First-time buyers in New South Wales are getting some much-needed support from the most-recent state Budget, which offers plenty of incentives for those purchasing a brand new home.

If you plan to purchase a new-build property valued at under $650,000 and you are a first-time buyer, you could be eligible for a first home owner's grant of up to $15,000.

A number of organisations, including the Housing Industry Association (HIA), have applauded the measures.

"We applaud the two year extension of the $15,000 first home owner’s grant for buyers of new properties," said David Bare, NSW executive director of the HIA.

However, he suggested that other measures could be taken to encourage all property buyers to consider new-build homes, including better stamp duty concessions and other financial incentives.

Government grants should always be a consideration to take into account when planning your first home loan.

Buying a home can be an exciting process, but with so much to think about, it can also seem overwhelming. Knowing where you stand financially can be a huge help.

In addition to helping you answer questions like "How much can I borrow?" this can also help you make decisions about the type of property you can afford, the term of your loan and the interest rate and other features included in your mortgage.

Your first home loan is one of the most important financial commitments you can make – so take your time to compare the various products to see which ones suit you.

It's also worth bearing in mind that it is normal for your requirements to change over time. For example, you might welcome a new baby, get married or decide to downsize once the kids have flown the nest.

This is why it's smart to revisit your loan every couple of years to see whether it is still meeting your needs – if not, it may be time to switch.

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.