract. The Counter Indemnity is the legally binding right you give to Vero to pursue recovery against you for any part of the Guarantee amount we must pay to the vendor if you default under the Contract of Sale
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When does the Guarantee expire or terminate?
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The Guarantee ceases when the Contract of Sale is completed, terminated, rescinded or the expiry date occurs, whichever happens first. The Guarantee also terminates when a claim is paid by Vero the guarantor.
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Can I obtain a refund if I don't use the Guarantee?
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Yes. If you return the unused original Guarantee Certificate within 30 days of issue the fee will be partially refunded. An administration fee will be deducted and the balance will be mailed to you.
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Who are Vero?
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In Australia Vero is part of a group that can trace its origins back to 1833. Since then we have successfully protected our customers personal and business assets by operating with a depth of knowledge and a reputation for promises kept. Built on these solid foundations, Vero now provides dynamic and forward thinking solutions for all our customers. Vero is part of the Promina Group.
The Vero brand is based upon a simple premise - to provide our customers with certainty and peace of mind, through innovative, specialised and expert product offerings.
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Click here to view the current interest rates.
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Protect your bricks and mortar during settlement
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Purchasing a home or investment property is one of the largest and most important financial decisions that you will make. Big Sky and Allianz want to help ensure that you have your asset protected. That’s why Big Sky is pleased to offer you FREE building insurance for up to 90 days, during your settlement period, when you purchase an Allianz Home Insurance Policy.
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How do you obtain your free building insurance cover?
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As soon as possible after entering into a contract to purchase a new home or residential investment property, call Big Sky on 1300 654 321 or contact your nearest service centre with the settlement date of the purchase.
Terms and Conditions apply.
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First Home Owners Grant
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What is the First Home Owner Grant?
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The First Home Owner Grant (FHOG) scheme was established to offset the effect of the GST on home ownership by providing a grant to first homeowners. The scheme came into effect on 1 July 2000 and is an on-going scheme. The FHOG is not means-tested nor is it restricted by the purchase price of the property.
We also accept State based FHOG's.
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How Much is The Grant?
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A one-off payment of up to $7,000 will be payable to eligible first home owners to help with their purchase or construction.
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Are You Eligible?
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To be eligible to receive the FHOG, each applicant must satisfy the following eligibility criteria:
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- Eligible applicants must be natural persons, who are Australian citizens or permanent residents who are buying their first home in Australia
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- To qualify for assistance, neither the applicant nor their spouse (or de facto) must have owned a home prior to 1st July 2000, either jointly, separately or with some other person
|
- Neither the applicant nor their spouse (or de facto) must have claimed this grant previously
|
- Entering into a binding contract or commencement of building, in the case of own builders, must have occurred on or after 1st July 2000
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- An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self-contained fixed dwelling that lawfully can be used as a place of residence
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- An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of completion of construction or settlement of the home
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- Application for the grant must be made within 12 months of completion of the construction or the settlement of the home
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- There is no tax payable on the grant
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- Joint applications will be restricted to a single application for a single property and only one payment will be made
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Which Homes Qualify?
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The home must be a fixed dwelling that meets local planning standards and this includes new or existing dwellings such as a house, flat, unit, townhouse or apartment.
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How and Where Do You Apply for the $7,000 Grant?
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Applications forms are available from Big Sky. On application a Big Sky Consultant will discuss with you what supporting documentation is required. You can lodge your application through Big Sky.
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Property and Pest Inspections
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Property and pest inspections can save you a lot of time and expense down the track. These will inform you of the property’s conditions allowing you to take this into consideration and should be conducted before you make an offer or bid for a property. Any severe problems will be identified which will enable you to determine if you wish to continue with the purchase and may give you additional bargaining power.
The cost of a trained experienced inspector can be significant so you should do a mini check yourself before contacting a specialist. Start by checking the following:
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- All taps are working (hot and cold)
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- Turn all the light switches on and off
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- Lock and unlock all windows and doors
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A trained inspector should inspect the following:
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- Site (including garage/carport, shed, steps, fencing, water drainage, paths and driveways)
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The inspection report should list areas not inspected with reasons why, a summary of the overall condition of the property, listing of significant areas that need attentions and, if necessary, a recommendation for further inspection or assessment.
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