Mortage Broker For First Home Buyers
As a specialist mortgage broker for first home buyers, we will inform you of all the government grants and first home lending opportunities that you can take advantage of in Queensland. Government legislation changes regularly, so staying on top of “first home benefits” means you could save thousands on your first home loan.
Support & Determining Your Financial Situation
Your first property purchase can be overwhelming, so we explain everything to you in an easy to understand, Sunny Coast vibe. We guide you every step throughout the home loan process, so you have 100% understanding and control.
If you’ve found your dream home and are ready to secure a home loan, or you’re wondering how much you could borrow so that you can start looking at your options, it’s time to chat. We start with a casual, no obligation discussion, giving you an indication of what you could borrow within an hour.
Interest Rates & Grants
As first home Mortgage Brokers, we have strong relationships with many banks and lenders, accessing the best interest rates in Australia. We’re up-to-date with what loans are on offer in the first home buyers space.
We’ll also let you know if there are any government incentives that can assist you to purchase your home. As a first home buyer, you may be eligible for a first home buyer grant. Grant conditions vary from state to state, so book a free consultation now with one of our friendly first home mortgage brokers to find out more about eligibility requirements in your state and how much grant money you could receive.
Our Loanright Mortgage brokers will also talk you through mortgage insurance (LMI). This is used to insure yourself against not being able to make the repayments. We’ll talk about the benefits, the negatives, and if your deposit is under the 20% threshold, then LMI will likely be required by the banks to approve your home loan. You’ll get all the information you need to make the right decisions. We are working your you, not for the banks, but make no mistake, our service doesn’t cost you a cent.
It’s our job to make buying your first home as simple as possible.
Loanright first home mortgage brokers
There are hundreds of loans available for first home buyers, so why would you limit yourself to what your bank has available? As first home Mortgage Brokers we compare a variety of home loan products available from over 100 of Australia’s financial lending institutions.
Keep Competition Alive
As your mortgage broker, first home buyer specialist, we work with 100+ lenders so you get the best rates across Australia.
If Mortgage Brokers were not in business, competition and choice in the first home loan industry would decline. Banks and interest rates would increase.
Once we’ve established which loan suits your needs, we’ll get to work on your application, complete all the paperwork information, and submit it to the bank on your behalf. Our aim is to save you time and stress, and support you in getting things moving as quickly as possible so you can settle into your new home sooner.
Home loans that meet your changing needs
We don’t just set you up with a home loan and then forget about you. An average home loan term is 30 years. Your needs change over the years, so why should your loan stay the same? We will regularly check in with you to review your home loan to ensure your loan is still working for you.
First Home Buyers FAQ's
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
There are so 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.
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 (eg. 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.
There are so many different loan 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.
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’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.
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.
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…
This first home owners grant is 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. Contact us to find out more about eligibility requirements in your state and how much grant money you could receive.
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.
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 loan documents and paperwork required for your application. Theri service costs you nothing.