First Home Buyers

Many of our customers are first home buyers. And the great news is that there are many helpful options available these days to help first home buyers buy their home. Check out our helpful step by step hints to help you get everything you are entitled to.

Deposit - how much do I need to buy a house?

It used to be that lenders looked for a 20% deposit on a house. These days, lenders will accept as little as 2% deposit, but you will still need funds to cover the cost of your fees and stamp duty.

Deposit: Where do I get it from?

You do have a surprising number of options, and some you may not know about:

  • Save for your deposit in the traditional way
  • Gifted money
  • Equity from another property (usually your parents)
  • Pledges from relatives
  • Use your First - Home Buyer's Grant

Honeymoon rates - are they good value for First Home Buyers?

Honeymoon rates are widely available and are offered to entice you with a low advertised rate. They are often more than 1% below the standard home loan rate and the rate can be fixed, capped or variable for the first 6-12 months of the loan. After that, they usually revert to the standard rate offered by that lender.
Honeymoon home loans can be a great solution and they are becoming increasingly competitive, but always remember that the honeymoon interest rate is only part of the overall pricing you should be looking for when you take out a home loan. The upfront, exit and ongoing fees can add up to a lot of money. Just because you are a first home buyer does not mean you don't have access to the same kinds of loans as other people.

First Home Buyer's Grant

Through the state governments, the Federal Government has a grant available to first home buyers to go towards the purchase of their first property. In Western Australia, we also have generous stamp duty concessions.

Get Help from a Good Mortgage Broker

A good mortgage broker will help you with everything you need to know about buying your first home and getting your entitlements. We recommend Naomi McLean at AFS. Her services are free and she has helped many home owners in our area over many years and understands local property values and finding the home loan which is in your best interest.

You can call Naomi McLean direct on 0406 459 904