First Homebuyers

NEED SOME HELP WITH YOUR FIRST HOME?

Congratulations on looking for your first home. We know it’s a big step and we’re here to help you on your journey.

The best home loan for you may not be the biggest, or even the one with the lowest rate. Many other factors come into play, like your income, savings, credit history, and the size of your deposit. There are other things to consider too, like fees, interest rates and terms and conditions.

Confused? Don’t be. We make it all perfectly clear and guide you every step of the way.

By really getting to know you, we can find the perfect home loan for you: one that fits, is comfortable and has enough room to move.

Our experience in banking means we know what the lenders look for. We make sure you meet all the necessary criteria in order to get the best possible result. If we say you’re good for it, the lenders tend to agree.

HOW CAN WE HELP?

Walk you through the buying process

We are happy to go on the home buying journey with you. We want you to be informed and setting the right expectations upfront can make all the difference in your buying experience.

Explain all the costs

Stamp duty, registration fees, insurance and rates adjustments are a few costs to expect but not to worry we can make you well aware of what you’re getting yourself into.

Set a realistic purchase price goal

We will guide you on setting the right boundary for your purchase so that you can enjoy life without financial stress.

Save you thousands by applying the right strategy

Executing the right strategy can be the difference between you paying off your home loan sooner and saving thousands in the process.

Apply for government incentive programs

As a first home buyer you may be entitled to the first home buyers grant, stamp duty waivers or purchase cost assistance. We’ll let you know if you qualify.

FAQ
We know you have lots of questions. So, we’ve provided answers to the most common ones here.

Good question. We will provide you with the specifics over the phone, before we meet. But generally the banks ask for:

  • Proof of income
  • A deposit backed by a proven savings history
  • A good credit history (we can still help if you don’t)

Most lenders ask for 5% of the property value as a deposit but you need to factor in purchase costs like stamp duty, conveyancing and the impacts of lenders mortgage insurance (LMI). In general, the more you have saved, the more options you have and the easier the approval process becomes.

We have a calculator to give you an idea but we will assess your situation and confirm this for you. Generally speaking, the more money you earn and the less debt you have the more your capacity to borrow will be. Each lender will be different.

If you’re building or buying a new or substantially renovated home, you may be eligible. There are several factors at play that will determine your eligibility. See useful links section for additional information.

The purchase price of your home will dictate whether you qualify for the stamp duty waiver or concessional rate. See our useful links and blog section section for more information.

This will vary depending on several factors including the lender you choose, the purchase price of the property, the deposit you contribute and so on.

Lenders Mortgage Insurance is a fee charged by lenders, usually when your deposit is below 20% of your property’s value. It can be a big hurdle, but most lenders will add it to your loan, so you don’t have to save up for it and we may be able to help you avoid this cost altogether.

It sounds a bit dry, but Loan to Value Ratio (LVR) is actually the amount of money you wish to borrow in comparison to the value of your property. So, say you want to buy a house valued at $500,000 and a have a $100,000 deposit, your LVR would be 80%. Most lenders adjust their interest rates relative to the LVR and have specific ratios to which they lend.

Variable interest rates move, normally relative to changes in official interest rates set by the Reserve Bank of Australia. A variable rate loan is beneficial when rates are on the decline. Fixed interest rates don’t move. You can fix your rate for a particular period of time, normally between 1 and 5 years. But it’s most beneficial when rates are on the rise.

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