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1. If you are still living at home, you can state the property of interest is for investment purposes to increase your borrowing capacity then apply for the FHOG within 12 months after settlement.

2. Get enough gifted funds from your parents to bring the loan amount down to your maximum borrowing capacity or to the lender’s maximum ‘loan to value ratio’.

3. Buy with a friend (some lenders offer the ‘property share’ option)

4. Utilise a guarantor for security support to avoid lenders mortgage insurance.

5. Husband/wife or defacto to become a co borrower to maximise borrowing capacity.

6. Apply for a personal loan for the deposit required to get into the property market.

Please also note recent changes apply to first home buyers in Victoria. State Government has made couple of key changes for first home buyers buying in Victoria. These changes will come into effect from 01/07/2017 i.e. your contract of sale date should be 01/07/2017 and beyond.

Stamp duty will be abolished for first home buyers for purchases below $600,000. Those buying a home valued between $600,000 and $700,000 will also be eligible for a concession, applied on a sliding scale – regardless of whether they are new or established homes.

The biggest overall winners will be people in the country who buy a newly built home, with the government doubling the first home buyers grant for regional Victorians. The Andrews Government hopes that by doubling the grant, young people in regional Victoria will have even more reason to live locally.

For an honest and unbiased opinion, talk to Think and Grow Finance today on 03 8390 5855 or email