First Home Buyers
The first step towards owning your own home is exciting and overwhelming. It's natural you'll have plenty of questions - that's where we can help. Your local Mortgage Choice broker can take the stress out of the process of your first home loan with expert advice and support.
What you need to know
Step by step guide to what's involved in buying your first home, including the home loan process.
If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).
The First Home Owner Grant is a lump sum of cash available to first home owners to help with the cost of buying a first home. Find out more and see if you are eligible.
The new government scheme for first time buyers allows approved applicants to take out a mortgage with just a 5% deposit and avoid paying lenders mortgage insurance.
Working out how much you can borrow
Follow the link to find our calclators to help you with:
- How much can I borrow
- Loan repayments
- Stamp Duty
- Savings target calculator
When it comes to buying a home, it’s good to have a pre-approval before you start house hunting. Having a home loan pre-approval in place means you’re good to go when you find the home of your dreams.
Pre-approval means a lender has given a conditional ‘thumbs up’ for your home loan. Having a loan pre-approval in place gives you a firm buying limit – and that’s a big plus to help you set a realistic buying budget when looking for a new home.
With pre-approval in hand you’re also in a much better position to negotiate on price, so don’t be shy about letting real estate agents know your loan is pre-approved. If you’re buying at auction, loan pre-approval is critical as it gives you a limit, and if you are thinking about buying off the plan, the developer may want to know that your loan is pre-approved.
There are different types of pre-approval. The one to aim for is where the lender has seen details of your income, your household expenses and other debts to enable it to make an informed decision about your eligibility for a home loan. Not all lenders offer home loan pre-approval, and that’s where your Mortgage Choice broker can help, letting you know which lenders offer pre-approval, and guiding you through the process of applying for your home loan.
Loan pre-approval usually lasts around three to six months. Lenders will want to know if anything major has changed during that time – like your job or income, once you’ve found the property you’d like to buy. Even better, our home loan service comes at no cost to you. And, a Mortgage Choice broker gets paid the same rate regardless of which home loan you choose from our wide choice of lenders. So why not contact your Mortgage Choice broker today about arranging home loan pre-approval.
The right home loan for your first home
Our mission is to find the right home loan for your individual needs and to always have your best interests at heart. Plain and simple. Which is why we have such a wide range of lenders to choose from. We can search through hundreds of products to find something tailored to your situation. ~