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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.
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.
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.
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 guarantee will allow you to avoid mortgage insurance.