Buying your first home is a huge milestone and an extremely exciting time in your life.  Getting the right advice on your home loan and gaining a pre-approval so you know just how much you can afford is essential.  Knowing how much deposit you need, what the fees are and how the process works is also important and we are here to take you by the hand and guide you through.

It may seem daunting but it doesn’t need to be. With some useful knowledge and advice and help along the way, you’ll find the right loan, and more importantly, get further towards being able to buy your first home.

We would like to tell you what to consider when you are looking to your first home loan, and how having a mortgage consultant onside could benefit you.

It would be ideal to tackle the whole process in individual stages, which includes making the decision to purchase, searching the right loan, saving for your deposit and finding your dream home. Through planning the whole process and taking gradual steps, you can achieve your financial objectives.

How much can I borrow?

Usually the first few things you want to know when buying your first home is how much money can I borrow? As your mortgage adviser, we will look at your goals, your individual financial circumstances, assess your income and expenses and then we will discuss all your loan options and take you through the process step by step.

How much deposit do I need?

Another important thing you want to know is how much deposit do I need? The minimum deposit required can range from three to twenty percent, depending on the lender and the type of loan product.

Some lenders require you to provide proof of your genuine savings via bank statements. These statements will need to demonstrate that you have saved your deposit over a minimum period of at least 3 months, and in some cases 6 months.

When calculating what it will cost you to buy your first home, make sure you include Government stamp duties and fees associated with the purchase. This can add another four to six percent of the purchase price to the cost of the home but need not come from genuine savings.  If eligible, the First Home Owner Grant, and the Off-The-Plan Apartment Stamp Duty Concession can assist towards these costs.  If you are unsure about these additional costs speak to us.

Government Grants:

The Federal Government introduced the First Home Owner Grant (FHOG) to help first home buyers. In South Australia, a FHOG of up to $15,000 is available for the purchase or construction of a new home.

The Grant is only available for a new home that is your principle place of residence and has a market value equal to or less than $575,000.

The grant will be available at settlement for the purchase of a new home. If you are building, it will be paid on the first construction progress payment. Owner builders will receive the Grant on production of a Certificate of Occupancy/Completion.

We will assist you to complete and lodge an application form with the relevant financial institutions or RevenueSA. You are only able to complete and lodge an application form with an approved FHOG participant where you are borrowing funds from that participant, as part of buying or building your home.

Using a mortgage consultant is the smart way to go:

  • We provide suitable choice and look to find you the right deal. 

  • We work with multiple lenders, not just one – keeping competition alive. 

  • We may negotiate a better outcome. 

  • Our aim is to save you time and stress, and get things moving as quickly as possible.

Can we help you?

If you are looking for a first home buyer loan, please contact us to make an appointment for a free no obligation consultation. Contact us