Information for First Home Buyers

First home buyer informationLet's help you into your first home!

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While purchasing your first home may seem daunting, it’s often simpler than most people think. Saving for a deposit is a good first step, however knowing exactly how much you will need and the alternatives to saving a deposit, could help you into your home sooner.

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DEPOSITHow much will I need?

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BORROWING POWERWhat is my affordability?

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CREDIT HISTORYHow Is Your Credit Score?

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STAMP DUTYConcessions & Exemptions

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FIRST HOME BUYERS GRANTAre you eligible for $10,000?

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DepositHow much will you need?

Calculating the amount you need to contribute can be quite complicated and can differ considerably from lender to lender. Bank policies will make you consider things like Loan to Value Ratio (LVR), Lenders Mortgage Insurance (LMI) and Genuine Savings.

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DEPOSIT CALCULATORWork out how much you need

Our online deposit calculator is free to use. Using the value of the property and your circumstance, it instantly calculates a deposit required. Taking into account fees.

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Borrowing PowerBased On Your Income And Expenses

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BORROWING POWER CALCULATORHow much can you borrow?

Try our free, instant online borrowing power calculator to indicate how much you may be able to borrow. It takes into account income for singles or couples.

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A lender will assess your loan affordability and provide an estimate of your maximum borrowing amount. However, it is essential that you work out what you can afford and what repayments you are comfortable with.

Having a good understanding of your budget is essential in making good finance decisions. Start by measuring your income against your expenses. It is important to consider not only your income and expenses now, but what they will be after you have purchased your home and in the future.

Be realistic and don’t overcommit yourself. Give yourself a buffer as interest rates could go up increasing your loan repayments.

Credit HistoryHow's Your Credit Score?

Having good credit history is critical to getting a home loan. Even though there are lenders who do specialise in helping people with poor credit history, it does usually come at higher interest rates, higher deposits and fewer lenders to choose from.


Your credit score is also important to keep in check. Credit scores are calculated by credit reporting agencies and are one of the indicators a lender might use to assess an application.


Credit reporting agencies not only calculate your credit score, they also keep a record of past enquiries, repayment history and current credit limits.

Stamp DutyWhat are the savings?

Stamp Duty Exemption

If you are a first home buyer and purchase a principal place of residence (not an investment property) valued up to $600,000, you are exempt from paying stamp duty on the purchase. 

This duty exemption is separate from the First Home Owner Grant. The FHOG grant is a payment made to you, whereas the first home buyer duty exemption is a reduction in the amount of land transfer duty you pay. 

Stamp Duty Concession

If you are a first home buyer and purchase a principal place of residence (not an investment property) valued between $600,001, and $750,000, you will receive a reduction on the amount of stamp you’ll pay for the purchase.

The amount of reduction is on a sliding scale and depends on the property value – use our stamp duty calculator to find out more.

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STAMP DUTY CALCULATORUse Our Online Tool

Try our free, instant online borrowing power calculator to indicate how much you may be able to borrow. It takes into account income for singles or couples.

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Could You Be EligibleFor $10,000?

If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of $10,000. To be eligible, the home must not have been previously sold or occupied.

 

Get in touch with us to find out if you are eligible and how to access the FHOG.

First Home Buyers GrantFrequently Asked Questions:

All above information published by The Broker Team has been supplied by State Revenue Office and was relevant at the time it was published. If you have any questions, please contact us

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Understand the FinanceBefore You Buy

A chattel mortgage is the most common finance type we offer and may provide significant financial advantages over a consumer loan, providing the asset being purchased will be used primarily for business purposes (i.e. over 50% business purpose).

 

A chattel mortgage works much like a normal mortgage. You take ownership of the asset at time of purchase and the lender simply takes a ‘mortgage’ over it until the loan is paid in full. One of the biggest benefits of ‘owning’ the asset is the ability to claim things like interest and depreciation.

 

Businesses that account for GST on a cash basis might also be able to claim GST on the purchase price of the asset on their next Business Activity Statement. It is important to understand these tax implications prior to choosing the type of finance you require. Speaking with your accountant prior to your purchase will help you decide what type of finance you require.

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Buyer Tips

Don't be Sold on a Low Interest Rate

Make sure you compare the ‘actual’ repayment amount. This is the only way to compare apples with apples.

 

A low interest rate quoted by a dealer might be an indicator that they are making more margin on the sale price of the car, thus reducing your ability to negotiate a great price. If you can negotiate a good price on the car first, you can then compare finance options knowing you are getting a great deal on both.

Consider a Finance Lease

A finance lease is used to buy an asset with a set term and repayment amount, usually with a balloon/residual repayment at the end. The ownership of the asset is with the leaser. The balloon/residual payment is determined by you and the leaser however must meet ATO and industry guidelines.

 

After the residual has been paid the ownership of the asset is transferred from the leaser to you.

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First Home Buyer Information
Why Choose The Broker Team?

Personalised Service

We have a quality team of professional finance brokers here to assist you every step of the way.

Multiple Lenders

We have access to multiple lenders, potentially saving you a lot of time shopping around for the right deal.

Pre-Assesment

By understanding your financial situation, we’ll be able to assess which lenders will give you the best chance of approval.

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Let's help you into your new car

Buying a new car is exciting – but it can also be a stressful and frustrating experience if you don’t have all the relevant information when it comes to obtaining finance.

High pressure sales tactics along with the excitement and emotion of that new car can hinder the finance decision making process. Sometimes a quick decision now can cause years of financial pain down the track.

Don’t just settle for what the car dealer tells you, click below for a free no obligation quote and let us assist you through the process of buying your next car.

Important things to consider...

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SECURED CAR LOANUsually A Better Rate

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DONT RUSHInto A Poor Deal

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DO THE MATHDoes It Add Up?

Secured Car LoanMay Give You A Better Rate

A secured car loan is a great option if you’re looking to purchase a new or used vehicle (for personal use) no older than 7-10 years of age. A lender will hold a security over the vehicle which usually results in a lower interest rate than that of a personal loan.

You take ownership of the vehicle at time of purchase and the lender simply registers security over it, allowing them the option of repossessing the vehicle in the event you are unable to make the loan repayments.

Dont RushInto a poor deal

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CALCULATORCar Loan Calculator

Try our free, instant online car loan calculator. Add details about the car, it’s use and your savings and we’ll give you an instant car loan quote.

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High pressure sales tactics along with the excitement and emotion of that new car can hinder the finance decision making process. Sometimes a quick decision now can cause years of financial pain down the track.

We specialises in assisting with car finance that suits your needs. We can provide indicative quotes within minutes and match the right lender for your situation and car type.

Don’t just settle for what the car dealer tells you, click below for a free no obligation quote and let us assist you through the process of buying your next car.

Do The MathDoes it all add up?

Make sure you compare the ‘actual’ repayment amount. This is the only way to compare apples with apples.

 

A low interest rate quoted by a dealer might be an indicator that they are making more margin on the sale price of the car, thus reducing your ability to negotiate a great price.

 

If you can negotiate a good price on the car first, you can then compare finance options knowing you are getting a great deal on both.

Lets Get StartedLet's find you a great deal!

BUY A CARGet The Right Deal For You

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