A common thread making the rounds on online forums at the moment is, ‘do I have a chance of getting a home loan?’

As you’d expect, the people asking this question tend to be self-employed, sole income earners or have just started a new job and have only a short history of paychecks.

There’s been a lot of talk lately about allowing first homebuyers to purchase property using their super. And while legislation on the issue hasn’t passed yet, it’s worth looking into how potential changes will make life easier (or possibly harder) for first homebuyers.

The pros If first homebuyers can access their super to purchase property, they’ll be able to buy sooner.This makes property more accessibility to people who may not ordinarily have the ability to enter the property market.Australian Senator, Nick Xenophon, said Canada has a similar initiative, which has made housing more affordable for Canadians.Xenophon said the scheme lets first homebuyers in Canada use up to $25,000 in super. He believes Australia could benefit from a similar approach. The cons If young people can access funds from their super, they have less to rely on when they retire.This will impact the quality of life of retirees in the future.High super contributions may also be required to offset retirement income that is used to purchase property.As a result, the cost of living in Australia could become much higher. For more insights about saving on your home loan, ask a Capita mortgage broker to compare rates and terms from different lenders.

We’ve noticed more and more of our clients are looking to secure finance to build their first home. So, we’ve taken time out to discuss what you need to know, in order to take advantage of the grants available to you.

Get a First Home Owner Grant The First Home Owner Grant (FHOG) was introduced by the Australian Government in 2000, to offset the impact of the Goods and Services Tax (GST) on those buying or building a residential property.