Buying your first house is a wonderful experience. As a first-time home buyer, we are confident that following these instructions will make the process go more smoothly for you.
Start saving for a house deposit
Getting a general idea of house prices enables you to set a target for yourself. Saving up 20% of the purchase price plus enough to cover additional costs is a great savings goal for a down payment on a home.
Decide how much you can borrow
What you can afford to borrow will depend on:
- Your earnings and financial obligations
- Any further savings, and
- Your credit score.
Know why you're buying
Discuss this with your partner. Knowing why you’re purchasing will help you focus your search for a home.
Pest and building inspection
Once you’ve identified a home you like, hire a professional to conduct a building and pest inspection. This could save you a lot of money in the long run.
Settlement
The settlement date is when the property title is transferred into your name and your mortgage begins. The contract of sale specifies the settlement time, during which you must pay the whole purchase price. Your solicitor or conveyancer will finalize the settlement with the lender and seller. Then you’ll be given the keys to your new house.
Incentives and Grants
There are various government incentives available to first-home buyers. What is accessible to first-time home buyers varies by state and individual circumstances.
These are some examples:
- Victorian Homebuyer Fund
- First Home Guarantee
- Regional First Home Buyer Guarantee
- First Home Owner Grant
- First Home Super Saver Scheme
- Stamp Duty Waiver
You can also visit www.firsthome.gov.au for additional information on what may be available.
Your Mortgage Professional can provide you with a wealth of additional information, such as information about the finances needed to settle your mortgage, the mortgage process, and a comprehensive First Home Owners Guide.
FAQs
Got questions? Find answers to some of the most commonly asked questions about our financial solutions, processes, and services to help you make informed decisions.
LMI is a third-party insurance premium payable by you as the borrower, to protect the lender against the potential loss of money if the borrower is unable to repay the home loan. Generally, an application with a Loan-to-Value Ratio (LVR) of 80% or more may result in the borrower having to pay Lender’s Mortgage Insurance.
Extra payment is an excellent feature of a good mortgage deal. Here, your lender lets you make lump-sum additional payments along with your regular monthly payment. Making extra payments allows you to shorten the length of time you are paying your mortgage. Since your balance is being paid off faster, you will also have fewer total payments to make, thus lowering your interest. At Reliiance Financial Solutions, we can help you find the most suitable mortgage deal for you. We have a range of lenders that allow you to make as many extra repayments as you want, whenever you want, without attracting any penalties.
Stamp Duty is a government tax imposed on contracts, with the amount usually calculated as a percentage of the contract value. In layman’s terms, it is the tax charged for your legal documents to be ‘stamped’.
If you are planning to buy a property, it’s crucial to factor your State’s Stamp Duty into your budget.Chances are, based on your circumstances and state of domicile, you might be able to obtain a stamp duty exemption, or concessions (discount) against the purchase of your first home. Stamp duty laws get changed often, so be sure to check your State Government’s website for the most up-to-date information.
Did you know that some lenders would allow you to cash out any extra repayment you made whenever you need the money? You read that right. This useful mortgage feature is called “redraw facility”. You can withdraw any extra repayments or lump sum payments you make over the life of the loan. At Reliiance Financial Solutions, we will explain all mortgage products to you, including those which allow you to the redraw option.
Testimonials
Discover how we’ve helped our clients navigate their financial journeys with personalized solutions. Read their stories of success and empowerment below.
A 5-STAR RATED FINANCIAL SOLUTIONS PROVIDER BY OUR CLIENTS
At Reliiance Financial Solutions, we have been privileged to have worked with hundreds of remarkable individuals and families.
Very few things come close to receiving their genuine appreciation of our services. All we can say in return is – the pleasure was all ours.
It is also our pleasure to share some client testimonials with you. Please click on Video Testimonials to view them all. Use the buttons at the bottom of the screen to navigate through the videos.
