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Buying a house is a very exciting experience, but the home loan process can seem a little overwhelming, especially for first home buyers. There’s so much to do and consider – calculating deposit and loan amounts, understanding loan types and features, working out your eligibility for concessions and grants. With literally hundreds of different loans available from hundreds of lenders in the mortgage marketplace, you might be feeling a little out of your depth by the time it comes to choosing a loan that’s right for you. That’s when it pays to seek advise from a qualified mortgage professional, to help narrow your choices and navigate you through the complexities of the home loan process.
At My Property & Finance, our mortgage experts have years of collective experience helping Australians purchase their first homes. To help you reach your first home-ownership goals, we’ll organise all of the paperwork, deal with the bank and manage the loan process all the way to settlement and beyond. With access to 35+ leading lenders, we’ll compare the most competitive finance options available and connect you with the loan that best suits your needs – at absolutely no cost to you!
We know loans and we know savings
We’re committed to helping you save as much money as you can on your first home purchase. We also know that a little bit of government assistance can go a long way to making home ownership a reality, which is why we’ll help you access any grants or stamp duty concessions you may be eligible for. By tailoring your loan options, we can also look at ways to reduce your interest rate or to eliminate lenders mortgage insurance costs, potentially shaving thousands of dollars off your home loan. Chat to the lending specialists at My Property & Finance today and discover how we can help you save!
Home-ownership with a guarantor loan
If you don’t have quite enough savings to make up a deposit, there may be other options available to you. For instance, you may be able to get your foot on the property ladder faster with a little help from your family. Guarantor loans can help first home buyers, by accessing the equity in a parent or another close family member’s house to help secure the loan. Other ways that families might be able to assist you are by helping chip in with the deposit or letting you move back home to save on rental costs. Contact My Property & Finance today to find out how you can get the keys to your first home sooner.
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How we can help you!
Provide you with expert advice and guidance
We’ll discuss your current financial position, requirements and objectives, then we’ll develop a strategy to help you get you into your first property sooner. No matter what stage of the process you’re at, this free consultation is a great way to get started on your first home buyers’ journey!
Assist you with grants and incentives
Each state and territory provides some sort of financial assistance to first home buyers.We can determine if you’re eligible for any available government grants or stamp duty concessions, then we’ll complete and lodge the paperwork for you!
Calculate how much you can borrow
After we’ve collected some paperwork and personal details from you, we’ll calculate how much you may be able to borrow based on your income, expenses, current savings, credit history, and any other applicable grants and subsidies that you may be eligible for.
Explain all of the costs to you
Our loan experts will explain all the upfront costs including application fees, stamp duty (if applicable), building inspection costs, conveyancing fees, plus Lenders Mortgage Insurance if you’re borrowing more than 80% of the property value.
Compare lenders and recommend a better loan
With access to hundreds of loan products available across 35+ leading banks and lenders, we’ll compare the most competitive finance options and match you with the loan that best suits your needs.
Organise your loan pre-approval
Before you go house hunting, our lending specialists can organise a pre-approval for you, so you know how much you can afford to spend on your first home.
Manage the process, paperwork, negotiations & details
Our friendly mortgage specialists will do the legwork for you. They’ll manage all the paperwork, negotiate and liaise with the lender on your behalf and deal with any on-going communication with your conveyancer, real-estate agent or accountant until your loan is approved and settled.
Help you free of charge*
Sometimes the best things in life really are free! At My Property & Finance, we provide a wealth of experience and specialised knowledge – all complimentary to you. We don’t charge a fee for our service because we’re paid by the lender upon the settlement of your loan.
Kick-start your First Home Buyer loan!
Call My Property & Finance on 1300 672 633, or submit your details and one of our Mortgage Specialists will contact you within 24 hours (Mon - Fri) to chat about your finance options.
Like to stay well-informed?
First Home Buyer FAQ's
How much deposit you need typically depends on the purchase price of the property that you want to buy. You can buy a first home with as little as a 5% deposit, plus any bank fees and charges, but it means you’ll pay Lenders Mortgage Insurance (LMI).
To avoid the additional cost of LMI, you’ll need to either save 20% of the purchase price or have a guarantor. Remember the bigger your deposit, the smaller your repayments & cost of LMI.
Your “borrowing capacity” is the amount a lender is willing to lend you to buy a property. One of the simplest ways to increase your borrowing capacity is to reduce your debts. By lowering your credit card balance, you’ll reduce the perceived risk to lenders. Other ways you can increase your borrowing power are by reducing living expenses in all areas possible and/or generating additional sources of income.
Guarantors may be able to help you secure a home loan if you’re unable to save enough for a 20% deposit. Guarantors can save you thousands of dollars in upfront costs by helping you avoid Lenders Mortgage Insurance (LMI).
If you don’t have a full deposit saved up, an immediate family member can use the equity in their property as security against your loan. Assuming you have an income high enough to make the repayments, this arrangement may work for you. The amount of the guarantee will vary from lender to lender, but will usually be at least 20% of the property purchase price. Once you have paid off enough of the principle of your home loan, the Guarantor can be released from the guarantee (subject to lender assessment).
A guarantor is usually an immediate family member, such as a parent or in some cases a grandparent. Some lenders may allow an extended family member or ex-spouse depending on individual circumstances.
A pre-approval allows you to determine how much you can borrow and what you can expect to repay when you decide to take out a home loan. Pre-approval is usually subject to you meeting the required terms and conditions of the lender, for example, being able to provide the documentation required and proving you have the deposit.
To apply for a pre-approval, you’ll need to supply basic facts about your finances such as your annual salary, other sources of income, current monthly living expenses, and other financial responsibilities like your credit card limit.
Your lender will also need information about your borrowing details such as how much you’re willing to spend on a property, how much you think you’ll need to borrow, as well as the loan purpose (i.e., if you’re intending on buying a house or building a house, etc).
It is important to remember though that a pre-approval is not a guaranteed loan approval! Rather, it’s a strong indicator of whether you would get the loan. A guaranteed loan approval requires further detail to be submitted, such as full credit check, etc.
A pre-approval is not a guarantee that the loan will be approved. So, yes, you can still be declined a loan after receiving a pre-approval if you don’t meet the lender’s criteria. This can happen if your personal and financial situation changes, or if the lender finds the property you wish to purchase unacceptable as security. Some of the main reasons for being denied a loan include but are not restricted to:
- Having a bad credit history – This might result from late payments of phone or utility bills, missed credit card repayment, etc, which can all affect your credit score, and in turn, your mortgage application.
- Having children – the number of dependents you have will affect the amount you can borrow.
- Changing jobs or changes to your income level – A pre-approval is based on your income and employment status at the time of submitting your application, but if this changes it can affect the pre-approval process. Most lenders are okay if you change jobs so long as you stay in the same line of work, however switching your line of work completely or getting a pay cut can lead to complications.
- Accruing more debt – Increasing your credit card and spend up big after applying for a home loan is not going to help you as it will impact the amount you’re able to borrow.
- Interest rate changes – If there’s an interest rate increase, it means the maximum amount you are able to borrow may decrease.
A pre-approval doesn’t include an assessment on whether or not the property is acceptable by the lender, because it hasn’t been found yet. This is why the conditions on the pre-approval state “subject to a satisfactory valuation”.
- Unacceptable properties – Certain properties may not be acceptable to some lenders – including but not restricted to small apartments, hobby farms, certain post codes, etc.
Stamp duty is a charge which is applied by state governments in Australia on transactions relating to the transfer of land or property. It is paid upfront, typically within 30 days of settlement. Outside of the deposit and mortgage, stamp duty is likely to be your next biggest cost. This charge needs to be budgeted for in addition to your loan deposit. Remember that the amount of stamp duty you’re required to pay depends on a number of factors including which state or territory you live in, as well as the cost of the property and the type of home you buy.
To determine how much stamp duty you need to pay, or whether you can claim any concessions, call 1300 672 633 and speak to a lending specialists at My Property & Finance today.
It’s important to know all the up-front costs involved in buying your first home, apart from the actual house price and loan repayments. Additional costs to take into consideration include but are not limited to:
- Stamp duty,
- Legal fees,
- Loan establishment charges,
- Building and pest inspections,
- Moving expenses, etc.
Our home loan experts will explain all the upfront costs involved relating to your first home purchase so there won’t be any nasty surprises.
There are several grants or exemptions that first home owners may be eligible for. Each state and territory has different laws and regulations regarding these grants and exemptions.
Our loan experts will work out if you’re eligible for stamp duty exemptions or the First Home Owner Grant (FHOG), and we’ll lodge the application and all the supporting documents for you.
You can also find more information about your state on the links below:
Lenders require borrowers to pay for lenders mortgage insurance (LMI) if they wish to borrow in excess of 80% of the property’s value. LMI is a one-off charge that usually gets added to your loan amount, or it can be paid upfront if you wish.
LMI provides protection to the lending institution in the event that you default on your home loan. It should not be mistaken for Mortgage Protection Insurance, which covers your mortgage repayments in the event of death, sickness, unemployment or disability.
Yes. There lenders on our panel who will consider applicants who work on a casual basis.
Buying a house is a significant investment, so it makes sense to ensure that everything is ship-shape before making the purchase. One way to make sure the house has no problems is to obtain a building and pest inspection report. This report will provide information about any structural, electrical and plumbing issues in relation to the property, and will also identify whether there are any apparent pest problems such as termites.