FIRST HOME BUYERS

  • Buying your first home is exciting, confusing and scary all at once. Talking to us can help you get into your first home relaxed and stress free! First you need to try and work out how much you can borrow. You will also need to work out the costs to purchase, things like stamp duty application fees and mortgage insurance, and add these fees on to the purchase price of your home.

    STAMP DUTY CALCULATOR

  • Clover Financial solutions can provide you free property reports which provide a range of information including suburb information, average sales and rental prices in the suburb and recent sales information.

  • With so many loans about it is possible to borrow more than the cost of your home. Most traditional lenders prefer you to have saved or have cash of 5% of the purchase price. The deposit is usually paid prior to the settlement date.

  • A deposit bond guarantees that you will have funds to cover the deposit at settlement, these are used where you are borrowing 100% or more, and the vendor needs proof the deposit will be paid but does not require the cash until settlement. Not all agents or vendors will accept these – so you will need to check first if you are borrowing more than 90% of the property value.

  • It can take a long time to save even a 5% deposit, and today most home loan providers understand this, there are options.

  • You might be able to ask your parents or family member for some help either as a gift or to use the equity in their home as security. When you use their equity it is called family pledge or family guarantee loans. Essentially this gives you one loan of the entire property value plus costs that you are responsible for. Instead of paying higher fees the lender lets a family member “pledge” their property so that the lender reduces their risk by having a second property to support the loan.

  • The First Home Owners Grant (FHOG) is a grant designed to help you get into your first home. Your state may offer an additional bonus. To check your eligibility go to your state revenue office website. Find out more.

    FIRST HOME BUYERS WEBSITE