"If you want to find the pot of gold at the end of the rainbow, start digging at home." The Australian Government has a pretty good intention: it wants to see its citizens owning their own home and living comfortably in it.

Despite the worldwide financial crisis, the Government acted out a one-time payoff of $7,000 to help would-be homeowners. Plus, this incentive is tax-free! Such a measure encourages first time home buyers to make that big decision and sign up for a new house.

Still, the first time home buyer needs to satisfy certain requirements and prove their eligibility in order to enjoy the tax-free incentive. Help For Would-Be Homeowners

The general requirements for the home buyer are he or she must be 18 years old, at least, and an Australian citizen or a permanent resident. In addition, the buyer is not a company or trustee.

What are the financing options for the would-be homeowner? Getting a mortgage on a new house is quite unnerving at times and can be overwhelming. Sometimes, the buyer is faced with surprises along the way, such as higher payments than previously anticipated. It’s best to do some legwork and look at the things to consider before signing up for that new home. The most important thing is to do the math and ensure you have enough cash til payday to make loan repayments and see you through the month of other bills and living expenses.

First is to have a good deposit at hand. Saving money for a deposit can be quite daunting for the average employee or worker but this helps in the long run. The more money for a deposit, the lower the repayment fee will be. Some people take out payday cash loans to augment their budget so they can have a larger deposit or pay for the monthly fees.

Next is find low interest rate mortgages. This will definitely save the first time home buyer thousands of dollars through the years of payments. Payday advances taken out by some employees can help pay a portion of the mortgage if budget is really tight.

Last, make a list of disposable income. A person who knows his or her sources of income can have a more definite plan when it comes to repayment fees. Aside from the regular paycheck, are there small businesses on the side? How about services rendered? Investments are also good sources of extra cash.