Buying Your First Home
Property prices are becoming more realistic across Australia and there has never been a better time for first home buyers to own their first home. But buying your first home is a big deal, not to mention a big expense. If you’re looking at buying your first home it pays to know your entitlements as a buyer and how the loan process works. There are many great loan options to explore and a mortgage expert can help.
Banks and lenders have very specific policies around lending to first home buyers and the pricing of their home loan products can vary substantially. To help secure the right home loan for your finance needs talk to a Loan Market mortgage broker today.
First Home Buyer Help and Free Home Loan Pre-Approval
Talk to your expert mortgage broker today on 13 94 62 (or +61 2 9249 3739 direct) or simply fill in the form below.
How Much Deposit Do I Need?
The deposit you will need depends on a variety factors: from the type of property you intend to purchase to your personal circumstances or the type of home loan you’re after. For an owner occupier purchase, you will typically require at least 5 per cent of the property’s value as a deposit, and possibly as much as 15 per cent.
For many first home buyers saving for a deposit can be difficult. Using the equity in a family members existing property may help you buy your first home sooner – and they don’t need to actually provide you with any cash. Talk to your expert mortgage broker today for more information on family equity, family pledge or, more commonly, a limited guarantor home loan.
Am I Eligible For the First Home Buyers Grant?
The First Home Owners Grant (FHOG) scheme was established by the Federal Government to assist first home buyers purchase their first home. Under the federal government scheme, a one-off base grant of $7,000 is available to eligible first home buyers. However, each state is different in its administration of the grant. Furthermore, the individual state governments also provide a variety of first home buyer entitlements that include grants and stamp duty concessions. To ensure that you are not missing out on any additional first home buyer benefits, talk to your local mortgage broker and find out which concessions you qualify for.
What is a First Home Deposit Saver Account?
The First Home Deposit Saver Account is an Australian Federal Government initiative that aims to help aspiring first home buyers save a deposit faster.
First Home Deposit Saver Accounts will work in a similar style to superannuation schemes by offering tax breaks and government co-contributions.
What Are the Costs Involved in Buying My First Home?
Along with your deposit, you will need enough money to cover your costs. Costs may include:
- Loan application fees.
- Settlement and Establishment fees.
- Stamp Duty.
- Transfer fees.
- Mortgage Insurance.
- Legal fees.
Other costs involved in buying a home can include building inspection fees, pest inspections, building and contents insurances, removalists, utility connection and rates.
More information and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 94 62 (direct +61 2 9249 3739)
