Buying off-the-plan in ACT

1. I am hoping that since I am getting an off-the-plan, I might be able to save more money later but would the lender take that into consideration?

– Yes, because basic on your information, you will be saving for the next 12 months before settlement, and lender do look at how you spend your money on a monthly basis, by looking at your bank statement; 
Buy off-plan are a way of investment for people who only can afford 10% deposit and couldn't get finance just yet, but able to secure a property now than later; 

 2. Will I be able to use the FHOG as a deposit?

– NO. As you mentioned you are buying your first investment property? I believe you are buying your first property but want to turn it into a investment property later?
Your FHOG will be pay from government when you about the settle your property, that is same time when you getting your loan, you still need to save up other than replying on FHOG as part of your deposit. Because the lender don't like that. Of course, by the time next year, things might change, you might able to get 90% loan, just a guess here.

3. Do I need to move into the apartment once its due for completion in 2011 for the 6 months in order to receive the FHOG? or can I start the agreement from April 2010? and physically not having to move in while the apartment is still being built?

– Yes, the full details is on your local office of state revene, just google ACT office of state revenue. You need to stay there for 6 months during the first 12 months as far as I understand from other states such as NSW;

When it is being build, how can you move in? don't confuse yourself, you can leave the place empty for 6 months then lease it out, so you can still receive the FHOG. But you need to have enough money to finance that 6 months with no rental income. On the other side, most people do rent it out privately.

4. I am wondering if any lender would offer me a loan with my current situation and if not, what other options do I have?

– You won't able to find our your borrowing option untill your property is near completion, normally 3 months before completion, you should receive notification from developer or your sales agent regarding such info.

Then you can start to search for lender on the market for your loan, since you already paid 10%, you will be safe to have another 10% by the time of completion, because in most cases, all lender will lend you money provided you have a regulard job with reasonable income at 80% loan to value raio.

To make it clear of reasonable income, lender perfer you only use 30% of your income towards your mortage, if you could have a partner such as your wife or a gurantor with assets such as your parents, even your income might be low, still ok.

Hope that helps! and buying early is better than buy later in my own opinion~