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First Home Buyers

First Home Buyer’s Grants

Around half of Loan Market’s home finance clients are first home buyers. That’s why we work closely with real estate networks like Ray White to ensure you get the best possible home loan from our extensive panel of banks and lenders to match your first home.

There are 5 important things first home buyers need to know which will help get the best home loan possible.

1. Talk to a good mortgage broker about your options

The fastest way for a first home buyer to get a good understanding of what your home finance options are is to talk to a good mortgage broker. They will help you to understand how the process of how getting a home loan works including fees and charges, how banks and lenders calculate the amount you can borrow and how much deposit you need. They will help you get home loan pre-approval and will then help you negotiate both the best home loan in the first place and then help you with the submission of all the forms and advices. You can contact a good mortgage broker from this site right now or read on to find out a bit more about the different things you need to know or do.

2. Find out how much you can borrow

There are a number of factors taken into account when determining how much you can borrow (your borrowing capacity). These include, but are not limited, to your income, credit history, family situation and employment history. It is important to know exactly how much you can borrow before you start looking for a home. Take a look at the how much can I borrow calculator or call us on 13LOAN to find out how much you can borrow.

3. First Home Buyer Deposit Options

Different banks and lenders require different deposit amounts, from 0% to 20%. Many first home buyers use the government First Home Buyer’s Grant as part of their deposit as well. You can find out more about deposits on this site or contact a good mortgage broker.

4. Home Loan Pre-approval

Getting home loan pre-approval is not only relatively simple, it pretty much gives you surety of borrowing position. While your home loan pre-approval still needs the valuation of the home you choose to stack up, it is nearly as good as a fully approved loan. You can apply to get home loan pre-approval on line and a local mortgage broker will come to see you and organise it for you.

5. First Home Buyer Grants and Benefits

To help first home buyers enter the property market, various grants, concessions and benefit schemes are available in Australia and New Zealand. The First Home Owners Grant, an Australian Federal Government initiative, is a one-off, tax free grant made available to all first home buyers who meet eligibility criteria. Individual state and territory governments offer additional grants and duty concessions to first home buyers.

In New Zealand, as part of the KiwiSaver initiative, a Deposit Subsidy has been established to assist in the cost of a home loan deposit. The first subsidies will be paid out in 2010 to people who started KiwiSaver contributions in 2007.

For more information about first home buyer grants and concessions and eligibility requirements in your area or state see First Home Buyer Help.

More Information on Choosing the Right Home Finance

For more information on home finance in your best interest, simply fill in a contact form and we will have a home finance broker in contact with you within two business hours. Alternatively, call us at any time on 13LOAN or for overseas callers +61 2 90188417.