How To Get Your First Home Buyer’s Loan Approval
Our team of mortgage brokers will help you compare the most suitable first home buyer loans based on your preferences and needs. We’ll take care of all the required legwork for you and explore the top first home home loan choices in Sydney and Australia. Your personal mortgage broker will help you:
- Understand the home loan process and costs
- Secure pre-approval
- Determine your eligibility for government concessions
- Fund your dream home
How Much Deposit Do You Need?
In some cases 100 per cent home loans (or close to it) may be possible. Generally though, most lenders will require that you have about 5% of the proposed purchase price in cash, however some require less. Although they like to see that you have a good saving history over 6 months, the actual deposit can be a cash often be a gift from family and friends.
Don’t forget: you’ll also need to allow for legal costs, stamp duty and possibly Lender’s Mortgage Insurance (LMI) if you are borrowing more than 80% (this cost can often be funded from the loan as well).
An Express Mortgage Market Adviser can help you structure a savings plan, and we can also help you access financial assistance provided by Australian governments.
“How Much Can I Borrow?”
How much you can borrow for your first home will be determined by a range of factors: monthly income, regular expenses, and the amount of money you intend to contribute towards the purchase. It’s smart to consult with a mortgage broker Sydney for an assessment of how much you can borrow for your first home purchase.