One of the biggest challenges in buying a first home is navigating through the multitude of steps, tasks, and requirements. However, there are also benefits available for first-time homeowners, such as lower rates, stamp duty concessions, or discounts, which can alleviate some of the initial concerns.
As a first-time home buyer, it’s natural to have questions about the process. Whether you’re in the early stages of saving for a down payment or considering a guarantee from your parents for the purchase, our team is here to address all your inquiries and guide you through the process.
We are dedicated to helping you select a home loan that offers the best interest rate and repayment structure, enabling you to enjoy your new home without financial worries.
Step 1: Connect with one of our Finance Brokers.
- To provide you with comprehensive loan advice, our Finance Brokers require complete information about your financial situation. It is crucial for our Finance Brokers to have a thorough understanding of your Needs & Objectives, Personal Details, and Assets and Liabilities Position. This will enable them to direct you to the most suitable lender.
- During this stage, our Brokers will discuss all the relevant information for First Home Buyers. You will gain insight into the requirements, whether a significant deposit is necessary, and how we will assess your borrowing capacity as a first-home buyer.
Step 2: Budget Preparation
- After consulting with our Financial Broker to review your finances and goals, you can begin establishing a budget that incorporates the required savings for the down payment.
- If you are eligible for the First Home Buyers Deposit Scheme, it is essential to ensure that you have a favourable credit history and that all existing debts, such as student loans or car payments, can demonstrate regular payments over an extended period before applying for a first home loan.
Step 3: Organising your Deposit
- There are several first-home buyer deposit schemes available, each offering varying levels of government assistance. These schemes include:
- 0% deposit through the First Home Buyer Family Guarantee
- 2% deposit with the Family Home Guarantee
- 5% deposit through either the First Home or Regional Home owner-guaranteed loan program
- If you have the full 10% deposit required for first-home buyers, we will ensure that you receive all applicable stamp duty and first-home owner grants when preparing your first-home buyer loan application.
- Please note that the First Home Owner Grant is funded by state governments, resulting in different grant amounts available in each state and territory.
- The specific amount you receive depends on the location of your property purchase.
- In some cases, this can also result in a first home buyer obtaining a loan without the need for LMI (Lenders Mortgage Insurance) as the government covers the cost of the LMI premium.
