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First Home Buyers

Bringing the Excitement back for First Home Buyers!

Don’t be daunted by the prospect of Buying your first home

With so many different loan products on the market, finding a home loan can be a pretty overwhelming concept. But finding the right loan doesn’t have to be difficult! We’re here to help you at every step, making the process easy, and saving you time and energy.

There so many options available for first home buyers, but which ones are right for you? At Loan Wize, we use our expertise and experience in the home loan market to compare hundreds of loans in a matter of minutes.

We then provide you with a great home loan recommendation that is both competitive and suits you perfectly, simplifying the selection process along the way.

First Home Owner Grants

First Home Owners may also be able to take advantage of various state government grants for the purchase of an existing or new home, Stamp Duty exemptions, and other additional incentives to purchase their first home. These vary considerably between states, so the best idea is to speak to one of Professional Lending Specialist to find out if there is any Government Grant or incentive in your state. In some cases these incentives can even be used to assist with your deposit funds.

Lenders Mortgage Insurance and Genuine Savings

Many First Home Owners have limited deposit funds and are looking to purchase a property with the minimum amount of deposit possible. If this is you, then it may be necessary to have Lenders Mortgage Insurance (if you need to borrow more than 80% of the purchase price). One of the typical requirements for Lenders Mortgage Insurance is Genuine savings, which is where you can prove that you have had your deposit funds in your account for more than 3 months (6 months in some cases).

It is possible where you have a gifted deposit that you may qualify for an exemption on this policy, provided you have been renting consistently and your real estate agent will vouch for you. Speak to one of Professional Lending Specialist about whether this policy will be available to you.

How Much deposit will I need?

This is one of the most frequently asked question we hear, and there is no one answer that is right for everyone. There are so many factors to take into account in regards to your deposit (ie is it genuine savings or not), whether you are building or buying an established property, and even your employment history. You may even be able to use the First Home Owners Grant as a deposit as well.  To find out more though, we would need to discuss your personal situation.

It pays to do your research.

Buying a property is likely to be one of the biggest investments you’ll ever make. And as it’s an investment for the long term, it’s wise to make decisions with your head and not your heart. We have access to property market data and information that can help you make an informed decision about the capital growth potential of any property you wish to purchase. We also have tips on what to look for in a new property, so you can be confident you’ve done your homework before buying your first home.

First Home Owners Frequently Asked Questions.

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.

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.

How Much Do I Need To Save For A Deposit?

The amount you need as a deposit will depend on the type of home loan and the lender you select. Generally you will require a minimum of 5% of the property value, however in many cases you may require even more.

How Much Do I Need To Set Aside For Stamp Duty?

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 some states, Stamp Duty is waived for First home Buyers to help reduce some of the costs of purchasing your first home.

What Other Expenses Will I Need To Pay Besides Mortgage & Stamp Duties?

As a rough guide, you should budget for between 5-7% of the purchase price, in addition to your deposit, to cover fees and charges. While mortgage and stamp duties will make up the bulk of this 5-7%, the balance may include;

– Building and pest reports
– Valuation fees
– Lenders mortgage insurance (LMI)
– Solicitors fees
– Insurances
– Utility connection fees – phone/gas/electricity
– Council and water rates
– Removalist costs

How Do I Choose Which Home Is Best For Me?

When deciding on the area to live in, apart from considering proximity to family, friends and work commitments, you will obviously need to think about prices. Prices will vary greatly from suburb to suburb.

To help you decide on the right home for you, Loan Wize consultants can arrange for a free report on the area you are interested in.

What Should I Do Now?

You can make an appointment with a Loan Wize consultant by calling 07 5443 6522 or 1300 LOANWIZE.

 

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Loan Wize
Reviewed from Google

5 out of 5 stars

Darin Draper
Darin Draper

5 out of 5 stars

posted 1 month ago

Big thank you to John and Tammy for sharing your time, knowledge and experience today. It's easy to see why your client's love you!

Amber Holmes
Amber Holmes

5 out of 5 stars

posted 2 months ago

Love the team at loanwize very professional and would recommend them to everyone. They have done great job get My husband and I a loan for our camper van .They also helped refinance my home loan and investment loans. Thank you

Cam Fleetwood Smith
Cam Fleetwood Smith

5 out of 5 stars

posted 5 months ago

The whole team were fantastic from start to finish. We really appreciate the hard work that went into securing our first home. Jon, Haley, Tammie and Julie we an absolute pleasure to work with.

Read All 66 Reviews
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