Fast, simple and straight to the point! Hear from our experts about financing your new home.
Ready to start your journey to home ownership
? Or maybe unsure how home first home finance works? Let’s shed some light on the common questions about the finance side of owning a home.
Time is money. Instead of spending hours surfing the web searching for the answers you seek, scan this page and get the info you need straight away.
Want information more specific to your situation? Our finance experts are only a call away.
First home buyers government assistance… Am I eligible?
Without sounding like a broken record, there’s one sure way to find out… Chat to a broker! With our experts, it’s quick and easy and you’ll get the most accurate information for your situation.
Your eligibility will be based on a few factors:
- Have you or your partner ever owned or occupied property in Australia?
- Are you looking for an established property or want to build a new one (home and land)?
If you’re buying an established home, you only get the stamp duty concession. If you’re building home and land, you’ll get the stamp duty concession plus a $10,000 first home buyers grant.
Is building new
a better option for you?
Is my credit history important? Will it have an impact when buying my first home?
Well yes, it can be important. It effects your home loan application and how much you can borrow.
When assessing your position, the banks will give you a credit scoring based on your previous dealings. They’ll look at things like; your repayment history, credit cards, personal loans and any zip pay debt.
They’ll also see if you’ve been checking your credit file. If you’re looking around to find the best loan this can affect your application. It’s best to let a broker do the shopping around so once you secure the best deal your credit score is also intact.
How much deposit do I need?
It varies. Some lenders may only need 1% of the property’s value, others up to 20%. However, a loan with less than 20% could mean paying more on insurance as you’re a greater risk to the lender.
Saving up as much as you can is the best way to tackle this. You’re likely to get a better interest rate and pay less lenders mortgage insurance.
How much can I borrow?
Your borrowing capacity comes down to your credit score and how much you're willing to pay back each week.
You and your broker will assess how much you can borrow based on your lifestyle. Together you’ll find the right amount that won’t affect your everyday expenses.
Want a rough idea right away? Our home loan calculator
can help you out!
Any extra fees I need to know about?
At the loan contract stage your broker will lay out any extra costs you need to be aware of.
There may be fees both your lender and the government require you to pay. This is the time to go over your contract with the professionals to ensure you know everything that's involved.
What should I be aware of?
There are several things to keep in mind as you search for a property. Spend time on the research beforehand to save time later.
Answer some of these questions before jumping into the purchase:
- What are the suburb stats, demographics, and median house price?
- Where is the property located?
- Where in the suburb will you be living?
- Is the home nearby schools, shops, health facilities or any other amenities you may need?
- How far will your commute to work be?
- Is it a long journey to the kids’ school?
The property age is also important. Is it a new house or will you have to spend money fixing it up? Be careful when buying an older house that may need work done as this can add a small fortune to your ongoing costs.
3 top tips for first home buyers
Save as much as possible and contribute as much as you can at the start. Hit the ground running and reap the rewards down the line.
Be aware of your credit file and tie up any existing debt repayments.
Chat to an expert to better your financial position right away. They’ll set a plan and help you from the get-go.
Let’s get your home finance sorted! Chat to us today