Established Home - a house which is already built & has been lived in before by someone else.
New Home - a house which has just been built & has never been lived in before (e.g an Apartment or Townhouse from a new development or House & Land Package)
Land to Build On - land which you are buying with intentions to build a house on.
You are a first home buyer if you have not owned and/or held any interest in a residential property in Australia.
If your partner/spouse owns or once owned a residential property in Australia, then you will not be able to access the grants & concessions available to First Home Buyers either.
The First Home Buyer Guarantee allows eligible home buyers to purchase a home with a deposit of as little as 5%
The guarantee is not a cash payment, but instead the government with act as a guarantor for your loan.
This scheme can be used for established homes, house & land packages, newly built homes and land with a separate contract to build a home.
A guarantor is someone (usually a family member) who will be guaranteeing the payments of the home loan.
This means that if you fail to pay the debt, it then falls to that family member to pay it instead.
Most lenders require a guarantor to be an immediate family member & will not accept a friend or other form of relation to be a guarantor.