First Time Buyer Home Loans

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First time buyer home loans

First time buyer home loans is for applicants who intend to buy their first home to live in minimum of 12 months. first time buyer home loans can be used for construction, buying new or established home. Government offer first home owner grants for eligible first home owners.Eligible first home owners can get their pre-approval through us without any cost. We offer free assessment and free process of your application if you are a first home owner.

If you are a first homeowner you need to have proper estimation of following costs and clear understanding about lending policy for first time buyer home loans.

  • How much deposit you have available to buy your first home and how the deposit will be spent during the mortgage process.
  • What is the maximum value of property you can buy as a first time home owner with your available deposit.
  • As an eligible first time home owner how much is your actual borrowing capacity. Borrowing capacity for first time buyer home loans depends on very specific lending policies. Eligible income, acceptable proof of income, lender defined allowable living expense are different for different bank. As a result maximum borrowing capacity of first time buyer home loans differ a lot depending on lender.
  • For first time buyer home loans we provide a list of associate cost depending on desired purchase
  • Cost for stamp duty for first time buyer home loans may differ depending on eligibility to get stamp duty exemption as a first time buyer home loans.
  • We provide the first home owners a complete comparison table of all associate costs (LMI, Stamp duty, government fees, lending fees, other) for different property value, to estimate required deposit to complete the purchase.
  • Comparison table for first time buyer home loans will also give the client an estimated monthly repayment for different loan amount as well as an actual budget plan for income and expense that they can prepare the plan to buy their first home safe.
  • We also compare best possible offers from different banks on the comparison table for first time buyer home loans that they can make an educated decision.

Our service is designed to make the whole process stress free for first time home owners. Please read the check list for first time buyer home loans on this page to know the preferred order of the process to buy your first home.

Our comparison table will help the first home owners to get a clear view of the whole process and cost according to the budget. To get a complete comparison table for first time buyer home loans budget and plan we request please contact us or submit a query on our website

First time buyer home loans: How much deposit you need ?

It is mandatory to offer minimum of 5% deposit as a genuine savings to buy the first home. If there is no concession or exemption for stamp duty in your state, you will also have to account the cost of stamp duty on top of 5% deposit. There are some other associate costs for mortgage and property purchase that you need to consider case by case basis. Lender usually lend you up to 97% of property value to cover the cost for LMI.

First time buyer home loans: What is Genuine Savings ?

Genuine savings mean, you need to save the saving amount on your bank account minimum of 3 months. Bank will request 3 months bank statements for your saving accounts to verify that the offered deposit amount has been staying on the account for 3 months constantly. When you offer 10% deposit for your first time buyer home loans, you do not require to show any genuine savings.

First time buyer home loans: What are other source of deposit ?

Deposit for your loan can be a gift from your parents or relative. But gift can not be considered as genuine savings if it is not shown on bank account as a saving for minimum of 3 months.

Some bank will accept your monthly rental expense verified by rental ledger as genuine savings for first time buyer home loans.

Some bank will accept FHOG as part of genuine savings for first time buyer home loans.

Asa contrary when you do not have proof for minimum of 5% genuine savings, but you like to purchase your property immediately, you will have to offer minimum of 10% deposit to purchase the property.

In that case sometime we issue a pre-approval for first time buyer home loans proposing 10% deposit from various source like gift, proceed from sale etc.

First time buyer home loans: What is LMI ?

LMI means Lender mortgage insurance paid by the lender to insurer collecting the amount from the borrower. Lender mortgage insurance safeguards the interest of lender in the event of default or foreclose. When the loan amount exceed 80% of the property value, borrowers are entitled to pay this mortgage insurance for first time buyer home loans.LMI is payable for loan amount exceeding 60% LVR for low doc loans.

Different bank use different insurer. The cost for LMI usually higher for higher LVR loans.

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First Home Owners Grant (FHOG)

If you are eligible to receive FHOG from your state government we will consider your application as a first time buyer home loans application. We advise please check eligibility requirements to receive FHOG from your state revenue office. State revenue office declare disclose on their website about any change for this FHOG.

We usually prepare the FHOG application on behalf of the client with their mortgage application to the bank. Bank consider the amount of FHOG as available fund to complete the purchase.

We offer step by step specialized service for first time buyer home loans to help them to get the fund from the best lender according to their financial situation andavailable deposit to buy the first home.

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First time buyer home loans: ( Bad credit)

We offer specialized professional solutions for first time buyer home loans with bad credit history. Depending on degreeof credit impairments we can offer range of interest rate offer by our panel lenders. We have access to all popular lenders who are currently offering better rate with flexible lending options.

We offer up to90% LVR loan with credit impairment issues. We also accept certain amount of defaults for 95% LVR loans. We also help the client to resolvebad credit problem to get a better deal for First time buyer home loans.

We do First time buyer home loans both full doc and low doc basis. Low doc first time buyer home loans also available with bad credit history.

All bad credit first time buyer home loans are assessed case by case basis depending on your unique financial situation, so we prefer please contact us with your information and documents for a quick assessment before you make any decision about purchasing your first home. We will advice most suitable option for you to arrange first time buyer home loans without any risk as you intend.

Steps for first time buyer home loans

Step1

Research thearea you are buying into


Step2

Calculate howmuch you can afford to spend and repay

Take advise from your broker

Step3

Obtainpre-approval for how you can borrow

Take advise from your broker

Step4

Make an offer


Take advice from solicitor

Step5

Reviewcontract of sale ( with solicitor/conveyancer) and apply for formal approval

Take advise from your broker

Step6

Organizebuilding insurance


Step7

Arrange pestand building inspections


Step8

Exchangecontracts


Take advice from solicitor

Step9

Decidewhether you want a cooling off period


Step10

Settlement takesplace

Get confirmation from broker


first time buyer home loans ( borrowing capacity)

For first time buyer home loans borrowing capacity depends on different variables like eligible income, allowable add backs for self-employed applicants, allocated living expense, existing debts and lenders assigned monthly costs for loan, number of dependents, DSR o debt to service ratio. Basically for first time buyer home loans above variablesdiffer depending on lenders policy. As a result for first time buyer home loans different bank will offer different amount of loan for same borrower. Our specialist advisers will give you appropriate advise for first time buyer home loans that you can purchase your desired property without seeking first time buyer home loans from multiple lenders.

First time buyer home loans (Credit score)

Credit score is a core issue to get your first time buyer home loansapproved from any bank. You need have clear idea about lenders credit score requirements before you apply for first time buyer home loans. Basically every time you apply for a loan it creates an adverse effect on your credit score result in getting your first time buyer home loans declined from all lenders. Our specialist advisers are reviewing bank policy for any change happening for first time buyer home loans to provide you appropriate advise for first time buyer home loans.

First time buyer home loans (Deposit)

Different lender use different mortgage insurer for first time buyer home loans where requirements for genuine savings is different for first time buyer home loans. We can arrange first time buyer home loans without any genuine saving case by case basis up to 95% LVR. For first time buyer home loans it is critical to determine the total deposit required to complete the purchase. Deposit is used for stamp duty, lending costs, government charges and other associate costs for buying process. For first time buyer home loans you need to have a proper budget to avoid any short fall to settle the loan on time and move into the house without any hassle. Our specialist adviser will you with proper estimation for first time buyer home loans.

First time buyer home loans ( time frame)

Time frame for application, valuation and settlement is critical for first time buyer home loans to settle the loan within the contract date.We usually advise the client a usual time frame to negotiate with the agent as well as we can follow up the bank to escalate the deal to settle on time. From our experience we can settle a loan within 2 weeks if client can respond about all documents promptly and no issues occurred about valuation of the property. Our specialist advisers can make the process more viable for you to follow up all parties to settle the first time buyer home loans on time.

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First time buyer home loans: Our track Records

Over past 6 years lots of clients took the benefits of our free assessment offer to check their eligibility and also find viable option to get their first time buyer home loans sooner. We have resolved critical loan requirements for numerous clients with 100% success. Firsttime buyer home loans is always critical because client who buy their first home, they do not have any previous experience to perform the whole process with perfection. They also to thrive to get a clear understanding of bank policies as well as knowledge about investing in property market. Our professional service give them flexibility understand the whole process step by step during application and settlement of the first time buyer home loans.