Becoming a First Home Buyer

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Become a first-home buyer

Buying your first home is an exciting but big step to take and one that comes with many questions and decisions. The first big question is how much you can borrow through your first home loan and what our likely repayments will be.

That’s where we can help, and we will do the legwork for you. We can compare home loans across a variety of products available from Australia’s leading institutions.

And because you are a first home buyer, you may be eligible for a first home loan. This grant may be available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. As grant conditions vary from state to state, contact us to learn more about your state’s eligibility requirements and how much grant money you could receive.

We will also liaise with the lender. It’s our job to do that hard work, and you can focus on finding the right home for you. We will be there every step of the way to guide you through the first home loan process, from application to approval.

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A general first home buyer FAQ guide

We are all different when it comes to our finances and borrowing needs. Contact us today, and we can help with the calculation based on your credibility.

Check our repayment calculator for an estimate, as there are so many different first home loan products, some with lower introductory rates. Talk to us today about the currently available deals, and we will work with you to find the proper loan setup for you.

Usually between 5% – 10% of the value of a property. Speak with us to discuss your options for a deposit.

Our guides to loan types and features will help you learn about the main options available. There are different home loans available, so talk to us today.

This grant is available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal residence within 12 months of settlement. Contact us directly to learn more about your state’s eligibility requirements and how much grant money you could receive.
Several fees and costs are involved when buying a property and taking a first home loan. To help avoid any surprises, the list below sets out many of the usual costs:
  • Stamp Duty – This is quite important. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and depend on the property value you buy. You may also have to pay stamp duty on the mortgage itself. To estimate your possible stamp duty charge, visit our stamp duty calculator.
  • Legal/conveyancing fees – Generally around $1000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
  • Building Inspection – This should be done by a qualified expert, such as a structural engineer, before purchasing the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems, you can withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1000, depending on the property size. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyance fee).
  • Pest Inspection – Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found, you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection. You will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
  • Lender Costs – Most lenders charge establishment fees to help cover the costs of their own valuation and administration fees. We will let you know what your lenders charge but allow about $600 – $800.
  • Moving Costs – Do not forget to factor in the cost of a removalist if you plan on using one.
  • Mortgage Insurance Costs – If you borrow more than 80% of the property’s purchase price, you will also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance.
  • Ongoing Costs – Regular strata fees are payable if you buy a strata title. You must include council and water rates along with regular loan repayments. It is essential even to consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the first home loan.