Can You Use a First Home Buyers Grant as a Deposit?

Yes, a first-time buyer can use a First Home Buyers Grant as a deposit. The First Home Buyers Grant (FHGB) was created to assist first-time buyers with the expenses incurred during the process of buying a home. However, the grant may not be enough to cover a full deposit amount and is only accessible to applicants that meet established criteria. 

When a first-time buyer decides to purchase a new home, calculating their desired deposit is essential. A first-time owner will want to use as many incentives as are available to save money on their first home, and all first-time buyers should apply for a First Home Buyers Grant.

Potential buyers can benefit from using our Mortgage Borrowing Calculator to begin their home buying journey. This helpful tool allows buyers to check their borrowing amount, determine the duration of loan payoffs and decide on the loan type that best fits, so a buyer can begin to put their home buying process into motion. 

If further assistance is needed by a potential buyer, our staff at Mortgage House specializes in lending and would love to provide specialized assistance to clients in need. 

First Home Buyers Grant Deposit Conclusion

A First Home Buyers Grant can be used as a deposit on a home, but may not amount to the full deposit amount. If a client needs help managing the home buying process, at Mortgage House, our staff specializes in lending and strives for client satisfaction and success.