Buying my first home

As a first home buyer, financing your first home can certainly be a stressful and at times overwhelming process.
Afterall, there are so many things to consider, such as how much of a deposit you will need,
how much you can afford to borrow, additional fees and charges that you may need to pay, in addition to
navigating the minefield of the various government grants and incentives that may be available to you.
As industry experts when it comes to assisting buyers with their first home purchases, we can certainly assist.

As a first home buyer, financing your first home can certainly be a stressful and at times overwhelming process. Afterall, there are so many things to consider, such as how much of a deposit you will need, how much you can afford to borrow, additional fees and charges that you may need to pay, in addition to navigating the minefield of the various government grants and incentives that may be available to you. As industry experts when it comes to assisting buyers with their first home purchases, we can certainly assist.

How much can I borrow?

This amount will depend upon your individual circumstances and is also referred to as your borrowing capacity or financial capacity. Your broker will assess this capacity by reviewing at your assets, liabilities, income and generally your ability to repay the loan amount.

How much of a deposit do I need?

Generally, a deposit of between 5-10% of the purchase price is needed in order to purchase your first home. However, with many government incentives available, and also the possibility of using a guarantor to assist with a home purchase, the amount you will need to save will depend upon your personal circumstances.

Are there any other fees I should budget for?

Many first home buyers simply consider the purchase price and deposit when budgeting for their first home, however there are a variety of other fees that need to be considered. The most commonly overlooked fees include fees payable to a solicitor or conveyancer who take care of the legalities associated with the purchase, as well as fees for pre-purchase inspections such as building inspections and pest inspections.

What is a guarantor?
How can they help my first home purchase?

Before spending countless weekends scouring the property market for your dream first home, it is advantageous
to have a solid understanding of where you sit financially. Completing a pre-approval process is therefore essential,
as this will enable you as a first home buyer to confidently attend auctions and make offers to purchase.

For those who are not quite ready to purchase and find themselves in a situation where your home goals
are just a little out of reach, we can still assist. We will work with you, providing effective
planning strategies to ensure you are on the right track to complete your first home purchase.

A guarantor can greatly assist you in purchasing your first home. Essentially a guarantor uses the equity in their own property as security for the loan on your property. The effect of this is that it provides a greater level of assurance to a lender that a loan is safe, as well as reducing your savings requirements!

Before spending countless weekends scouring the property market for your dream first home, it is advantageous to have a solid understanding of where you sit financially. Completing a pre-approval process is therefore essential, as this will enable you as a first home buyer to confidently attend auctions and make offers to purchase.

For those who are not quite ready to purchase and find themselves in a situation where your home goals are just a little out of reach, we can still assist. We will work with you, providing effective planning strategies to ensure you are on the right track to complete your first home purchase.