First Home Buyer Home Loans
First Time Home Buyers
Contact us to understand how first home buyer home loans work
Our team help you understand the process, what your options are and answer all your questions related to first home buyer home loans. This includes how much you can borrow, how much deposit you will need to save and what the repayments will be. This information will help you decide what you can afford, what type of properties you want to look for and which areas you want to look. At this point of the process, you may even be eligible for the First Home Loan Deposit Scheme, which is a new government scheme that allows first time home buyers to purchase a property with as little as five percent for a deposit, and without the need for lenders mortgage insurance.
If there is anything you are unsure of, please talk to us. We are here to help. We often find customers who can buy a property but for some reason they thought the guidelines were more difficult. There are also other options that you may not be aware of such as No Deposit Home Loans and the availability of current government grants for first time home buyers. If you have family members that may be willing to help you then Family Pledge Home Loans can also help you get into your first home sooner.
Apply for Pre-approval on your first time buyer mortgage before you start looking at properties!
It is highly recommended that we get your first home buyer loan approved before you start looking at properties. This gives you time to consider your options and to understand the process and you do not have to make a rushed decision. Also, it will save time when you find a house. You can miss opportunities if your finance is not ready, so it is much better to be prepared!
We will provide our recommendations in writing which helps you to understand your options and we will compare the most competitive mortgages for first home buyers available for your situation. Once you have made a decision, we will prepare the paperwork on your behalf and arrange for your chosen lender to approve your first home buyer loan.
Low deposit home loans for first home buyers
Did you know it’s possible to get low deposit home loans for first home buyers? As part of the new First Home Loan Deposit Scheme, home loan first home buyer who have low or middle incomes can apply for a first home buyer mortgage with a 5% deposit. It can be used to build a brand-new home, a house and land package, off the plan townhouse or established property. This scheme can also be used in conjunction with First Home Super Saver Scheme and the HomeBuilder grant if a home loan first home buyer meets a lenders criterion.
Make sure you do your homework
If you are buying an established property a pest and building inspection report is optional but absolutely essential. There are a number of problems that these reports can find which may not be visible to the untrained eye. Termites, rising damp, faulty plumbing and electrical, shifting foundations. It just not worth taking the risk.
If you are buying an apartment, units or townhouses then a strata report will normally be obtained instead of or sometimes as well as a pest and building report. This will show past the history of money spent by body corporate which can highlight past building and maintenance problems within the complex
Be prepared and understand all the costs!
Our recommendations will include a written summary of all the relevant costs. It is important that you budget for these costs and for the unexpected costs such as moving costs or minor repairs or furniture for the new property. Refer to our section Home Loan Costs for general information but every situation is different so it is important you talk to us.