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To assist first-home buyers, different states and territories offer incentives called the FHOG (First Home Owner Grant). The type of property you are buying, your location and where it is located will determine the discount. You can find out if you are eligible for the FHOG, by visiting the website of your state government or asking your broker to find out for you.

Every home buyer is in a different financial position. Lenders will determine how much money you can borrow based on your income, expenses, financial obligations, and other factors. If you need to increase your borrowing ability, there are many ways to do so like improving your credit score and reducing your expenses. Talking to a mortgage broker can give you more concrete ideas to increase your loan.

The principal factor for how much you pay back on your loan is the interest rate. Comparing different loan products using their comparison rates with your mortgage broker is the best way to determine if you are being offered the best rate.

When promoting a loan, lenders are legally required by law to show the comparison rate because it includes the interest rate, fees, and charges all rolled into one figure. The comparison rate provides a more accurate indication of the loan cost.

The property’s value, and therefore your home loan amount, will determine the amount of money required to make a deposit and lenders usually require at least 5% of your property’s purchase price. However, LMI (Lender’s Mortgage Insurance) will usually be required if you have a deposit that is less than 20% of the purchase price.

To verify your income and personal identification, your lender will generally require tax returns and bank statements. As the requirements for loan applications can vary from one lender to another, it is worth speaking with your mortgage broker to learn more. A smoother loan application can be made easier if you have all the documents ready to go.

You don’t just have to pay the deposit but you do need to be aware of any upfront fees. Additional fees can include stamp duty, solicitor/conveyancing fees, mortgage application fees, and moving costs.

It is important to fully understand all fees and charges associated with a home loan before signing any contract. We make sure to guide you through every document and explain or answer thoroughly any questions you might have throughout this process.

Asking your mortgage broker these questions early on in the process will help avoid some common mistakes that a lot of people make when buying a home.

Are you wondering if you are eligible for a loan to buy a house? Get answers by talking to one of our mortgage experts.