What St John Ambulance Staff Need to Know Before Buying

For St John Ambulance employees considering taking the leap into homeownership, purchasing your first apartment can be an excellent entry point into the property market. Apartments often require lower deposits than houses and can provide more affordable home loan options for first home buyers.

Understanding First Home Buyer Eligibility

As a St John Ambulance employee, you'll need to meet standard first home buyer eligibility criteria. This typically means you haven't owned property in Australia before, or haven't owned property for a specified period. Each state has different requirements, so understanding these criteria is crucial before beginning your first home loan application.

Key eligibility factors include:

• Income thresholds that vary by state
• Property purchase price limits
• Residency requirements
• Previous property ownership history

Your regular employment with St John Ambulance provides the stable income that lenders prefer when assessing home loan applications.

First Home Buyer Grants and Concessions

Several government initiatives can help reduce the financial burden of purchasing your first apartment:

First Home Owner Grants (FHOG) provide direct financial assistance, with amounts varying between states. Some states offer additional grants specifically for apartments or newly constructed properties.

First home buyer stamp duty concessions can save thousands of dollars on your purchase. These concessions often have property value thresholds, making apartments particularly suitable as they typically fall within these limits.

The Regional First Home Buyer Guarantee may apply if you're purchasing in regional areas where St John Ambulance operates, potentially allowing you to buy with just a 5% deposit without paying Lenders Mortgage Insurance (LMI).

Low Deposit Options for Paramedics

Traditionally, buyers needed a 20% deposit to avoid LMI, but several programs now offer low deposit options:

First Home Loan Deposit Scheme allows eligible buyers to purchase with just a 5% deposit. The government acts as guarantor for the remaining 15%, eliminating LMI costs.

Many lenders also offer low deposit loans for paramedics with 10% deposit options, recognising the stable employment that comes with working for St John Ambulance.

Consider whether you can access a gift deposit from family members. This can help you reach the required deposit amount more quickly, though lenders will require documentation proving the funds are a genuine gift.

Building Your First Home Buyer Budget

Creating a realistic first home buyer budget involves more than just the purchase price. Factor in:

• Stamp duty (unless you qualify for concessions)
• Legal and conveyancing fees
• Building and pest inspections
• Strata fees for apartment complexes
• Ongoing maintenance costs
• Home loan repayments

As a St John Ambulance employee, your regular salary makes budgeting more straightforward. Use online calculators to estimate repayments based on different deposit amounts and interest rates.

Interest Rate Considerations

Understanding different interest rate options helps you choose the right home loan structure:

Variable interest rates fluctuate with market conditions. They often start lower than fixed rates and usually offer features like offset accounts and redraw facilities.

Fixed interest rates provide certainty for a set period, typically 1-5 years. This can help with budgeting, especially important when buying your first home.

Many first home buyers choose a split loan, combining both fixed and variable portions. This provides some rate protection while maintaining flexibility.

Some lenders offer interest rate discounts for healthcare professionals, including paramedics and ambulance workers.

Essential First Home Buyer Checklist

Before starting your apartment search, complete this first home buyer checklist:

1. Check your credit score - obtain a free credit report
2. Calculate borrowing capacity - determine how much you can borrow
3. Research first home buyer grants in your state
4. Compare home loan options from multiple lenders
5. Get pre-approval to understand your budget
6. Consider professional advice from mortgage brokers specialising in paramedic loans

The Application Process

Once you've found the right apartment, the first home loan application process begins. Having all documentation ready speeds up approval:

• Recent pay slips from St John Ambulance
• Tax returns and group certificates
• Bank statements
• Proof of savings and deposit source
• Employment verification letter

Pre-approval gives you confidence when making offers, showing sellers you're a serious buyer with finance already conditionally approved.

Special Considerations for Apartment Purchases

When buying an apartment, additional factors require consideration:

Strata reports reveal the financial health of the building and any upcoming major works that could result in special levies.

Off-the-plan purchases may qualify for additional stamp duty concessions but require careful consideration of sunset clauses and completion timeframes.

LMI costs are typically lower for apartments due to their lower purchase prices, making them more accessible for first home buyers with smaller deposits.

As a St John Ambulance employee, you have access to specialised lending options that recognise the stability of your employment. Working with brokers who understand the unique circumstances of healthcare workers can help you access the most suitable home loan options for your situation.

Purchasing your first apartment is a significant milestone. With proper planning, understanding of available grants and schemes, and professional guidance, you can successfully transition from renting to owning your own home.

Call one of our team or book an appointment at a time that works for you to discuss your first home buyer options and find the right apartment loan solution.