Home Loans for First Home Buyers

This involves evaluating your borrowing capacity, your available deposit, and any special considerations in your application.

If you do NOT have this, we can consider solutions such as seeking a Family Guarantee or applying for Lenders Mortgage Insurance.

Applying a gift to your application makes the process smoother – in some instances, it can be the difference between having the loan approved or not.

• Drivers license and passport
• If PAYG – last 2 pay slips
• If Self Employed – last 2 Years Tax Returns, Notice of Assessment & Financial Statements
• Latest savings statements
• Latest credit card statements
• Latest statement of any other assets or liabilities

A tailored list of supporting documents can be sent to you by contacting us and making an enquiry.

In other words, this is the surplus cash flow you have available to pay back a loan.

Of importance, but less material are:

• Government Transfer & Registration Fees
• Due Diligence Costs, e.g. strata report building and pest inspection reports.

You should also consider the costs of moving, furnishing a new home, and also have some money set aside after the purchase for living expenses and to make future mortgage repayments.

• Offset Account
• Rate Discount
• Fee Free Credit Card
• Ability to vary your loan at no extra charge

This type of loan package usually has an annual fee.

However, the benefits outweigh the costs if you derive value from the features.

Your lawyer should be appointed BEFORE you start negotiating on a property. You should also have your lawyer review your contract before you sign it and pay your deposit.

If you do not have more than that, we can consider using a Family Guarantee if your parents have equity in the property. You can also consider paying Lenders Mortgage Insurance if you and the property you are buying are eligible.

With both these solutions, you must be able to demonstrate you can afford the higher loan repayments that come with a higher loan amount.

This premium is for the Bank’s benefit where, in the worst case, they need to sell your and they make a loss on the loan. The Mortgage Insurer then protects the bank by reimbursing them on the loss.

The benefit of LMI to you is you are able to borrow more, and thereby access a higher value property. The cost is you must pay the fee which increases as the loan amount and LVR.

The benefit of a Pre-Approval is that it allows you to negotiate for a property with confidence, and move quickly when you find a property that you like. It also reduces the time to Formal Approval as a credit officer has already reviewed your file.

We strongly recommend you obtain a pre-approval where you are actively looking and negotiating for property to put you in the strongest position.

NOTE: The more timely and accurate your information the quicker the turnaround times.

These timeframes are subject to change during times of the year. For example, prior to Easter, End of Financial Year and Christmas, timeframes can stretch for us and the banks due to workload.