Get the right information and advise for your home loans

First home owner’s grant

Are you a first home buyer? What are the benefits of a first home buyer?

The First Home Owner Grant scheme was established to encourage and assist home ownership. It is a federal initiative that is administered and funded by the state government.

Does my property qualify for FHOG?

To qualify, the home must be used as a place of residence. Furthermore, the home must be, in the Commissioner’s opinion, suitable for use as a place of residence. This includes:
  • Houses
  • Flats
  • Units
  • Townhouses or apartments located anywhere in Victoria, and
  • Moveable homes relocated onto land owned by the applicant.

What if the home is not in Victoria?

Each State and Territory in Australia has its own grant scheme. If you are purchasing or building your first home outside Victoria, please enquire at the Revenue Office of the State or Territory where the home is located.

Am I eligible for FHOG?
Inorder to eligble for FHOG, you need to meet the following criteria.
  • You and your spouse/partner have not received a grant in any State or Territory of Australia.
  • You and your spouse/partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000, in any State or Territory of Australia.
  • You and your spouse/partner must not have occupied for a continuous period of at least 6 months, a residential property in which either of you acquired a relevant interest on or after 1 July 2000 in any State or Territory of Australia.
  • You must be a natural person (not a company) and at least 18 years of age at the time of settlement or completion of construction.
These requirements are subject to changes. Refer the State Revenue office Victoria website for more details.

Should I refinance?

Refinancing lets you change your home loan to suit your new circumstances.

How will refinancing benefit me?

Refinancing lets you change your home loan to suit your new circumstances. Common reasons why you may want to refinance your home loan, investment loan or commercial mortgage include:
  • Home renovations such as refurbishment, remodelling, installing a pool or adding outbuildings.
  • Saving money by refinancing to a mortgage with a lower interest rate or or reduced fee,  and
  • Accessing new loan features better suited to your current situation.
  • Debt consolidation to pay off credit cards, store cards and other loans by rolling them into your home loan.
  • Accessing equity in your home for overseas travel, purchase a car, investment property and other purposes.

What are the options to be considered?

New products are emerging rapidly in the mortgage industray. Mortgage Consultants at PJ Home Loans can help you find a loan and professionally package it so that it suits your current financial circumstances and particular needs. See the the below section for the types of home loan products to be considered:
What are the costs/fees involved in switching mortgages?
Penalty fees may apply if you’re paying off your current mortgage early. This can be based on your current mortgage. For example, you might pay an exit fee, if you’re exiting a fixed home loan.  But these may be offset by repayment savings when you refinance home loan.  Consult our mortgage consultants to understand the fees/costs involved in refinancing your existing mortgage.
Can I get cash back when I refinance my mortgage?
This depends on how much equity you have in your home. You may qualify for a cash-back refinance. Our mortgage consultants can help you determine whether this is a viable option for you.

Home buying guide

May be you have never bought a property before. May be you are an existing property owner who are looking to invest more in property. These steps can guide you through the property buying process.

Research the market

To make a good buy in any market, you need to do your research. This means getting to know the local area you want to buy into, checking property listings and going to lots of property viewings and auctions. Most of the real estate websites provide the options to save your property search. Make use of it. This will help you to keep track of the properties you have seen and compare the key details and advertised sell price.


Do the figures. This is one of the most important processes in property buying. Before you start looking for a property, you need to know what you can afford to spend and repay. Our mortgage consultants can give you the right advice using the tools available in the market. It’s really important to make sure you look at the total cost of buying your home. Other than your loan, you will also need to pay for stamp duty, property and pest inspections, conveyancing fees and government fees.

Consult Us and Choose a loan
Make an appointment with us using any of the contact options including emailing, calling, filling up enquiry form and call back service. Our mortgage consultant will guide you through the loan process and provide professional advise based on your home loan needs, that too free of charge.  Mortgage consultant at PJ Home Loans will help you to select the best available loan product based circumstances.
Arrange a pre-approved loan
If you haven’t started your property search, or are still looking, a pre-approved loan can be useful.  It gives you a clear picture of how much you can afford and gives you peace of mind that if you find the right property you can confidently make an offer. This will also help you to have a stronger negotiating position than other potential buyers who don’t have pre-approved loan.  Our consultants will help you to get the preapproval from the selected lenders.
Sign the Contract of Sale and Pay a deposit
The contract of sale will confirm the selling price as well as any terms and conditions.  Your commitment will usually be subject to lender approval, a building inspection report and a pest inspection. A deposit is required once a Contract of Sale has been signed by both parties.  Consult to PJ Home Loans Mortgage Consultants to see how much deposit options.
Arrange Conveyancing
Conveyancing is the process of legally transferring a property from the vendor to the buyer. You can arrange it through a solicitor or licensed conveyancer. Your conveyancer or solicitor should review the contract of sale. They should also do final check on the property and make enquiries to local authority. On settlement day, the conveyancer will check the correct amount of money has been transferred from your lender to the seller and all fees – such as Stamp Duty – are paid, so you can take legal ownership of the property.
Cooling off period
After you exchange contracts, a legal cooling-off period may apply. During this time you may able to withdraw from the contract to buy the property. The length of the cooling-off period varies from state to state, There is no cooling-off period if you buy a home at auction.
This is when you pay the balance of the property’s purchase price and taken ownership of the property. Final settlement normally takes place up to 6 weeks after you exchange contracts.