Becoming a First Home Buyer
Becoming a First Home Buyer
First Home Buyers And Home Loans Advisor in Bentleigh
Buying your first home is an exciting milestone, but it can also be a daunting process. As a first home buyer in Bentleigh, you may be unsure where to start, what to look for, and how to secure a home loan that fits your budget and goals. That’s where our expert home loans advisors come in. We specialize in helping first home buyers like you navigate the home buying process, First Home Buyer Eligibility Requirements and first home buyer financing with ease, providing tailored advice and guidance every step of the way. We’ll work closely with you to understand your unique financial circumstances, help you explore your options for home loans, and guide you through the application process to secure the right loan for your needs. With our support, you can confidently move forward with your dream of home ownership in Bentleigh. Contact us today to learn more about how we can help you secure your dream home.
First Home Buyer Grant:
First Home Buyer Grant services provide support and assistance to first-time home buyers looking to access government grants and incentives. These services can help buyers understand the eligibility criteria and application process for the First Home Buyer Grant, as well as other grants and schemes that may be available.
First Home Buyer FAQs
Q1: How much deposit do I need to buy my first home?
Generally, lenders require a deposit of at least 5% to 20% of the purchase price. The amount required can vary depending on the lender and your individual circumstances.
Q2: Can I use the First Home Buyer Grant towards my deposit?
Yes, in some cases the First Home Buyer Grant can be used towards your deposit, but it’s important to check with your lender or broker to confirm.
Q3: What is Lenders Mortgage Insurance (LMI)?
Lenders Mortgage Insurance is a type of insurance that protects the lender in case you default on your loan. It’s generally required if you have a deposit of less than 20% of the purchase price.
Q4: What is the First Home Loan Deposit Scheme?
The First Home Loan Deposit Scheme is a government initiative designed to help first-time home buyers purchase a home with a deposit of as little as 5%, without needing to pay for LMI.
Q5: How can I find the right home loan for me?
It’s important to do your research and compare different lenders and loan options. A mortgage broker can also help you find the right home loan for your individual circumstances.
- Repayment Calculator : A repayment calculator allows borrowers to estimate their loan repayment amounts based on factors such as the loan amount, interest rate, and loan term. This can be a useful tool for borrowers who are considering taking out a loan, as it can help them understand the impact of different loan terms and interest rates on their monthly repayment amounts.
A General First Home Buyer FAQ Guide
How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Contact us today, we can help with calculations based on your circumstances.
How do I choose a loan that’s right for me?
Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, so talk to us today.
How much do I need for a deposit?
Usually between 5% – 10% of the value of a property, which you pay when signing a Contract of Sale. Speak with us to discuss your options for a deposit. You may be able to borrow against the equity in your existing home or an investment property.
How much will regular repayments be?
Go to our Repayment Calculator for an estimate. Because there so many different loan products, some with lower introductory rates, talk to us today about the deals currently available, we’ll work with you to find a loan set-up that’s right for you.
How often do I make home loan repayments — weekly, fortnightly or monthly?
Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.
What is the First Home Owner Grant and can I get one?
This is a grant available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. Contact us directly to find out more about eligibility requirements in your state and how much grant money you could receive.
What fees/costs should I budget for?
There are a number of fees and costs involved when buying a property. To help avoid any surprises, the list below sets out many of the usual costs:
Stamp duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To estimate your possible stamp duty charge, visit our Stamp Duty Calculator.
Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
Building inspection — This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.
Ongoing costs — You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.
