Buying your first home in Australia is an exciting milestone in your life. It’s a significant financial and personal achievement that requires careful planning and consideration. Read on for key information to know before starting your First Home Loan financing journey.
How much can I borrow?
One of the first steps to buying your first home in Australia is saving for a deposit. Typically, lenders require a deposit of at least 5% to 20% of the property’s purchase price. Did you know that if you saved $385/week for 2 years, you’d have enough to buy an $800,000 house. Get in touch with us for a free consultation where we can help you assess your income and saving capacity.
What government grants are available?
Need help working out the grants available to you as a first home owner? Visit our Instagram Highlight for key information relating to all the available Government grants you may be eligible for as a First Home Buyer.
What do I need to earn to borrow my loan amount?
Different lenders calculate loan serviceability differently and so repayments will depend on which lender you choose, their policy and the loan amount.
For example: A couple earning $95,000 in annual salary each with no other debts and no dependents could be eligible for approx $900,000 to $1 million. Get in touch with us to discuss your unique situation and home buying goals.
How do I apply for a loan?
The first step is to talk to us. We will guide you through the process, answer your questions and provide resources and a list of documents that you’ll need to provide to get the process going. The key upfront documents are ID, pay slips, tax returns and bank statements.
Can I get a loan if I’m self employed?
Being self-employed doesn’t stop you from securing a loan. With the right documentation and financial history, lenders are ready to support your entrepreneurial dreams. Get in touch with us to embrace your independence and take the next step towards your home buying goals.