For many people, borrowing money for a home is the biggest financial commitment they will make.
Learn more about home loans for first home buyers, before u loan.
How much home loan deposit do I need as a first home buyer in Australia?
The good news is that the 20% deposit rule isn't set in stone for first home buyers. With the first home guarantee, you can secure a home loan with just a 5% deposit. This makes it more accessible for those who may not have hefty savings stashed away.
Tips for buying your first home
- Budget wisely – Create a comprehensive budget to determine how much you can afford for your first home, including repayments, ongoing costs, and potential interest rate fluctuations.
- Research thoroughly – Explore various suburbs and properties, attend open houses, and gather insights to find the perfect home for your needs.
- Check eligibility – Ensure you meet the eligibility criteria for first home buyer grants, schemes, and guarantees, as they can provide substantial financial benefits.
- Seek professional advice – Don't hesitate to consult with a finance broker who specialises in first home buyer home loans. They can guide you through the process, ensuring you make informed decisions.
Things I need to know when choosing my first home loan
When selecting your first home loan, keep the following factors in mind:
- Interest rates – Compare interest rates from different lenders to secure the best deal.
- Loan types – Research fixed-rate and variable-rate loans to determine which aligns with your financial goals and risk tolerance.
- Repayment terms – Assess the loan term to ensure it matches your budget and financial goals.
- Additional fees – Be aware of any extra fees or charges associated with the loan, such as establishment fees or early repayment penalties.
Who can help me find the best home loan?
A finance broker specialising in first home buyer home loans can be your guiding star throughout this journey. Here's how they can assist:
- Loan comparison – They'll compare home loan options from various lenders, saving you time and helping you find the ideal loan tailored to your needs.
- Expert guidance – Finance brokers can provide expert advice and insights, ensuring you make informed decisions about your first home loan.
- Application assistance – They'll guide you through the application process, making sure you meet eligibility criteria and prepare the necessary documents.
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