First Home Buyer Loans
Buying Your First Home with Confidence
Westend Finance
Buying a home for the first time is possibly one of the most significant decisions you’ll make in your adult life. Getting expert help can make an immense difference, and this is what we’re here for.
From knowing how much deposit you need, to how much you can borrow. We’ll make sure you know everything there is to know about buying your first home.
First Home Buyer Loans
Buying Your First Home with Confidence
Westend Finance
Buying a home for the first time is possibly one of the most significant decisions you’ll make in your adult life. Getting expert help can make an immense difference, and this is what we’re here for.
From knowing how much deposit you need, to how much you can borrow. We’ll make sure you know everything there is to know about buying your first home.
What Is a Home Loan?
A home loan is a sum of money lent to you by a Bank or Lender with the specific purpose to buy a residential property. The Bank will then use the property you are purchasing as security for the money, and they do this by taking a mortgage on the property which is listed on the property title.
The loan terms for the money are normally set to 30 years to ensure the loan repayments are manageable and within budget. However, terms can be adjusted to suit your financial goals.
You can select different interest rates and different payment types with your home loan. Your payment options include principal and interest repayments, or interest only repayments. Typically, a first home buyer loan will be setup as principal and interest repayments.
Home loans will also offer many different features to help you repay the loan quicker. Features like offset accounts and redraw facilities can be common features which offer interest saving benefits if used correctly. We can help you understand these features in more detail.
First Home Owner Grant
If you’re a first home buyer, then you may be eligible for a state based first home owners grant. This is provided to a first-time buyer to assist with the costs of purchasing a first home.
The first home owners grant is different in each state so depending on where you are and where you’re buying the assistance offered from the state government can vary.
There are eligibility criteria to qualify for the first home owners grant which we can help you navigate. What you receive as a first-time home buyer will depend on if you are building a new home or buying an established house.
We will take care of the first home owners grant application for you and manage this as part of the home loan process.
Lenders’ Mortgage Insurance
Also known as LMI, lenders’ mortgage insurance is a one-off premium that you can add to your home loan.
The cost of the LMI premium depends on how much you borrow, the value of the property you buy, and the size of your home loan deposit.
Furthermore, a general rule of thumb is that the more deposit you have, the lower costs will be.
LMI has a specific purpose: to protect the bank in case you’re unable to repay your home loan.
On many occasions, eligible first-home buyers can apply for a Low Deposit Premium (LDP) or LMI. This is a discounted premium for first home buyers. However, this depends on your specific circumstances.
Banks require you to take out LMI if you are borrowing more than 80% of the property value.
Advantages of Getting Started
While it is true that committing to buying your first home is a big responsibility, one of the best feelings in the world is to know you have your own home. This is also the first step taken to build financial security and long-term wealth for your family.
Plus, eligible first-home buyers get other advantages too. You may be able access other concessions or qualify for other government schemes depending on your personal circumstances and financial history.
As was mentioned before, first-time buyers could also receive special assistance to help buy their properties.
Government institutions such as the National Housing Finance and Investment Corporation back these programs to assist people with a lower cost start to entering the property market.
Not everyone qualifies for a home loan, there are sacrifices people make so they can buy their own home. You also need to fulfil specific requirements to purchase a property in the first place.
Therefore, getting expert guidance and contacting the right institutions to back you up could make a significant difference from the moment you get started.
Considerations
When you’re taking out a home loan, it means you may use the money to pay for a property, for example, a house and land package, or an established property.
You’ll need to provide specific documents so we can determine how much you can borrow and what type of loan product will best suit your goals and objectives. We can guide you on the documents needed to get your loan qualified.
Home buyers purchase the best residential property they get depending on what they’re able to afford. Therefore, you must consider some aspects if you’re getting started in this process. Let’s take a look.
Your Financial Health Matters
As we mentioned before, not everyone can immediately qualify to apply for a home loan.
Often, we see people meet most of the requirements for a home loan, but their past financial history may impede their ability to proceed today.
Our team will meet you to discuss your future goals and objectives so we can put together a plan so you can get to a position where you are able to apply for a home loan.
Often the first challenge for first home buyers is saving a deposit. Believe it or not there is no such thing as a no deposit home loan! You only have low deposit options, but you will always be required to pay a deposit. Don’t get sucked into the “No Deposit Headlines”!
Type of Home
One of the benefits home buyers get is that they have a myriad of options depending on the type of home they want. If you need a home loan to buy a simple house, you could get it.
Even so, we understand that deciding on the type of property you’re buying is not as straightforward as it may seem for some.
An effective approach consists of considering the comparison rate, interest rate, and other specific aspects of your potential home loan, such as the mortgage repayments you have to take care of.
You Need Specific Features
Home buyers purchase their first house when they find something that fits their needs. However, you may not be able to do this if you’re not clear on what you’re looking for.
The more specific you are when it comes to picking your house, the better chances you’ll have at finding your dream property.
Home loan specialists may be able to help you understand the comparison rate, determine if variable home loans are the best for you, and guide you as you examine an off-the-plan apartment.
Nonetheless, home loan specialists cannot choose for you. In the end, it’s your decision, and you must understand every step of the way since it’s something that will change your life forever.
Mortgage Qualifications
The National Housing Finance and Investment Corporation, and other financial institutions back up grants and home loans with principal and interest repayment options.
However, potential home buyers need to qualify to be able to take out a loan. You have to prove that you’re financially able to pay for it and that your history shows it.
Depending on your financial history, the type of loan you may apply for could vary. Therefore, talking to experts and evaluating different alternatives is a fantastic idea.
How Much Is Enough?
Some home buyers are ambitious, and it’s not necessarily a bad thing. Nonetheless, when it comes to purchasing a house for the first time, you need to be careful.
Correctly choosing a loan with specific features that help you is not the only crucial factor in the house-purchasing process.
You must also prioritise picking something you know you can comfortably afford in the long run.
Get Expert Help
Home buyers often need assistance to find the best deals, and experts can help with it. If you get professionals to guide you, the process could be smoother.
With expert help, you won’t have to worry about trying to comprehend all the intricacies of buying a property all on your own. Instead, you’ll rely on experienced professionals to aid you as you figure things out.
We’re Honest
You’ll never get lies from us. We’re different because we work for you, so we offer unbiased, honest suggestions based on what may be best for your future.
We Find the Best Rates
Sometimes going for the cheapest option sounds attractive, but it may not be the best alternative. Instead of providing you with random offers, we’ll find the rates that fit what you’re looking for and what you can afford.
Our Company Is Fierce
We’ll commit to you from the moment we start working together, so you don’t have to worry about our loyalty.
Book an Appointment
If you want to get started, you must book an appointment. Here are the steps to begin the process:
Fill Out the Form
Firstly, fill out our online enquiry. You may also ask for assistance if you need it and we’ll give you a call to help you put your information on the form.
Wait for Our Call
Once we get your information, we’ll schedule a call at a convenient time. We want to get to know you and help you!
Let’s Get Started
If you’re ready to get a home loan and buy your first property, let’s begin. We’re eager to help you achieve your goals!
Repayment Calculator
Our calculator is a handy tool if you want to know how much interest rate you’d pay. Fill out the necessary information and take a look at the possible payments.
Frequently Asked Questions
You should get a home loan if you’re financially stable, eligible, and want to purchase a property.
Home loans are immensely convenient, especially for eligible first-time buyers who want to purchase a property.
Contact Us
Are you ready to get started? Get in touch and let’s begin the process! It takes time, so the sooner you call us, the better!
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