As a first home buyer, your home is more than just a financial application. It gives you the opportunity to live the Australian dream. You are in control, whether it's the decor, or the satisfaction of knowing that you won’t have to move unless YOU decide to.
Owning your first home might have been a long term goal, or about giving you loved ones some peace of mind. You're paying off your own mortgage rather than someone else's.
Buying your first home can be a big decision and daunting for new buyers. Luckily we are here to help you make this big first step, to help you get started and be with you all of the way.
We will compare hundreds of loans across our panel of lenders to make sure we find a loan that suits your needs; both now and in the future.
Speak to us on 1300 546 756 to get started
How much can you borrow?
Working out your borrowing power helps you to narrow down your property search and lets you picture what the financial commitments of a mortgage will be.
Do your calculations
The first thing to do is work out what your borrowing power will be. This is one of the first things that we will work out for you when you speak to us. This gives you a general idea of what you can borrow considering your own individual situation.
Pre-approval will give you more confidence in purchasing a property. Pre-approval is where a lender will check your credit and verify income to provide you with extra assurances that you would be able to get the loan. With pre-approval in place, you really are able to buy. Having a pre-approval usually lasts 90 days and is especially handy at an auction.
First Home Owners Grant (FHOG)
If you sign your contract on or after 1 July 2013, you may be eligible for the FHOG of $10,000
This is applicable whether you choose to buy a house, townhouse, apartment, unit or similar, provided that the valuation is no more than $750,000 and that this is the first sale of the property as a residential premises. You’re not eligible for the FHOG if you or your spouse/partner have already:
- Received the FHOG in Australia,
- Owned a home in Australia, either jointly or separately, prior to 1st July 2000,
- Lived in a home in Australia in which either of you owned or part-owned on or after 1st July 2000, for a continuous period of at least six months
These criteria apply even if your spouse/partner is not an applicant with you for the FHOG.
For more information on FHOG please click here or call us and we will check your eligibility.
First-home buyer duty reduction
If you are buying your first home valued at $600,000 or less whether it is a new or existing property, you may be entitled to a duty reduction of up to 50 per cent.
Meeting the eligibility requirements of the FHOG will entitle you to the duty reduction.