Buying your first home is exciting and can be a little daunting at the same time. Not only are you faced with the challenge of finding the right property to become your first home, but you also need to know you’re getting the right first home loan.

But where to start?

The deposit

Firstly, in most cases you will need a deposit to put towards the cost of the property. Ideally, this will be at least 5% of the value of the property you wish to purchase, and you can demonstrate that you have saved this money yourself. If you don’t have these savings it may still be possible for you to qualify for a loan under certain circumstances, the most common of these being your parents who are prepared to put up their own property as guarantor security for you. There are also other options that may be available, so best to give us a call to discuss your own circumstances.

How much can I borrow?

Before you go hunting for your new home, you should have a clear idea of exactly how much the banks will allow you to borrow. Once you understand how much borrowing power you have, learn how much the repayments will be and work out if this amount is affordable for your income level.

Knowing your borrowing capacity and your repayments ahead of time means you won’t be tempted to overspend or go hunting for houses that are outside your budget. We can help you work this out before you start house hunting, in most cases with a simple phone call.

Will I get a First Home Buyer’s Grant?

The First Home Owner’s Grant is a great incentive offered by the Australia Federal Government to help you buy your first home. Both the Australian Federal Government and individual State Governments have allocated First Home Owner’s Grant payments for people wanting to buy their first home and this grant, plus other concessions such as stamp duty savings can be worth many thousands of dollars to first home buyers.

As long as you meet the predetermined criteria set for eligibility, then you should receive your First Home Owner Grant. We will help you with this as a part of the loan application process.

Which home loan is best?

The Australian mortgage market can be a confusing range of options, home loan interest rates and bank jargon that can be difficult for a first home buyer to navigate successfully, but you don’t have to get through it on your own.

When it comes to finding the ‘best’ first mortgage for you, it’s important to remember that no two people have identical financial situations. Nobody else but you has your income, your expenses or your goals. This means that aiming at a mortgage that worked really well for a friend or family member of yours may be a terrible option for your own first home loan.

Always keep in mind that you should aim at finding a mortgage package that works best for your unique personal situation.

We can help you at every step of the lending process and help you get the loan to suit your individual needs and circumstances. In most cases our service is free, so give us a call to get started today!