FIRST HOME BUYERS

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Are you searching for a first home buyers loan?

Buying your first home can be an overwhelming experience, but having a mortgage expert to guide you through the process makes the experience an enjoyable and rewarding one.

There are many questions that need to be answered when buying your first home

  • How does the home loan process work?

  • What is my maximum purchase price?

  • What will my repayments be?

  • How much deposit do I need?

  • What is lenders mortgage insurance?

  • Can my parents assist with a guarantee?

 Our brokers will go through your personal circumstances and determine the right home loan for you. Once you have decided on a lender, we will then complete the end-to-end process and make sure that everything goes smoothly, leaving you to enjoy the biggest financial decision of your lifetime. 

How much do first home buyers receive for the first home owners grant?

Currently, if you are eligible for the first home owner grant, in Victoria, you will receive 50% off your stamp duty as long as the purchase price does not exceed $600K. If this figure is exceeded, then full stamp duty applies to your purchase.

If you are planning to purchase a brand new property (i.e. has not been issued with a certificate of occupancy such as an off the plan property) you will also be eligible for an additional $10K as part of the first home owners grant.

As part of our service, we will complete this process for you and have the approval available for settlement (as long as the lender permits the first home owners grant as part of your settlement funds) giving you one less thing to worry about.

Please find a copy of the current first home owners grant and lodgement guide below which can also be located on the State Revenue Office website.

If you have any questions, please feel free to call us to discuss.

What is the minimum deposit required by a First Home Buyer to purchase a property?

This is probably the most common question that is asked by first home buyers and unfortunately, there is no one answer. There are numerous factors that need to be considered such as your purchase price, the type of property you are purchasing, which grants you are eligible for, how much stamp duty applies and these are only a few things that need to be considered.

That's where our expert mortgage brokers come into the picture. We answer all of these questions and remove any doubt that you may be facing and provide you with the confidence to make an informed decision. If you are not in a position to be able to purchase immediately, we will put together a plan for you to get into your first home as soon as possible.

What is Lenders Mortgage Insurance (LMI)?

Lenders Mortgage Insurance or commonly known as LMI, is an insurance policy taken out by your lender which covers them from any loss in the case you are unable to meet the minimum required repayments. This insurance policy fee is calculated depending on the overall loan amount and the overall percentage of Loan Vs Property Valuation, better known as LVR. Lenders Mortgage Insurance is a one off payment and can be included in the overall loan amount as long as it doesn’t exceed the maximum LVR requirements of the lender. Lenders mortgage insurance in most cases is only required when the overall lending or LVR exceeds 80%.

Each lender provides different maximum LVR's depending on the property being purchased. Some lenders will advise that they require a 20% deposit before you can purchase, but there are lenders that we have access to be able to provide 98.5%.

If you would like to find out more, please contact one of our mortgage specialists today.

What is a pre-approval and how does a First Home Buyer ascertain one?

A pre-approval is an initial assessment of your circumstances to confirm your eligibility to borrow funds to purchase a property. An assessment will be completed to confirm important things like your income, your savings held is within acceptable guidelines, your credit file is clear and employment is suitable. The purpose for a pre-approval is to confirm that you are in fact in a position to be able to borrow to purchase a property so that you don’t spend 3-6 months looking to find out that you’re unable to proceed with finance.

Pre-approvals do not cost anything, nor do the remaining steps in the process. We would strongly suggest having a pre-approval in place so that you don't get your hopes up, for them to come crashing down due to a small default on your credit file that you were unaware of.

To get your free pre-approval underway, please give us a call and speak with one of our mortgage specialists today.

How much will my stamp duty cost?

First home buyers are currently eligible for a stamp duty reduction of 50% for any properties up to the value of $600K. Once exceeded, full stamp duty applies.

To get an estimate on what stamp duty will apply on your new purchase, please use our free Stamp Duty Calculator.

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PO BOX 362
Avondale Heights VIC 3034

Phone

1300 992 260

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