Buying your first home can feel daunting, however seeking good advice will simplify this process.
Choosing a home to start your future is an exciting time.
What size deposit is required?
Usually first home buyers are required to have a minimum of 5-10% of the purchase price as a deposit.
What fees are required when purchasing a home?
Rate Your circumstances will determine interest rates/ loan products available to you.
Usually, first home buyer's are looking to maximize their borrowing power. This may not result in receiving the lowest interest rate in the market, however the rates are normally within 0.10% of the lowest rate and therefore not a concern.
For example, if the lowest rate is 2.15% Owner Occupied, another lender may offer you 2.25% with an increased borrowing power. Sometimes this increase can be as little as $10,000, however could be up to $100,000.
When you’re a first home buyer, we will always advise you not to make rate-based decisions when working with a tight budget.
Or simply, if this is an issue you are able to buy with a lower borrowing power and achieve a lower purchase price to access a different rate.
We advise having a pre-approval at a lender that provides the most options. Once you have purchased, we will then review the market for the most suited mortgage for you, with the safety net of your pre-approval in place.
What other fees can be expected?
Am I eligible for the First Home Owners Concession and/or Grant?
First Home Buyers need to meet a criteria of requirements to be eligible for the government grant. This can vary from state to state.
Here are the requirements: