First Home Buyer

At Own Home Loans, we understand the excitement and the challenges that come with taking the first step towards buying your own home. We’re here to guide you through the process and help you turn your dream of homeownership into a reality. We’re here to get you the right home loan, and then show you how to pay it off!

Let’s dive in and explore what it takes to become a first home buyer.

1. Setting Your Goals: Dream Big, Plan Smart

Owning your own home is a significant milestone, and it all starts with a dream. Begin by envisioning your ideal home, its location, and the lifestyle you desire. Next, let’s set some realistic goals and create a solid plan to achieve them. Our expert first home buyer mortgage brokers will work closely with you to assess your financial situation, analyse your income and expenses, and establish a tailored roadmap towards securing your first home.

2. Navigating the World of Finance: Understanding Your Options

LVR, LMI, fixed or variable rates – these terms can seem overwhelming, but fear not! Our team is here to demystify the world of finance and help you make informed decisions. We’ll introduce you to different loan options, while explaining the benefits and risks associated with each. Our goal is to empower you with knowledge, enabling you to choose the loan structure that aligns with your financial goals and long-term plans.

3. Government Support: Unlocking Opportunities

Australia offers various government initiatives and programs designed to support first home buyers like you. These programs aim to make homeownership more accessible, providing financial assistance, grants, and incentives. We’ll walk you through each of these initiatives, including the First Home Owner Grant and the First Home Loan Deposit Scheme. Our team will ensure you understand the eligibility criteria and how to leverage these opportunities to your advantage.

4. Budgeting and Saving: Building Your Deposit

Saving for a deposit is often the first major financial hurdle on the path to homeownership. While it may require discipline and sacrifice, we’re here to make it an achievable goal. Our team will assist you in crafting a personalised budgeting strategy, helping you identify areas where you can save without compromising your quality of life. We’ll share practical tips, tricks, and resources to accelerate your savings and build a solid deposit faster.

5. The Art of Property Hunting: Finding Your Perfect Match

Once you have your finances in order, it’s time to embark on the adventure of finding your dream home. As a mortgage broker, we collaborate with trusted real estate professionals across Australia and can provide valuable insights into the property market. From established homes to off-the-plan properties, we’ll guide you through the process, ensuring you’re well-equipped to navigate negotiations, contracts, and property inspections with confidence.

6. Securing Your Loan: Expert Guidance and Support

As you edge closer to securing your first home, our team will take charge of navigating the loan application process on your behalf. We’ll connect you with reputable lenders, negotiate competitive interest rates, and facilitate seamless communication between all parties involved. Our commitment is to ensure a stress-free experience, making the transition from aspiring homeowner to proud homeowner as smooth as possible.

7. Beyond Settlement: The Journey Continues

Congratulations, you’re a homeowner! But our relationship doesn’t end there. We’re here for you even after the settlement. We’ll keep you informed about refinancing options, equity release opportunities, and any changes in the market that may impact your financial situation.

The reason why so many first home buyers come to Own Home Loans is because we don’t just get you the mortgage, but we work with you to show you how to pay it off! We know that you want your home, not the home loan, so let’s work together to pay it off as soon as possible!

We’d love you to download our free guide on navigating being a first home buyer here.

8. Get it touch with us today

Buying your first home is exciting! But it can also be daunting, confusing and overwhelming. We make the process easy by guiding you through the whole thing

Frequently Asked Questions

What government assistance can I get as a First Home Buyer and how do I qualify?

The First Home Owner Grant is a one-time payment provided by the Australian government to eligible first home buyers. The grant amount varies depending on the state or territory, but it is typically offered to those who meet certain criteria.

The eligibility criteria for the First Home Owner Grant vary between states and territories, but generally, you must be an Australian citizen or permanent resident, over 18 years old, and buying or building your first home. Additionally, there may be requirements regarding the property value, residency period, and other factors.

Many states and territories offer concessions or exemptions on stamp duty for first home buyers. The specific rules and thresholds differ between jurisdictions, so it’s essential to check with your local revenue office for up-to-date information.

The First Home Loan Deposit Scheme is a government initiative designed to help eligible first home buyers purchase a property with a smaller deposit. Under this scheme, the government guarantees a portion of the home loan, allowing buyers to access a loan with a deposit as low as 5% without needing to pay for lenders mortgage insurance (LMI).

The First Home Super Saver Scheme (FHSSS) allows eligible individuals to withdraw funds from their superannuation to help purchase their first home. There are specific criteria and limits associated with the scheme, so it’s important to understand the rules and implications before considering this option.

More info can be found here: https://ownhomeloans.com.au/first-home-buyers/

What is a Family Guarantee for first home buyers and how does it work?

A Family Guarantee, also known as a parental guarantee, is a financial arrangement where a family member (usually a parent) uses the equity in their own property to provide additional security for the home loan of a first home buyer. It helps the first home buyer access a loan with a smaller deposit and may allow them to avoid paying Lenders Mortgage Insurance (LMI).

With a Family Guarantee, a family member agrees to guarantee a portion of the first home buyer’s loan using their property’s equity. The guarantor is not required to provide cash but offers their property as additional security for the loan.

How much can I borrow for a home loan?

The amount you can borrow depends on various factors, such as your income, expenses, credit history, and the lender’s criteria. Lenders typically assess your ability to repay the loan by considering your income, existing debts, and living expenses. It’s advisable to speak with a mortgage broker who can assess your financial situation and provide an estimate of your borrowing capacity.

What documents do I need to provide for a home loan application?

While the specific documentation requirements may vary among lenders, common documents usually include proof of identity (e.g., passport or driver’s licence), proof of income (e.g., payslips, tax returns), bank statements, details of assets and liabilities, and evidence of savings or deposit. Own Home Loans can guide you through the documentation process and help ensure you have everything required for a successful application.

How much does it cost to meet with an Own Home Loans broker?

Our service is free but can potentially save you a ton! We get paid by the lenders. Even if you don’t go through with a mortgage through Own Home Loans, the consultations are always free of charge.