We understand the unique challenges when buying your first home, the fear of the unknowns, to the unease about what and how to go about it. Buying your first home is a special moment that you don’t have to do on your own. We’ve helped many buy their first home.
Our holistic approach is to assist you with invaluable property information, Property Reports, to arranging finance, where we ‘hold your hand’ through the whole process, provide insurance quote, all the way to settlement.
Here are some steps to get you ready.
Get in touch and let’s establish your new home price point, what the repayments are going to be and calculate how much you need for a deposit. Once you know that amount, and (if you don’t have sufficient deposit), either start saving for a deposit, or talk to us about other possible ways of achieving same.
To save for a deposit, set a savings goal, open a separate savings account, work out your budget expenditure and setup automatic surplus savings transfers one day after your income comes into your account, that way you’ll pay yourself first. You will be less tempted to spend these deposit savings because if you don’t see it, you won’t miss it.
To help you get closer to your savings goal, make an effort to eliminate or reduce large regular expenses, freeing up savings. For example consider buying your phone outright as opposed to buying one on a plan. Review your data plans, discretionary spends like takeaways and bought lunches, coffees and entertainment expenses.
While you are working towards your savings deposit goal, keep your credit file in check. Ensure that your account balances stay in credit as even one over-limit dishonour may impact your ability to secure finance. We recommend that you avoid applying for other personal credit facilities like interest free credit cards or car loans during this period.
When it comes to the loan application stage we will guide you through the whole process. No call centre’s and no bank speak – just plain English. We are intrinsically focused to save you money, all the way through to settlement.
You may be entitled to government benefits such as potential First Home Owner Rate of Duty Exemptions, First Home Owners Grants (FHOG) or the Home Buyers Assistance Account (HBAA). The HBAA scheme (also known as REBA Grant) provides a grant of up to $2,000 for the incidental expenses of first home buyers when they purchase an established or partially built home through a licensed real estate agent up to a value of $400,000. We will complete these applications on your behalf if you are eligible.
We will explore your options to help reduce your interest rate and minimise Lenders Mortgage Insurance (LMI) costs where possible.
