First Home Buyers

Buying your first home can be an exciting and overwhelming experience. It's a significant investment, and we want to make sure that you're making the right decisions.

Here are some things to consider before you start the home buying process.

In the first step we’ll help you to determine your borrowing capacity. It's essential to know how much you can borrow without causing financial stress. This includes not just the deposit required but also other expenses such as stamp duty, legal costs, and the ongoing mortgage repayments.

Next, we’ll assist you to get pre-approved for a mortgage. This will put you in a better position when inspecting homes and making offers. We’ll help you to shop around with different lenders to make sure you're getting the best deal.

When you find a home you like, make sure to have it inspected by a professional. This can help you identify any potential issues with the home before you buy it.

Once we’re at this stage, we’ll work with you and the lender to get you unconditional approval so that your contract can go unconditional. Then when the settlement date is set, we’ll make sure your lender is prepared so that things can all go through smoothly.

Buying your first home can be a challenging process, but with careful planning and preparation, it can also be an extremely rewarding one.

First Home Buyers FAQ

  • We’ll work with you and the lender to assess your income, expenses, and credit score to determine how much you can borrow.

  • Typically, you will need to have at least 5% of the purchase price as a deposit, although some lenders may require a higher deposit.

  • There are several additional costs associated with buying a home, including stamp duty, legal fees, inspection fees, and lender fees. You may be eligible for a concession on some of these costs.

  • LMI, or lenders mortgage insurance, is a type of insurance that lenders generally require if you have a deposit of less than 20% of the purchase price. It protects the lender if you default on the loan.

  • Settlement day is the day on which the property is legally transferred from the seller to the buyer. The buyer pays the balance of the purchase price, and the seller hands over the keys and the title of the property is transferred.