First Home Buyers

Are You A First Home Buyer Looking To Purchase Your First Property With Ease?

With the aim of leveraging it as soon as possible to begin building a portfolio of investment properties?

Then read on to find out the answer to the most commonly asked questions below and discover how you can buy your first home with minimum stress and ensure MAXIMUM GAIN!

Which Home Loan Is Right For Me?

  • With so many different loan products on the market, finding a home loan is not as simple as it used to be. There is a range of options available to you that may save you money, provide you with greater flexibility and peace of mind.
  • Property Financing consultants use their expertise and experience in the home loan market, coupled with a unique computer software program that enables them to compare hundreds of loans in a matter of minutes. Our consultants will then be able to provide you with a short list of loans that are both competitive and suitable – simplifying the loan selection process.

How Much Can I Borrow?

How much you can borrow - also known as your borrowing capacity - will depend on how much of a deposit you have, your current income and what expense commitments you have. It will also vary from lender to lender.

Am I Eligible For The First Home Owners Grant?

This one-off grant of $7,000 is available to First Home Buyers intending to live in the home they are buying.
You are eligible for the First Home Owners Grant if you are:

  • an Australian citizen or a permanent resident,
  • buying or building your first home in Australia, and
  • intend to occupy it as your principal place of residence within 12 months of settlement.

Note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be available.

Property Financing can help you access the First Home Owners Grant.

What Will My Repayments Be?

It is one thing to work out how much you can borrow, but you need to know if you can afford the repayments. Find out how much your loan repayments would be for any borrowed amount, using different interest rates and loan terms by using this loan repayment calculator.

How Much Do I Need To Save For A Deposit?

The amount you need as a deposit will depend on the type of home loan and the lender you select. Generally you will require a minimum of 5% of the property value.

How Much Do I Need To Set Aside For Stamp Duty?

Stamp duty is a tax levied on the purchase of a property. It is calculated according to the purchase price of the property and the state or territory the property is situated in.

What Other Expenses Will I Need To Pay Besides Mortgage & Stamp Duties?

As a rough guide, you should budget for between 5-7% of the purchase price - in addition to your deposit - to cover fees and charges. While mortgage and stamp duties will make up the bulk of this 5-7%, the balance may include:

  • Building and pest reports
  • Valuation fees
  • Lenders mortgage insurance (LMI)
  • Solicitors fees
  • Insurances
  • Utility connection fees – phone/gas/electricity
  • Council and water rates
  • Removalist costs

How Do I Choose Which Home Is Best For Me?

When deciding on the area to live in, apart from considering proximity to family, friends and work commitments, you will obviously need to think about property prices. Prices will vary greatly from suburb to suburb.

What Should I Do Now?

You can make an appointment with one of our expert property investment advisors contacting us now or calling us by on 1300 734 421 for an exploratory chat about how Financing Property can help you purchase your first home with minimum stress and ensure MAXIMUM GAIN!