First Home Buyers
Buying your first home is one of the biggest financial decisions you’ll ever make. It’s exciting, it’s daunting, and if you’ve never done it before – it can feel completely overwhelming.
Options for First Home Buyers.
Because every first home buyer’s situation is different, there’s no single path to getting into the property market.
How much can you actually borrow?
Do you qualify for any government grants?
How do you avoid overpaying?
These are exactly the kinds of questions that keep first-time buyers up at night.
And we’re here to answer these questions.
Working out what you can borrow
Before you start searching for a home, you need to know what you can actually afford. There’s nothing worse than falling in love with a property that’s out of reach – or worse, undershooting and settling for less than you needed to.
We’ll assess your income, expenses, and financial position to give you a clear picture of your borrowing capacity. We’ll also help you understand how much you’ll need for a deposit, and what repayments might look like across different loan scenarios.
Finding the right loan for you
There are hundreds of home loan products on the market, and choosing the wrong one can cost you significantly over the life of your loan. Fixed or variable? Principal and interest or interest-only? Offset account or redraw facility? It’s a lot to get your head around.
We’ll cut through the noise, explain your options in plain English, and match you with the loan that suits the way you want to manage your money – now and into the future.
Accessing government grants and schemes
As a first home buyer, you may be eligible for government assistance that significantly reduces the cost of getting into the market. These include the First Home Owner Grant, the First Home Guarantee scheme, stamp duty concessions, and more – depending on your state and circumstances.
We’ll assess your eligibility across all available grants and schemes, help you understand what you qualify for, and take care of the application process so you don’t leave money on the table.
Using a guarantor to get in sooner
Don’t have a full deposit saved yet? A guarantor loan allows a family member – usually a parent – to use the equity in their own property to support your application, helping you borrow more and avoid LMI.
We’ll walk you and your guarantor through exactly how it works, what obligations are involved, and when and how the guarantee can be removed once your equity grows. And we’ll find you the best loan options with the most competitive rates.
In Practice.
Speedy turnaround times.
The property market waits for no-one. That’s why we offer speedy turnaround times, so you won’t miss out on the perfect opportunity.
Huge range of flexible loan options.
Our broad range of flexible loan opportunities comes from access to over 50 lenders. It means we can find the right solution for whatever type of loan you need.
Support when you need it most.
When it comes to property, we’ve seen and done it all. That’s what makes us so well-equipped to guide you through the process and do whatever it takes to make your experience a positive one.
Empowering you to make confident decisions.
Whether you’re buying, building, or refinancing, we’ll guide you through the process and find you the best-fit loan so you can move forward with confidence.
FAQ.
How do I know which loan is best for me?
Loan options are rarely straightforward. While one loan option may offer a lower interest rate than another one, it may come with less features, higher fees, and restrictions about things like making extra repayments.
We’ll help you work out which features you need, and weigh up the pros and cons of each loan option, so you can choose the one that suits you best.
How much of a deposit do I need?
While some loans allow you to borrow as much as 95% of a property’s purchase price, if you borrow more than 80% you’ll generally have to pay Lender’s Mortgage Insurance. This is a one-off insurance premium that protects lenders in case you default on your mortgage payments. It’s added on to your mortgage, which means you’ll have more to repay.
What are the upfront costs of buying a property?
Keep in mind that when you buy a property, there are extra costs you’ll need to factor in on top of the property purchase price.
These can include real estate agent fees, building and pest inspections, solicitor and conveyancer fees, loan application fees, government stamp duty and moving costs.
We’ll help you budget for all of these costs, so you’re not caught short.
Am I eligible for any government assistance?
Depending on your circumstances, you may be eligible for some concessions that will make buying a property more affordable – such as the First Home Owner Grant.
After getting to know you and your situation, we’ll let you know whether you’re eligible for any government assistance and help you with the application process.
I’m self-employed/on a short-term contract. Will I be able to get a home loan?
Lenders like to see proof of a consistent income and steady employment, which can be tricky if you’re self-employed, or working on a short-term contract.
Fortunately, there are options available for people in this exact situation. Take a look at our self-employed loans page for more information.
What happens if my circumstances change?
We understand that life happens, and circumstances change throughout the life of your loan. We’ll keep you informed of market changes and get in touch regularly to make sure your loan is working for you. And if things change, we can help you find another solution.
Can you help with refinancing my mortgage?
Yes, we can help with refinancing your mortgage. We partner with [20+] lenders who offer a wide variety of loan types, fees, and interest rates. We also have special offers for limited periods.
For more information, get in touch and we can talk through your options.
Will refinancing my mortgage affect my credit score?
There is a chance that refinancing your mortgage may affect your credit score. A refinanced mortgage is considered a new account, so it will be recorded on your credit history. Any refinancing applications will also be recorded as a credit enquiry. How this will impact your score will depend on your overall credit history.
We can help minimise the impact on your credit history by giving you detailed information about your options before you apply.
What does it cost to refinance my mortgage?
Your costs will vary, depending on the lender and any conditions on your current loan. These costs may be offset by securing a lower rate or taking advantage of a special offer, but it’s important to do your homework before you make an application to switch.
We can discuss both your current mortgage and your refinance options to help you make a confident decision.