With so many different home loans on the market, finding a loan that is suitable for you as a first home buyer is not as simple as it used to be, there are a range of loans available to you that may save you money, provide you with greater flexibility and peace of mind.
Ocean Home Loans mortgage brokers use their expertise and experience in the home loan market coupled with a unique computer software program to enable them to compare hundreds of loans in a matter of minutes. We then provide you with a short list of loans that are both competitive and suitable – simplifying the loan selection process.
As a first time buyer you can choose from a wide selection of home loan types, such as:
How Much Do I Need To Save For A Deposit?
The amount you need as a deposit will depend on the type of loan and the lender you select. Generally as a first home buyer you will require a minimum of 5% of the property value.
What if I Don’t Have a Deposit?
Don’t have a deposit, we are expert mortgage brokers in Family Pledge Guarantor supported loans and will help you find the most suitable loan for a first home buyer as well as discuss various options with you to protect the guarantor.
Please call us on 07 5593 1420 to discuss if this type of loan is appropriate for you and which type of guarantee is required to get your loan approved, or enquire online and we will contact you as soon as possible to discuss your options.
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 is available in certain states for the first home buyer intending to live in the home they are buying. Basically, you are eligible if you are an Australian citizen or a permanent resident who is 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 first home buyer grant to be available.
Ocean Home Loans mortgage brokers can help you access any available grants each state is offering.
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. Ocean Home Loans mortgage brokers will fully analyse your monthly income & expenditure to ensure you can comfortably meet your proposed borrowing commitments. Please contact us on 07 5593 1420 to talk with an Ocean Home Loans mortgage broker who can give you expert advice on first home buyer home loans, or enquire online and we will contact you as soon as possible to discuss your options.
How Much Do I Need To Set Aside For Stamp Duty as a First Home Buyer?
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. In most states the first home buyer generally doesn’t have to pay stamp duty.
What Other Expenses Will I Need To Pay?
As a rough guide, you should budget for between 1-2% of the purchase price, in addition to your deposit, to cover fees and charges. The balance may include;
- Building and pest reports
- Valuation fees
- Lenders mortgage insurance (LMI)
- Solicitors fees
- Utility connection fees? Phone / gas / electricity
- Council and water rates
- Removalist costs
Please contact us on 07 5593 1420 to talk with an Ocean Home Loans mortgage broker who can give you expert advice on first home buyer home loans, or enquire online and we will contact you as soon as possible to discuss your options.
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