First Home buyers
Buying your first home is a big step to take, a very exciting step, but one that comes with endless questions and options and decisions on how to finance it, how mortgages work and how to find the right one for you and the big question on how much you may be able to borrow.
- We can prepare all the paperwork and support you at every step to settlement.
- We can explain all the costs and steps involved in buying a home and work out your borrowing power.
- We can help to organise pre-approval so you can shop for your new home with confidence knowing exactly what you can afford.
- We can assist with apply and check your eligibility for First Home Owner Grant ( FHOG) and Deposit Scheme.
Faq
FIRST HOME LOAN FAQ
- The home buying process – step by step guide to what involved in buying your first home, including the home loan process.
- First Home Owner Grant – a lump sum funds available to assist first home owners with the cost of buying a first home.
- First Home Owner Deposit Scheme – The new government scheme assist first home buyers take out a mortgage with 5% deposit without paying lenders mortgage insurance.
- How much do I need for a house deposit? – There is no simple answer, it depends on a range of factors from how much a lender is willing to lend to you, to whether you are willing to pay a little more on the loan. Ideal you need 20% deposit however if your deposit is less than this, there may be added costs of lenders mortgage insurance.
Generally, LMI is a type of insurance you may need to pay for if your LVR is over 80%. Basically, it provides protection to your home loan lender in the event you default on your home loan. If the proceeds from the sale of your house are not enough to pay back the amount owing on your mortgage, LMI may cover the lender for that loss.
Being pre-approved means a lender has assessed your financial situation and approved financing for you to buy a property within a certain price range. Pre-approval means you know the exact amount you can borrow, allowing you to focus your search to properties within your price range and giving you the confidence to make an offer on a property without delay.