First Home Buyers

Buying your first home can be both exciting and a little daunting. Everyone has a piece of advice to offer which can only add to the confusion.

Like with any important decision, a plan of action is required. The first step is to determine the loan amount you can afford – online assessment was designed just for this purpose. Why not complete our online assessment form and a mortgage specialist will contact you to assist.

Unfortunately it is no longer possible to borrow 100% of the purchase price. So if you are looking for a no deposit home loan, be aware that at least 5% deposit will now be needed. If your credit history has some issues, a larger deposit will be required.

While you may be entitled to the First Home Owner government grant, buying a property carries a range of costs such as mortgage insurance, legals, stamp duty on purchase valuation costs etc.

Even if you borrow up to 95% of the purchase price, you still need to have sufficient additional funds to apply towards these expenses.

Once you know the amount that you qualify for, the next step is to find a home you wish to buy. The secret to real estate investment is buying well. Your home loan pre-approval will help you do this. Remember to sign your purchase offer “Subject to finance” as time will be required to value the purchased property and collect the supporting documents required with your loan application.
If you obtain approval for a home loan before making an offer to purchase your dream home, it will be significantly simpler to negotiate the best possible purchase price. Also you will not be putting your deposit moneys at risk if your home loan application is declined.