Mortgage Services
First Time Buyers
Whatever your circumstances, we will look for a loan that’s right for you, not the lender.
Buying Your First Home Starts Here
Buying your first home is an exciting, but big step to take and one that comes with many questions and decisions. The first big question is how much you can borrow and what your likely repayments will be.
That’s where we can help, we’ll do the legwork for you. We can compare home loans across a variety of products available from Australia’s leading lending institutions.
And because you’re a first home buyer, you may be eligible for a first home buyer grant. This grant may be available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. As grant conditions vary from state to state, contact us to find out more about eligibility requirements in your state and how much grant money you could receive.
We will also liaise with the lender. It’s our job to do the hard work and you can focus on finding the right home for you. We’ll be there every step of the way to guide you through the entire home loan process – from application to approval.
That’s where we can help, we’ll do the legwork for you. We can compare home loans across a variety of products available from Australia’s leading lending institutions.
And because you’re a first home buyer, you may be eligible for a first home buyer grant. This grant may be available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. As grant conditions vary from state to state, contact us to find out more about eligibility requirements in your state and how much grant money you could receive.
We will also liaise with the lender. It’s our job to do the hard work and you can focus on finding the right home for you. We’ll be there every step of the way to guide you through the entire home loan process – from application to approval.
Expert Mortgage Advice However You Want It
How much can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Contact us today, we can help with calculations based on your circumstances
How do I know which mortgage is the best fit?
Our team guides you to loan types and features which will help you learn about the main options available. There are hundreds of different home loans available, so talk to us today
How can you help me get a mortgage?
Whatever your circumstances, we will look for a loan that’s right for you, not the lender. Send through a quick enquiry and we will be in touch.
Home-Buying Process
01.
Figure Out your Budget, Workout how much you Can Borrow, Research the true costs of buying
02.
Compare Home loans Choose a Home Loan Get Approval / Pre-approval
03.
Find a Property Building Inspection Make an Offer Review the Contract
04.
Exchange of Contracts Before Settlement Cooling-Off Period Settlement Day
First Time Buyers Options
Fixed-rate
- The interest rate is fixed for a certain period, usually the first one to five years of the loan. This means your regular repayments stay the same regardless of changes in interest rates. At the end of the fixed period you can decide whether to fix the rate again, at whatever rate lenders are offering, or move to a variable loan.
- Pros
- Your regular repayments are unaffected by increases in interest rates.
- You can manage your household budget better during the fixed period, knowing exactly how much is needed to repay your home loan
- Cons
- If interest rates go down, you don’t benefit from the decrease. Your regular repayments stay the same.
- You can end up paying more than someone with a variable loan if rates remain higher under your agreed fixed rate for a prolonged period.
- There is very limited opportunity for additional repayments during the fixed rate period.
- There may be significant break costs that you must pay if you exit the loan before the end of the fixed rate period.
Variable-rate
- Standard variable loans are the most popular home loan in Australia. Interest rates go up or down over the life of the loan depending on the official rate set by the Reserve Bank of Australia and funding costs and the individual decisions of each lender. Your regular repayments generally pay off both the interest and some of the principal.
- You may also be able to choose a basic variable loan, which offers a discounted interest rate but has fewer loan features, such as a redraw facility and repayment flexibility.
- Pros
- If interest rates fall, the size of your minimum repayments will too.
- Standard variable loans generally allow you to make extra repayments. Even small extra payments can cut the length and cost of your mortgage.
- Basic variable loans often don’t come with a redraw facility, removing the temptation to spend money you’ve already paid off your loan.
- Cons
- If interest rates rise, the size of your repayments will too.
- Increased loan repayments due to rate rises could impact your household budget, so make sure you take potential interest rate hikes into account when working out how much money to borrow.
- You need to be disciplined around the redraw facility on a standard variable loan. If you dip into it too often, it will take much longer and cost more to pay off your loan.
- If you have a basic variable loan, you may not be able to pay it off quicker or get access to money you have already repaid if you ever need it.
Interest Only
- You repay only the interest on the amount borrowed usually for the first one to five years of the loan, although some lenders offer longer terms. Because you’re not also paying off the principal, your monthly repayments are lower. At the end of the interest-only period, you begin to pay off both interest and principal. These loans are especially popular with investors who plan to pay off the principal when the property is sold. This strategy is usually reliant on the property having achieved capital growth before it is sold.
- Pros
- Lower regular repayments during the interest only period.
- If it is not a fixed rate loan, there may be flexibility to pay off, and possibly redraw, the principal at your convenience during the interest-only period.
- Cons
- The overall cost of the loan is likely to be significantly higher.
- At the end of the interest only period you have the same level of debt as when you started.
- If you’re not able to extend your interest-only period your repayments will increase at the end of the interest-only period.
- You could face a sudden increase in regular repayments at the end of the interest-only period.
Split Rate loans
- Your loan amount is split, so one part is variable, and the other is fixed. You decide on the proportion of variable and fixed. You enjoy some of the flexibility of a variable loan along with some of the certainty of a fixed rate loan.
- Pros
- Your regular repayments will vary less if interest rates increase, making it easier to budget.
- If interest rates fall, your regular repayments on the variable portion will too.
- You can generally repay the variable part of the loan quicker if you wish.
- Cons
- If interest rates rise, your regular repayments on the variable portion will too.
- Your additional repayments of the fixed rate portion will be limited.
- There may be significant break costs that you must pay if you exit the fixed portion of the loan early.