Buying Your First Home

Buying your first home can be a daunting task, particularly if you’ve never accessed home loans before. Home loans in Australia can be difficult to navigate, particularly as it’s probably the biggest financial transaction you’ve ever undertaken.

At Australian Credit and Finance we are here to help you navigate your way through buying your very first home. Our home loan experts will walk you through the process and help you apply for any grants you’re able to access. We’ll even help you right through to settlement.

 

First Home Owners Grant

 

The First Home Owners Grant is a national scheme that is funded by each state and territory. It was introduced on 1 July 2000 to help offset the cost of GST on home ownership.

The scheme differs between each state and territory, so if you want to see if you are eligible, visit the First Home Owner Grant website to check out these details first.

All of our home loan experts are well versed in each of the schemes, so if you’d prefer to speak to someone instead, give us a call on 1300 735 557 and we can help you figure things out.

 

The first home owners grant provides you with funds for buying a new home and for building. The criteria for each of these is slightly different, so make sure you’re aware of this information before you start the process of looking for a new home.

You will still need to have a deposit to get access to a home loan, but this is greatly reduced due to getting access to a first home owners grant.

 

Compare Home Loans

 

How Much can You Borrow?

 

This is likely a question that you’ve been talking about for a while. There are a number of factors that determine your borrowing capacity, and some of these can be difficult to understand. Talking to one of our team can help clarify any confusion you might have.

In the meantime, some of the factors that affect your borrowing capacity include:

  • Your income
  • Your financial obligations
  • Your savings history
  • Your credit history

A good way to figure out how much you can borrow or how much you can afford in repayments, is to review one of our home loan calculators. These will give you a snapshot of costs and whether you need to do more to get the type of house you want.

 

Tips for Buying Your First Home

 

As you navigate your way through the home buying process, follow these tips to ensure a stress free experience:

  1. Ensure you have savings history of at least 3-6 months showing in your bank accounts. This helps with your credit score.
  2. Determine what grant your state or territory offers and ensure you meet the minimum requirements before you start hunting for your new home.
  3. Work with a mortgage broker (like Australian Credit and Finance) to ensure you get the best deal on your home loan.
  4. Research the areas you’re looking at buying in. Don’t buy the first thing you love, shop around and make sure that the house will meet your needs for at least the next 7-10 years.

If you follow these tips plus advice from our home loan experts, you’ll ensure that you get a great deal on your first home purchase.

Talk to our friendly team of Australian Credit and Finance mortgage experts who can help you navigate your way through the process of buying a home, investing in property or refinancing your home loan. Call us today on 1300 735 557 to discuss your home loan options.
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