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Home Loan for First Home Buyer
Looking for financing to crack the property market is tough for first-time home buyers. Add the work of searching for the ideal property and travelling for house inspections. There’s only so much you can do at once, let alone get sustainable financing.
However, getting your first home is one of your biggest life decisions and commitments. Realise your dream home faster by getting approved for the right home loan with Mortgage Pros.
With Mortgage Pros as your partner in home loans, we’ll help you get the best finance solution by searching for the right lender, negotiating the best home loan rate, and securing your deal in the fastest turnaround time.
We’ll Help Make Your Dream Home a Reality
Mortgage Pros are award-winning mortgage brokers that leaves no stone unturned in delivering the best results to our customers. Our strategic approach comes from in-depth market research, credit policy reviews, negotiating with credit managers, and careful interest rate comparison among 40+ partner lenders.
We comb through the fine print and provide industry-leading advice on what home loan will suit your financial situation to achieve your goals.
Here are some questions from our customers wanting to apply for their first home loan. Discover how our senior mortgage brokers can help you secure the ideal home loan to purchase your first home.
How to Get Started With a Home Loan?
Before committing to long-term decisions like applying for your first home loan, we recommend laying down your goals and understanding what path you should pursue.
That includes discussing your mortgage plans with one of our senior mortgage brokers. Our brokers work to understand your immediate and long-term goals to determine your current borrowing power, capacity, and ideal property value to get you the right type of finance.
Our home loan specialists assess your current financial position and take you through preferable lenders that best suit your financial needs. We have a 98% approval rate with 40+ banks and lenders to compare.
Should I Prepare a Home Loan Deposit?
Yes! Lenders look favourably at applications with a deposit; the greater the deposit, the more favourably they’ll look at your application.
As a general rule of thumb, most lenders prefer you to have a 20% deposit and all other associated costs, including conveyancing, stamp duty, and government processing fees. If your stamp duty is not being waived, this equates to approximately 25% of the purchase price.
If you cannot secure a 20% deposit, rest assured! The lenders get it; property prices aren’t what they used to be. As a result, there is still a plethora of other options. They include:
- First home loan deposit scheme (FHLDS)
- Guarantor home loans
Our senior brokers guide you through all the available options so that you can make informed decisions at every step of your first home buying journey.
What Documents Should I Need For A Home Loan?
Prepare the following requirements when you apply for your first home loan:
- Passport or Driver’s Licence
- Latest bank savings and credit card statements
- Latest two (2) consecutive payslips for PAYG employees
- Most recent years tax returns, financials and notice of assessment for self-employed borrowers
These requirements should indicate your personal information. We suggest preparing a soft copy of each document. Enquire with us today, and receive a tailored list of required documents to help fast-track your home loan application.
What Is LMI Or Lenders’ Mortgage Insurance?
Throughout your first home loan journey, you will encounter the term Lenders’ Mortgage Insurance (LMI) more than once.
In a nutshell, LMI is an insurance designed to protect the lender (bank or financing institution) in case the borrower defaults on the loan repayments. Your bank or lender may require you to pay for LMI if you can’t meet the 20% deposit.
Note that the LMI is designed to protect your lender and not you as a borrower. Still, it’s crucial to consider the cost of LMI if you think you can’t make a deposit.
How Much Finance Can I Get for a Home Loan?
As a general rule of thumb, how much you can finance (your borrowing capacity) comes down to your existing income, liabilities and expenses, with the addition of the deposit you have available.
For instance, if you earn 1 mil a year but have no deposit, no guarantor and no access to a monetary gift, you will not be able to borrow anything as you are limited by your deposit.
In the reverse scenario, if you have a 1 mil deposit, however, do not have an income, you will not be able to borrow as you are limited by your income.
Are There Fees for Home Loan Finance?
Here is a list of common costs you can incur when processing the purchase of a new home.
Remember that brokers may have more or fewer requirements depending on unique factors.
- Home loan deposit of around 20% if you’re not approved for government schemes
- Conveyancing fees
- Lenders’ Mortgage Insurance (LMI) fees – we’ll help you negotiate for up to 95% LVR with no LMI for first home buyers (only applies to doctors and other allied health professionals).
- Establishment fee – Also called upfront or application fees. Usually quoted for those who will apply for specialist loans at larger amounts.
- Stamp duty – waivers may be applied for first home buyers but must meet certain conditions.
Depending on your local council, you may be required to pay the following fees:
- Title Transfer and Government Registration Fees
- Due Diligence fees for a pest inspection, strata report, etc.
Additionally, consider the cost of moving, furnishing, and renovation labour costs for your new home. Don’t forget about your monthly mortgage repayments and cost of living!
What If I Can’t Provide the 20% Loan Deposit?
If you can’t make the 20% loan deposit, there are other options available such as finding a family guarantor, low deposit home loans and the First Home Loan Deposit Scheme (FHLDS). We recommend speaking with our brokers to find discuss the best option available to you.
Otherwise, you may need to pay for LMI to get approved on your loan—as long as you and the property are both eligible.
Many lenders also provide various special home loan deals for certain occupations. Should your occupation be eligible, our brokers can help you secure up to 95% LVR without paying any LMI. We encourage you to speak to our mortgage professionals to find out whether you are eligible.
Am I Eligible for First Home Owner Grant?
Reach out to us today and we’ll let you know if you can apply for First Home Owner Grant (FHOG) or First Home Loan Deposit Scheme (FHLDS) in your state.
Our mortgage specialists at Mortgage Pros in Sydney will evaluate your eligibility and strengthen your application so you can crack the property market faster. We’ll also see if you can save money from stamp duty on a case-by-case basis.
Contact us today to discover how you qualify for a home loan and realise your dream home sooner than expected.
How Do I Get Started With My First Home Loan?
At Mortgage Pros, we’re the professionals who other professionals call for the best home loan deals. We have developed a winning formula for helping our clients all across Australia secure the best home loan deals.
When you engage with us, our senior brokers will return you the best home loan options in less than 24 hours. Our mortgage specialists have a solution, no matter your unique financial requirements. It’s simple; we write home loans for first home buyers that get approved.
Everything is risk-free, meaning you don’t have to pay us for our services. We work and negotiate on your behalf and are paid directly by the banks to create a win-win situation. Save time and money by speaking to us about your first home loan today.
