First Home Buyer Mortgage Brokers
We are specialist mortgage brokers for first home buyers. Buying your first home can be a scary process and without the right guidance, it can often feel like finding your way through a minefield with a blindfold on. How much do I spend? How much can I borrow? What contract terms are reasonable and favourable to me? Do I need a solicitor to buy a home? What about a family guarantee? What grants and concessions are available to me and how do I access them?
We get it. We’ve been there too. Our team of property finance experts is here to help take the blindfold off and guide you through the process from start to finish. We want to take the uncertainty and stress out of your first home buying experience and make sure you can negotiate on your property confidently and that your transaction sails as smoothly as possible.
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Our First Home Buyers Promise
The first part of the first home buying process should involve some careful planning, and due to the ever-constant change in finance regulation, interest rates, and bank lending appetite, it can be very difficult to find information online that is specific to your personal situation. We’ll spend time with first home buyers in the early stages to review your current position and buying potential. We’ll share some key secrets on ways to maximise your borrowing potential and gain access to the best loan products and government incentives specifically related to first time buyers. When it comes time to apply for your home loan, you’ll be ready to hit the ground running choosing the right home loan options, and well prepared for the best chance of approval with the best possible combination of loan products and first home benefits.
Sunshine Coast Brokers That Care About Your Long-Term Financial Success
Our brokers have helped hundreds of local first-home buyers enter the property market, and many of which have since progressed to owning their second and third homes. Replacing your rent commitment with a loan repayment and exposure to the benefits of inflation on the property market can be an absolute game changer for future wealth creation opportunities. We’ll talk you through the fundamentals of some key property-based wealth creation strategies and the loan process, so that you can consider your long-term plan when deciding which property you might buy today.
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A quick video about our Mortgage Brokerage on the Sunshine Coast
How We Can Help
The Mortgage Brokering Process for Asset Finance
- Planning: Before you apply for your home loan, you’ll want a good understanding of anything you can do to maximise your borrowing potential and gain access the best mortgage products and government incentives available. During your first consultation, we’ll give you the road map towards getting yourself in the best possible position to acquire finance approval when the time comes to apply.
- Pre-Approval: Ready to make a move on some property? Pre-approval is a great way to give yourself the confidence you need to negotiate on properties as soon as they enter the market. Knowing that you’ve been given formal support from the bank means that you can enter property negotiations with a clear budget and the comfort of knowing that you aren’t wasting your own, or anyone else’s, time.
- Sign a contract to buy a property: When negotiating on your purchase, you’ll need to consider your contract terms. These typically include your finance date, settlement date, initial and subsequent deposit, due diligence, building and pest, and any other clauses you might add specific to the property you buy. We’ll advise you on the implications of these on your finance and a conveyancing solicitor can advise you on the risks from a legal perspective. We’ll put you in touch with a reputable solicitor if you don’t already have one.
- Unconditional: As with the Pre-approval process, we’ll take care of this for you. We’ll arrange a formal valuation for the bank and re-submit your home loan application for formal approval. Once approved, you’ll need to provide your formal approval letter to your solicitor to satisfy your finance clause by the due date. You’ll also need to advise your solicitor if you are happy with your building and pest report and that you’re comfortable that any other contract conditions have been satisfied in purchasing your first home.
- Settlement: Before settlement can occur, you’ll need to sign your loan contract and make sure any required government grants and concessions have been approved. We’ll liaise with the banks and your conveyancer to make sure these are ready to go. Once settlement occurs, it’s time to open a bottle of sparkling and celebrate. We’ll be there too. This is a huge milestone and something you’ll remember forever.
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First Home Buyers Support QLD
- We’ll spend time with you during the planning phase to make sure you’re well prepared when it comes time to apply for your loan.
- We’ll make sure you’re well informed on any available government grants and concessions and help you to apply for these when the time comes.
- Our First Home Loan experts are here to make sure you don’t miss a beat. We’ll keep track of your deadlines and make sure you’re well up to date at all key checkpoints.
- We care about your long-term success. We’ll talk you through the fundamentals of some key property wealth creation strategies so that you can take these into account when deciding what property is right for you.
- We’ll be with you for the long term. This may be your first home, but it’s unlikely this will be your last. Your incomes, family structure, goals, and home locations are likely to change and evolve over time, and so too will the property market and the banks. We’ll check in regularly to make sure you have access to the best possible lending products and make sure you don’t miss any future opportunities in the finance and property markets.
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How Can A First Home Loan Set Up Your Financial Future?
No one financial decision is likely to set you up for life, but if there is a single decision that’s likely to make the difference, there’s a good chance this is it. They say wealth creation in the property market is more about ‘Time in’ the market, rather than ‘Timing’ in the market. This is largely due to the way inflation works, particularly where lending is involved. Don’t get me wrong, timing can be a big help, but even large fluctuations in today’s market are likely to seem rather insignificant after 20 years of property growth and inflation.
Why Work With Mortgage Brokers When Securing Your First Home Loan?
If you’re a first home buyer, not only are you heading into uncharted territory as a future property owner, but there’s a good chance that your personal situation and needs will be much different from those in your life who have done this before. Requirements for minimum deposit, your borrowing power, access to various government grants and concessions, reliance on credit history, etc. are all unique to each first home buyer. Your mortgage broker will guide you on exactly what options and benefits are available to you, then come up with a solution that relates directly to your needs and position and offers your best chance for approval.
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Customer Reviews & Comments
Instead of talking our finance brokerage up, read the our customer reviews. this is a direct feed from our Google business reviews, so you know it’s 100% genuine.
Daniel O’Dea
12/4/2024
Brett and Alicia came highly recommended from a work colleague. I had previously gone through a pre approval process with another broker (which will remain unnamed). The difference was night and day. Being a first home buyer I had no idea what I was doing. Both Brett and Alicia were so accomodating and answered all my silly questions and walked me through EVERYTHING step by step. We had my pre approval through in about a quarter of the time of the last brokers!! Once I found the home I wanted to buy it was literally the easiest thing in the world. They will be getting all my business.
Ashley Pearce
12/3/2024
Luke and the team helped us with a refinance and we couldn’t be happier with the result. I would highly recommend the Loanright team to anyone.
Thea Hambuechen
12/4/2024
It has been a pleasure dealing with Luke and his team. During the process Alicia and Shayna have been very informative and kept in contact regularly to make sure we knew what was happening every step of the way! We will definitely be using Loanright in the future and highly recommend. Thank you again for helping us purchase our first home.
Mellissa Lambert
17/1/2024
We’ve used the expertise of Luke, Shayna and the Loanright team on two separate occasions now, I must say their service is second to none and they get the job done In record time. No question was too silly, they always have time for us. Would use again and recommend in a heart beat to anyone else needing brokerage assistance. Many thanks.
Nicholas Hopkins
12/4/2024
Luke and his fantastic team will take care of everything, An honourable mention to Deb Moss for meeting me at 6 am at a BP station to sign docs on here day off to enable me to get the house I had been chasing for months. Ledgends. Have dealt with Luke and his team before and will use them again and again their service is second to none.
Cassie McKee
12/4/2024
Luke and Shayna were awesome during the process of us buying our first home. So many things can be confusing during the process for first time and they were always happy to talk us through things no matter how small. Held our hand through the process and were able to get us into our first home. Very glad we found them. Highly recommend Loanright
Kimberley Priest
12/4/2024
Have had the best experience working with these guys to purchase our investment property. Great application system, so quick and easy, and all questions answered promptly along the way. Highly recommend!
Adrian Chrisanthou
12/4/2024
Thanks so much Brett for your professionalism and tenacity in regards to getting my deal done with loanright. I look forward doing business with you in the future as I found the experience seemless and timely. Keep up the great work Brett and team
Felipe Prado
12/4/2024
We trust the Team at Loanright with our financial guidance. Throughout the whole process they make sure you are informed in time, accurately and with all the transparency you could ask for. It really sets you at ease that they have your best interest in mind. Their customer service is prestine and always available for you to ask any questions you may have. Thank you Loanright Team!
Alyshia Judd
12/2/2024
I had a fantastic experience with Alicia. Super friendly, warm and knowledgeable 10/10.
Tegan Shingles
12/4/2024
Sam & Shayna have been fantastic throughout my whole processing of purchasing my new home. No question went unanswered and both have always been a pleasure to talk to.
Tim McGary
12/4/2024
OMG!! These guys are next level good. They have just settled our new home loan and we had another guy that took 4 weeks and did nothing. We then called these guys after a friend said they were amazing. They got us a home loan approved from start to finish in 35 days and I have just been released from a personal bankruptcy a few months back. We were unconditional on our purchase contract by the time we met these guys so they had to do everything perfectly and super quick. They did it with ease and the customer service and follow up and friendly attitude was totally incredible. I couldn’t recommend them anymore if I tried.
FAQ’s About First Home Loans
How much deposit do I need for a First Home Loan?
The answer to this question can vary depending on the type of property you wish to buy, how much you want to spend, and even the location you want to buy in. In some cases, a ‘Family Guarantee’ can often require no home loan deposit at all, and there are also various Grants, Concessions and Assistance Programs available through the State and Federal Governments that aim to assist First Home Buyers into the property market which can often play a big part in reducing the minimum required deposit.
How do I qualify for the First Home Owners Grant?
The First Home Owners Grant (or FHOG) requirements vary between the states and territories. Applications are approved by the relevant state revenue offices, and where lending is required, this is generally handled by your bank as an approved agent. Your Mortgage Broker will be able to step you through the requirements before applying for your loan to make sure that your loan meets bank lending guidelines where FHOG reliance is required.
Qualifying tests are available at each of the following State Revenues Office websites; https://qro.qld.gov.au/property-concessions-grants/first-home-grant/ , https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/first-home-owner-new-homes-grant , https://www.sro.vic.gov.au/first-home-owner/ , https://www.sro.tas.gov.au/first-home-owner , https://www.revenue.act.gov.au/home-buyer-assistance/home-buyer-concession-scheme/first-home-owner-grant , https://nt.gov.au/property/home-owner-assistance , https://www.wa.gov.au/organisation/department-of-finance/fhog
What benefits are available for First Home Buyers?
As a first home buyer you may be eligible for one or more of the various Government Grants, Concessions and Assistance packages available in your state, and these may vary depending on your income, residency/citizenship status, as well as the age and type of property you intend to buy. Your Mortgage Broker will consider things like Stamp Duty Concessions, State First Home Owners Grants, The Federal Government First Home Guarantee or Family Home Guarantee, and Regional First Home Buyer Guarantee, when proposing the best lending solution for your First Home.
Can both partners qualify for the First Home owner’s Grant?
While guidelines vary from state to state and are subject to change, generally speaking, the various State Government First Home Owners Grants (or FHOGs) are designed to assist individuals and couples into their First Homes only and are not available to individuals who’s partner currently owns an owner occupied property, or has owned an owner occupied property in the past. If you or your spouse don’t currently own a property and haven’t owned a property for more than 10 years, you may still be eligible for the federal government First Home Guarantee.
Can i access any First Home Owner’s benefits if I buy an investment property?
In most cases, the answer is NO. The various State and Federal government assistance programs are generally designed to help First Home Owners to break the rent cycle and buy a property that puts a roof over their head. There may be nothing stopping you, however, from buying your first home as an ‘Owner Occupier’ initially, and moving out of the property once the required duration of occupancy has passed for any of the benefits you may access as a First Home Buyer.
As a first home buyer, how much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Contact us today. We can help with calculations based on your circumstances.
Are there loans specifically for first home buyers?
There are many different loans available for first home buyers. We specialise in helping you to figure out how much you can borrow and what features you’d like in a home loan. Then, once we’ve found the loan that matches your needs, we prepare an application for you and take care of the paperwork. Buying your first home is a huge, exciting step, and we’re here to use our expertise in the lending space to make buying your first home simple. Get started now.
How much do I need for a deposit?
Most Australian lenders require you to have a minimum deposit of 5% – 10% of the purchase price, plus enough savings to cover your purchasing costs (e.g. stamp duty and conveyancing).
If you’re not quite there yet, give us a call and we’d be happy to provide you with some pointers on saving more of a deposit or next steps. There are also some great resources on our blog to help you save a deposit to buy your first home.
What will my repayments be?
There are many home lending products, some with lower introductory rates, so we really need to talk to you to understand your needs before we can quote your repayments. Talk to us today to see what’s currently on offer from our lending partners. We’ll work with you to find a loan set-up that’s right for you.
How often do I make home loan repayments — weekly, fortnightly or monthly?
Most lenders offer flexible repayment options to suit your pay cycle. We recommend that you aim for weekly or fortnightly repayments (as opposed to monthly). In doing so, you will make more payments in a year, which will shave dollars and time off your loan.
What does a first home mortgage broker charge?
What’s wonderful about using a first home mortgage broker in Australia is that it costs you nothing. The banks pay the brokers for their referral.
What first home buyer mortgage grants are available to me?
Grants and first home buyer mortgage schemes are always changing and vary by state. You can visit government websites such as the Queensland revenue office for up-to-date details of what’s available.
I want to buy a property. Can a first home mortgage broker get in touch??
Yes! Give us a call on 1800 115 626 or get started online.
Which suburbs do you service on the Sunshine Coast?
We can assist you with finance in person or remotely via phone calls or zoom. We are not restricted by location, so give us a call wherever you’re located.
Sunshine Coast suburbs we service include…
Caloundra Area:
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Maroochy area
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I want to buy a property that is NOT on the Sunshine Coast. Can you help?
Yes! Give us a call on 1800 115 626 or get started online.
Am I eligible for a First Home Buyers Grant?
This first home owners grant is available to Australian citizens or permanent residents who wish to buy or build their first property, which will be their principal place of residence within 12 months of settlement. Contact us to find out more about eligibility requirements in your state and how much grant money you could receive.
What fees and costs should I budget for?
There are a number of fees and costs involved when buying your first home, or any property. To help avoid any surprises, the list below sets out the most common costs:
- Stamp duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. Ask your Loanright Mortgage Broker to estimate your possible stamp duty charge.
- Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
- Building inspection — This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems, you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. 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 conveyancing fees).
- 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, and 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 as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
- Moving costs — Don’t 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 purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.
- Ongoing costs — You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.
What does a mortgage broker for first home buyers do?
A specialist mortgage broker for first home buyers will access all the government grant and deposit schemes available to you, allowing you the best financial leverage possible. They’ll explain the lending process, including the terms and the risk. They’ll help you understand what you can afford and prepare all the loan documents and paperwork required for your application. Theri service costs you nothing.
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