Buying your first home can be one of the most expensive and exciting commitments you will ever make. It can also be very daunting.

At Mastercash we believe in keeping it simple, particularly when the banks and non-bank lenders seem to make it complicated.

Our aim is to help you sort through the maze of home loan products available and find the one that best suits your needs.

And when we find that loan we will help you develop a plan to pay off the loan in the shortest period possible which could save you many thousands of dollars.

First Home Owner Grant

If you are buying your first home, you may be eligible for the first home owner grant (FHOG) of $7,000.

The First Home Owner Grant is a one-off payment of $7000 made by the individual State and Territory governments to first home owners that are eligible. This grant is not means tested and is paid regardless of your income or the value of your home. However joint applicants will be restricted to a single application for a single property and only one payment of $7000 will be made. You may still also need to demonstrate at least 5% savings.

For more information on eligibility go to FHOG ( http://www.firsthome.gov.au/ )