Borrowing Guide
Buying your first home, made easy
Buying your first home is exciting, but it can also be a little daunting. We’re here to make it as easy for you as possible, so we’ve provided this handy introduction to buying your first home.
What’s the best loan for me?
There are hundreds of loans out there to choose from. We can help you choose by working out what’s important to you in a home loan. We’ll let you know all the choices that suit, as well as ways to save you money on your loan. With our unique Mortgage Explorer™ software, we’ll analyse hundreds of loans from a wide range of lenders in minutes to find the one that’s right for you – whichever lender it comes from.
There are no additional charges for our service, and our appointments are obligation free. You can feel confident that you’re getting great advice without any hidden costs.
Have a look at our quick demo for more information.
How much deposit do I need?
As a general rule, you need at least 5% of the property value for a deposit. While monetary gifts from family or friends are a great way to quickly save your deposit, most lenders will want you to show 6 months’ regular savings history before they’ll approve your loan application.
Don’t forget, you’ll need to consider legal fees, stamp duty and possibly a one-off Lenders Mortgage Insurance fee (if you are borrowing more than 80% of the property value).
An Aussie Mortgage Adviser can help you structure a savings plan for your deposit, and we can also help you access the government’s First Home Owner Grant to put towards your deposit.
Can I get the First Home Owner Grant?
The First Home Owner Grant is a one-off State Government grant of $7,000 available to first home buyers who intend to live in the home they’re purchasing. It is administered by the State Governments and is usually paid at settlement of the loan. Certain conditions do apply, and it’s a good idea to check if you’re eligible first. You can discuss this with your Aussie Mortgage Adviser, or click here to do a quick test.
How much can I borrow?
How much you can borrow depends on how much deposit you have, your current household income and what monthly expense commitments you have. Use our handy calculator to discover your borrowing potential.
What will my repayments be?
Once you have worked out how much you can borrow, check what the repayments will be using our handy repayments calculator. Make sure you can afford the repayments and start planning your budget now.
What do I need to do now?
Request an obligation-free appointment with one of our Aussie Mortgage Advisers or call 13 13 33. We’ll come to you when it’s convenient and help you get organised now so you’re ready to buy.
Before you meet with an adviser, you should think about how much you still need to save. What type of features would you like in your home loan? Do you need pre-approval to buy at an auction? Do you know what documentation you need to apply?
What happens at an appointment?
Read on to see what happens at an appointment and learn about the six simple steps to getting your home loan.
Let us do the hard work. An Aussie Mortgage Adviser can help you understand all your home loan options and find the right deal for you.
