First Home Buyers
For most people, buying your first home is an exciting and satisfying decision. You are at a place in your life where you are ready to become a home owner and buy your own property.
Whether you are purchasing property by yourself, with a partner, or with friends or family, you will have many considerations along the way.
Victoria has experienced rapid growth in the past few years, and Melbourne has many new housing developments in all areas.
Below, Gail answers some of the questions you may have about purchasing that dream home, and also provide information on all aspects of purchasing a home.
Set out a plan
- You need to know where you want to buy and how much you have to spend.
- Look at your financial situation, set a budget.
- Research the suburbs you are keen on buying into. Would you like to live in the CBD, or near the beach, close to transport, or away from the city in the suburbs?
- Consider what assistance you may be able to claim, such as the government's First Home Owners Grant
How much deposit will I need for my first home loan?
Generally, you will need 5% or 10% deposit for your first home.
What if I don’t have enough deposit?
Haven’t got that full amount? You may not need to worry as we know several lenders that will allow you use your First Home Owners Grant (FHOG) as part of your deposit. You may also be able to use family guarantee home loan options – these allow family members to help out with your deposit. Give me a call and I will help you work out which strategy is the right one for your situation.
Am I entitled to the First Home Owners Grant (FHOG)?
The Australian Government offers generous incentives to people looking for their first home. As a first home buyer, you may be eligible for great incentives that could help you secure your new home. As your mortgage broker, I can help you arrange the FHOG and any applicable stamp duty concessions.
What are all the costs of financing my first home?
The costs of buying your first home include lender’s fees, the possibility of Lender’s Mortgage Insurance (LMI), government duties, mortgage registration, conveyancing and perhaps even inspection costs.
How much can I borrow for my first home?
What you can borrow will depend on how much deposit your have and what your income is at the moment. With my specialist software, I can work out how much you can borrow.
What will my repayments be?
Once you have chosen your loan, I can advise you on what your loan repayments may be.
Loan feature options for First Home Buyers
Generally, a basic low interest loan without the costly ’features’ are often suited to First Home Buyers. This loan option keeps your interest payments and any fees to a minimum. However, your situation may be different and you may require other loan features.
Call Gail now on 0414 904 589 to discuss your loan options, or fill out the Contact Us form and she will call you!