First Home Buyers
Let's help you into your first home!
How much do you need?
While purchasing your first home may seem daunting, it’s often simpler than most people think.
Saving for a deposit is a good first step, however knowing exactly how much you will need and the alternatives to saving a deposit, could help you into your home sooner.
You might even be able to buy sooner with a 0% deposit and pay no LMI!
Learn how below:
Use our Deposit Calculator to estimate how much you will need to contribute to your new home.
How much can you borrow?
A lender will assess your loan affordability and provide an estimate of your maximum borrowing amount. However, it is essential that you work out what you can afford and what repayments you are comfortable with.
Having a good understanding of your budget is essential in making good finance decisions. Start by measuring your income against your expenses. It is important to consider not only your income and expenses now, but what they will be after you have purchased your home and in the future.
Be realistic and don’t overcommit yourself. Give yourself a buffer as interest rates could go up increasing your loan repayments.
Borrowing Power Calculator
Try our free online borrowing power calculator to estimate how much you may be able to borrow.
How is your credit score?
Having good credit history is critical to getting a home loan. Even though there are lenders who do specialise in helping people with poor credit history, it does usually come at higher interest rates, higher deposits and fewer lenders to choose from.
Your credit score is also important to keep in check. Credit scores are calculated by credit reporting agencies and are one of the indicators a lender might use to assess an application.
Credit reporting agencies not only calculate your credit score, they also keep a record of past enquiries, repayment history and current credit limits.
What you Need to Know
A pre-approval is a crucial step in the homebuying process, providing you with a clear picture of your purchasing power before you start house hunting.
Essentially, it’s a preliminary assessment from a bank or lender indicating how much money you’re eligible to borrow based on your financial situation.
Having a pre-approval in hand gives you confidence and a competitive edge in the real estate market. Sellers often consider pre-approved buyers more seriously, as they have proof of their ability to secure financing. It streamlines your home search, allowing you to focus on properties within your budget, and it expedites the final loan approval process once you’ve found your dream home.
A pre-approval also helps you set realistic expectations, plan your budget effectively, and understand the costs involved in your home purchase, making the entire process smoother and stress-free.home loan.
Your Questions, Answered
A pre-approval gives you a clear budget, helps you stand out as a serious buyer to sellers, and streamlines the homebuying process.
You’ll need to provide financial documents, such as income statements, credit history, and bank statements. When you chat with our team, we’ll let you know all the paperwork needed and submit it on your behalf.
Pre-approvals typically last for 60-90 days, but this can vary by lender
No, a pre-approval is not a guarantee, but it’s a strong indicator of your eligibility for a mortgage.
It’s possible to bid at an auction without a pre-approval, but it’s not advisable. Many sellers prefer working with pre-approved buyers, and having one can strengthen your position in negotiations.
Speak with one of our Brokers, we’ll be happy to help.
Government Grants & Incentives
Whats currently available?
As a first home buyer, you have access to a range of government grants and rebates designed to make your dream of owning a home a reality.
Learn more about the First Home Owners Grant (FHOG), which offers financial assistance for eligible applicants.
Discover how you can benefit from significant Stamp Duty Concessions, helping you save thousands on upfront costs.
Explore the Regional First Home Buyer Guarantee, tailored to those looking to make a home in regional areas.
We’re here to empower you with the knowledge and resources you need to get into your first home, sooner.
Head to our Government Grants & Incentives page to fidn out whats currently available to first home buyers