Your borrowing capacity for a first home buyer will depend on many factors, which can affect the amount your lender will require for a deposit. These factors include, but are not limited to, your income, credit history, income history and employment history. If you are applying as a couple, these details will be required for both partners.
This grant is a financial incentive available to Australian citizens or permanent residents and is only available for your first home. If you are purchasing the property with your partner then both of you will need to meet the eligibility criteria. Please feel free to have a chat with one of our experts to find out more about this, and other available incentives.
Lenders mortgage insurance is a fact of life for most first home buyers. This lets buyers who don’t have a 20% deposit get into properties. It insures the bank against losses if you default. It also allows first home buyers to borrow more than 80% of the purchase price of the property.
Costs of buying a property may include: Stamp duty, LMI, Legal / conveyancing fees, Mortgage or loan application fees, Pest and building inspection reports or a Strata search (for apartments), Utility connections and Insurance
Ever thought about building your first home? Get the lowdown on house and land packages to find out if it’s the right choice for you. In some states around Australia, there are better incentives available to first home buyers who are prepared to build or buy a new home. So just what can you expect if you follow this path to owning your first home?
There are many lenders offering hundreds of Home Loan products and deciding on the best option can be a difficult task for most people. The lenders will advise that their Loan is the best for you but will not suggest that a competitor has a more suitable product available. This is where a good Mortgage Broker with a large panel of lenders can be very useful in providing options and guidance to find the most suitable Home Loan for your particular needs.