First Home Buyers
First Home Buyers
The Great Australian Dream for many people is owning your own home. We explain below the first steps to buying your first home and have included some helpful hints for first home buyers and what they can expect when they apply for a first home buyer mortgage.
Contact us to understand how it all works
We will help you understand the process, what your options are and answer all your questions. 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 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 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.
Ready to get started? Call a first home buyer mortgage specialist from OAK Tree Finances today on 0404 403 066 and we’ll find the perfect first time home owners loan for you.
Apply for Pre-approval 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 understand your options and we will compare the most competitive home loans 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 and can confirm how much money the body corporate has for future issues.
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.