Last updated 6:00am, 7th Jul 2022
As a first home buyer it is important to understand how much you can afford to borrow. To give you confidence in your borrowing power, we will work with you to arrange a no obligation pre-approval through one of our 40 different lenders.
First home buyer may also be eligible to benefit from one of number of different government grants and schemes. The services of a mortgage broker, such as Get a Better Rate, will help you better understand which offers you might be entitled to.
These include the First Home Owner Grant, for the purchase of new dwellings for investment or owner occupation. The First Home Buyers Assistance Scheme, offering a full or partial expectation on transfer duty (stamp duty) and the First Home Loan Deposit Scheme.
You may be eligible for all of some of these offers and our mortgage brokers will work with you to understand your options.
When purchasing an owner occupied property lenders will require you have a minimum 5% deposit; for investment properties the despoit most lenders will require is 10% of the property price.
What is a lenders mortgage insurance?Lenders Mortgage Insurance ('LMI') is an insurance policy which protects the bank against any loss in the event of default by the borrower. Although the insurance policy doesn't protect the borrower, banks will usually pass the cost of the insurance policy on to the borrower.
How much is a mortgage insurance?Lenders Mortgage Insurance ('LMI') will vary depending on your loan amount and the property value. Use our LMI quote calculator to give your idea what it could cost you.
How can I avoid paying mortgage insurance?You can avoid the LMI premium by having a 20% deposit and not borrowing more than 80% of your properties value. For first home buyers, using a family members property as additional security (also known as family guarantee) will allow you to avoid mortgage insurance.
Whether you're buying or selling a property, it is recommended to use the services of a local conveyancer
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Get a Better Rate is a local mortgage broking business. Member of the Australian Finance Group ('AFG') with access to loans from over 40 lenders including Westpac ('WBC'), Commonwealth Bank ('CBA'), ANZ, National Australia Bank ('NAB'), Macquarie Mortgage Solutions ('MBMS'), Pepper Money, ING Direct, AMP Bank, Suncorp and many more.
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The comparison rate is based on a loan amount of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Terms, conditions, fees and charges apply and your full financial situation would need to be reviewed prior to acceptance of any offer or product.
