Buying your first home comes with a lot of new terms, decisions and upfront costs. My Broker & Co can help you understand your borrowing position, deposit options, loan features and application steps, while positioning you toward relevant first home buyer assistance for your state or territory.
Buying your first home can feel like a lot to take in. Download our free guide for a simple overview of the key steps, what to prepare and what to consider before applying for a home loan.
Buying your first home can involve a lot of moving parts, from understanding how much you may be able to borrow to comparing loan options and preparing your application. My Broker & Co can help you understand the process, compare suitable lenders and work through the steps with you from enquiry through to settlement.
We can also help you understand the first home buyer support that may be available to you, including grants, concessions and guarantee schemes. Eligibility and amount can vary by state or territory and may change over time, so we’ll help you understand what may apply to your situation.
The deposit you need can vary depending on the property, lender and your financial circumstances. While a larger deposit can reduce borrowing costs and give you access to more loan options, some first home buyers may be able to purchase with a smaller deposit. Government schemes may also help eligible buyers purchase with a lower deposit. My Broker & Co can help you understand what may be possible based on your situation and the lenders available to you.
Your borrowing capacity depends on factors such as your income, regular expenses, existing debts, savings, credit history and the lender’s assessment criteria. Different lenders can calculate borrowing power differently, so the amount you may be able to borrow can vary. We can help you review your position and compare suitable lender options before you start seriously looking at properties.
Pre-approval can give you a clearer idea of how much a lender may be prepared to lend and can help you set a realistic property budget. It can also make you feel more prepared when you find a property you want to buy. Pre-approval is generally conditional rather than a guarantee of final approval, so your circumstances and the property will still need to meet the lender’s requirements.
First home buyer assistance can include grants, stamp duty concessions and government guarantee schemes, depending on where you buy and whether you meet the eligibility criteria. These programs and thresholds can change over time and differ between states and territories. My Broker & Co can help you understand the assistance that may be relevant to your purchase and how it could fit into your overall home-buying plan.
Whether you need to pay stamp duty depends on the state or territory where you buy, the value and type of property, and your eligiblity for first home buyer concessions or exemptions. Some buyers may pay reduced stamp duty or none at all. Because the rules vary and can change, it’s worth checking the current requirements before setting your budget.
Your deposit is only one of the costs involved in buying a property. Depending on your circumstances, you may also need to allow for conveyancing or legal fees, building and pest inspections, lender fees, government charges, moving costs and potentially lenders mortgage insurance. Understanding these costs early can help you avoid surprises and work out how much cash you may need beyond your deposit.
Your repayments will depend on how much you borrow, your interest rate, loan term end date and repayment type. It’s useful to calculate repayments before committing to a property and consider whether they would still be manageable if interest rates or your circumstances changed. This can help you set a more realistic budget before you buy.
Whatever your circumstances, we will find the deal that’s right for you.
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