First Home Buyers

How we help first home buyers

  • We guide first home buyers step by step through the entire loan process
  • We do all the paperwork for your first home buyers grant and loan application
  • We ensure you have the expert advice you need to make informed decisions
  • We explain all the terms & conditions so you feel confident and comfortable
  • We make sure you understand all the costs involved
  • We compare the loans of Australia’s leading lenders to find the right options for you
  • If you need a Guarantor, we help them understand the conditions and do all the Guarantor paperwork

Have one of our team contact you for advice on your first home loan

We are with you all the way

Buying your first home can be both an exciting and daunting experience and all first home buyers need expert advice and support from someone they can trust. At Assured Lending, our Mortgage Brokers will help you get started and give you all the support you need to make smart decisions for your future. We can give you some initial advice over the phone and are happy to make a free appointment with you, either during or outside of office hours. We understand that purchasing your first property is an emotional and often scary process. We take the fear away and give you the confidence to make informed decisions with expert advice and support.

Step 1 - Understanding the costs and what you can afford

Home buying costs

If your purchasing your first property, you need to take into consideration all the costs that will be involved, not just the cost of the property. Click here to see what costs you may be required to pay.

How much can you afford to borrow?

This is the most important thing you need to know before you start looking at property. How much you can afford to borrow will depend on your current income, your assets, your living expenses and the deposit you have saved. You can get an estimate on how much you can afford to borrow and what your repayments will be using our online Affordability Calculator.

How much deposit will you need?

The minimum deposit most lenders require for a first home buyer is 5% of the purchase price of the property you are buying. If you are able to save more than 5% deposit, you will have more choice with which loans you can apply for and may be able to get a lower interest rate on your loan because there is less risk to the lender.

If you are able to save 20% deposit, you may be able to avoid paying Lenders Mortgage Insurance which is a one off fee paid to the lender as insurance against your loan. The higher your deposit, the more options you will have when choosing your home loan and the more you’ll save over the life of your loan by paying less interest on a lower loan amount.

Getting a home loan pre-approval

A home loan pre-approval is a conditional approval by a lender to loan you up to a set amount of money, as long as the property you purchase meets the lenders valuation requirements. A pre-approval gives buyers a realistic budget to work to when looking for a property and is essential if you are considering purchasing at Auction. Most pre-approvals are valid for 3 months and can be renewed if you don’t find a property in this time. A pre-approval does not cost you anything and can be arranged by an Assured Lending Mortgage Broker with over 20 of Australia’s leading lenders.

First Home Owners Grant & Stamp Duty Exemptions

The First Home Owner Grant in NSW was established to assist eligible first home owners to purchase a new home. Changes to the First Home Owners Grant which take effect on 1 July 2017 offer a $10,000 first home buyers grant for people building a new home with a purchase price of up to $750,000 or purchasing a new home with a purchase price of up to $600,000.

The government gives you the First Home Owners Grant in the form of cash to add to your deposit and this is usually paid at the time of property settlement or if your building, when the slab is poured. As well as the NSW First Home Owner’s Grant, first home buyers are also entitled to exemptions or concessions on stamp Duty.  No stamp duty on both new and existing homes up to $650,000 and reduced stamp duty for new and existing homes between $650,000 and $800,000.

Step 2 - Finding a property

Choosing a property

Purchasing your first property can be an emotional experience for many buyers so it’s important to analyse what your needs are before you begin your search. Your property should meet as many of your needs as possible as well as being a good investment in your future. First home buyers are usually on a tight budget so think about which needs must be met and which ones you are prepared to be flexible on.

Have a clear checklist of features that you want the property to have, things like;

new or existing home

type of property – house, unit, duplex

age & condition of the property

location

number and size of bedrooms

entertaining areas

gardens and external space

parking

storage

proximity to local shops, entertainment, schools and transport

security

quality of neighbouring houses

Download and print a copy of our free Property Viewing Checklist to take with you when you look at potential houses to purchase.

If you find a property you believe may be a good investment, Assured Lending would be happy to provide a free online property report if it is a residential property located in NSW. Click here to order your free report today which will include an estimated valuation on the property, previous sales history, location highlights, comparative sales details for similar properties that have been sold in the same area, median property prices for the suburb, properties sold per year in the suburb, capital growth and more.

Purchasing a property

Once you’ve found a property, inspected it several times to make sure you are certain and obtained an online property report from Assured Lending, it’s time to make an offer.

Get a copy of the Contract of Sale from the Real Estate Agent.
You need to hire the services of a conveyancer or solicitor to look over the contract of sale to make sure everything is correct. Your contract of sale will include a zoning certificate from the local council, a copy of the title to the property from the Land Titles Office and copies of documents outlining other registered interests over the property.

Get pest and building inspections done
Inspections will cost around $500 – $600, but they are essential to have done prior to making an offer and signing contracts. These inspections will let you know if there are any termites or other pests within the property or if there are structural issues that could cost you a lot of money to repair. These need to be taken into consideration when negotiating a purchase price for the property.

Making an offer
Try not to appear too keen when making an offer on a property and be prepared to negotiate. Your initial offer should be lower than the actual price you are prepared to pay so you have some room to negotiate. You also need to ensure you advise the real estate agent of any terms you would like with your offer such as time frame to move in.

Paying a Deposit
Once you have agreed on a price, you will need to pay a deposit and sign the contract of sale. Until this is completed, the property can be sold to someone else.

Get your loan unconditionally approved
Once contracts are signed, you will need to get your loan unconditionally approved. Your lender will need to have a valuation done on the property and you will need to have the property insured. Your personal Mortgage Broker at Assured Lending will help you with this process to make sure all the paperwork is done and the loan is approved and ready for settlement.

Settlement
The duration of the Settlement will be advised in your contract and can be negotiated. In NSW this is usually around 6 weeks. Prior to settlement, you are entitled to have one last inspection of the property to ensure it is still in the same condition. The balance of the property purchase is paid by your Lender on the last day of settlement and keys are exchanged.

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The Process of Getting a Loan for First Home Buyers

  1. Save as much as you can for a deposit. Minimum should be 5% of your intended purchase price
  2. Meet with a Mortgage Broker to go over your finances and your needs
  3. If you have a guarantor, the Broker will explain their obligations & commitments
  4. Your Broker will go through all the available loans from Australia’s leading lenders to find the right deals for you
  5. We will help you select which lender and loan to go with and explain all the terms and conditions
  6. We will assemble your application for the first home owners grant and a loan pre-approval so you can start looking for a home with confidence
  7. Once you have selected a property and signed a contract of sale, we will put together the paperwork for an unconditional loan approval.
  8. When your loan documents arrive, we will help you complete the documents
  9. Your solicitor or conveyancer will arrange settlement with the lender and the funds will be transferred on the day of settlement

First Home Buyers Tools

Home Buyers Guide

Download our free 24 page comprehensive Home Buyers Guide packed with valuable information, checklists, resources and home buying tips to help you navigate the process of buying property in Australia

Property Valuation Report

Would you like a free report on a property you are considering purchasing? Your property valuation report will include an estimated valuation on the property, previous sales history, location highlights, comparative sales details for similar properties that have been sold in the same area, median property prices for the suburb, properties sold per year in the suburb, capital growth and more.

Housing Market Update

Download this free report which has all the latest news & statistics for the housing market in Australia. Includes average home values by state, capital gains, housing supply & demand, auction clearance rates & much more.

Mortgage Affordability Calculator

Access our obligation free mortgage affordability calculator to get an instant estimate on how much you can afford to borrow. This calculator will also tell you what the monthly repayments may be on the loan amount and how much interest you might pay over the life of the loan.

Savings Calculator

Calculate how much you will need to save each week to reach a set savings target. This calculator will also tell you how much interest you could generate on your saving and the amount of time it will take to reach your goal.

Property Viewing Checklist

Print our property viewing checklist so you can ensure you are considering all aspects of a potential property during a viewing. This checklist could save you a lot of time and money making sure the property is in good condition.

Suburb Profile Report

Order your free suburb profile report to see how any Australian suburb is performing in the property market. Make informed choices on future property purchases with a detailed knowledge of the local area. This report features a suburb profile, median monthly sale prices, total number of properties for sale, median capital growth, housing structure, occupancy, resident statistics, and more

Stamp Duty Calculator

Calculate what the stamp duty will be for a property you are considering purchasing. Stamp duty is a tax required to be paid when purchasing land or property and is calculated on the value of your investment. Stamp duty varies between the different states in Australia.

Income/Expenses Calculator

Get a clear understanding of your current finances with our personal budget planner. Use this calculator to see if your finances are in surplus or shortfall and get a better idea of how your budget may look once you have purchased a property.

Have one of our team contact you

for advice on your first home loan

We take uncertainty out of buying your first home with expert advice and support from start to finish.