FIRST HOME BUYERS GUIDE
Do you dream about standing in front of your Home with a SOLD sign and holding the keys to your first home? It is one of Life’s big moment! To help you on this journey we have put together a step by step plan that will assist you in buying your first home.
The great new is that you also get an R & H First Home Coach on your team who will assist you in achieving your dream.
Our 5 Step Process to Securing your First Home
Buying your first home can not only be daunting but also a challenging exercise. Besides this will possibly be the biggest purchase you will ever make and knowing where to start can feel a bit overwhelming. The best way to begin this process is by booking a FREE information session with our R & H First Home Coach. This information session will help you in making an informed decision and avoiding the pitfalls that come with the buying process.
Understanding your borrowing capacity is a very critical part of the buying process. However, the options are many and your borrowing capacity varies from lender to lender. Largely this depends on your income, living expenses and the deposit amount you have saved. Click here for more details
No matter what type of home you want to buy you will need to have a deposit. How much you really need for a deposit depends on a range of factors based on how much the lender is willing to loan you to whether you are willing to pay a little bit more for the loan. Also as a first home buyer you will be entitled to a First Home Buyers Grant and this grant can be used towards the deposit amount required. Click Here for more details.
Once you have ascertained your borrowing capacity and secured your deposit the fun part begins of actually finding your dream home. We have a range of property options to suit not only your budget but also your lifestyle.
Once you have selected your dream home and identified the block on which it is to be built the next stage is signing the contract with the builder and paying the contract deposit.
An expert who will guide you through the minefield of the Frist Home Buying process. The coach will be you all the way from the time you start dreaming about your First Home to the time you settle and get the keys! We have helped hundreds’ of First Home buyers and the beauty is this service is absolutely FREE!
The First Home Owner Grant is a government scheme that was introduced in 2000 to offset the effect of Goods and Services Tax (GST) on buying or building a home.
It’s a one-off payment for eligible first home buyers who purchase or build a residential property to live in. The First Home Owner Grant isn’t means tested, which means the eligibility criteria isn’t based on financial considerations, such as your income.
The grant amount, eligibility criteria and payment details of First Home Owner Grants vary between states and territories, so it’s important to check this out when you apply for your home loan. Usually may be eligible if you:
The grant is usually paid at the time of settlement to your home lender and applied directly to your home loan. If you are building a home, the grant will be approved when your first loan repayment is due.
Some state and territories have additional grants for the first home buyers who purchase or build a home, especially in regional areas. We can help you apply for the First Home Owner Grant and any other benefits you are eligible to including stamp duty waiver.
With various different types of loans out there, and hundreds of home loans available, we with our financial partner U Financials are here to help to ensure you’re armed with the right information to help you make the right decisions.
We can help you find the right home loan from the right lender and best of all;
Why use a mortgage broker when looking for finance?
A broker will do the leg-work for you. They have access to hundreds of loans from a wide variety of lenders and will work with you to find the loan that suits your individual circumstances.
We do the hard work for you.
We make sure you get the right home loan for your circumstances and will manage the process from start to finish.
There are few concepts to get your head around before you can get a good estimate of how much you’ll need for your house deposit Here below we run through some basics but it is best that you discuss this with us to have a better understanding based on your personal circumstances.
Three reasons why a bigger deposit may be better:
LVR is basically how much you need to borrow, expressed as a percentage of the lender-assessed property value.
For example, if you have a deposit of 20% of the lender-assessed property value, you may need a home loan for the remaining 80%. That means your LVR would be 80%.
In a nutshell, LVR is important because it affects whether you may need to pay for Lenders Mortgage Insurance.
Generally, LMI is a type of insurance you may need to pay for if your LVR is over 80%. Basically, it provides protection to your home loan lender in the event you default on your home loan. If the proceeds from the sale of your house aren’t enough to pay back the amount owing on your mortgage, LMI may cover the lender for that loss.