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Buying Your First Home
Purchasing your first home is a thrilling milestone. It allows you to create a space that is truly yours while also investing in a property that can build your financial future. Here’s why working with a Loan Easy broker can make the process smoother and more efficient.
Why Choose a Loan Easy Broker?
Partnering with a Loan Easy broker provides several key benefits:
- Clarity on Borrowing Capacity: A broker helps you understand your borrowing limit, enabling you to refine your search and bid confidently.
- Tailored Loan Options: Receive a curated list of loan options suited to your specific circumstances and financial goals.
- Optimized Application: Ensure your loan application is well-prepared to increase the likelihood of approval.
- Grant and Concession Guidance: Determine your eligibility for first-home buyer grants and stamp duty concessions.
What Deposit Do I Need?
Aiming for a 20% deposit is a good strategy to avoid lenders mortgage insurance (LMI). However, some lenders may approve loans with as little as a 5% deposit. Besides the deposit, factor in additional costs such as stamp duty and legal fees.
First-home buyers may qualify for grants and concessions in their state or territory, which can reduce the required deposit. Utilize our budget planning calculator to set and achieve your savings goal.
How Much Can I Borrow?
Your borrowing capacity depends on several factors including your income, existing liabilities, credit history, assets, and savings record. Lenders assess these to determine their risk and your borrowing power.
Finding the Right Home Loan
With thousands of home loan products available, choosing the right one involves considering various factors such as loan term, features (like an offset account), and whether you prefer a variable, fixed, or split interest rate. Your Loan Easy broker will recommend a shortlist of home loans that fit your unique situation, comparing over 60 lenders to find the best match for your needs.
First Home Buyer Grants
First-home buyer grants vary by state or territory, offering one-time payments to eligible purchasers. The amount and eligibility criteria differ across regions. Some states also provide stamp duty concessions to first-home buyers.
Is Pre-Approval Necessary?
Obtaining pre-approval from a lender can be beneficial. It provides a conditional commitment on how much you can borrow, helping you focus on properties within your budget and signaling to sellers that you are a serious buyer. Pre-approvals are typically valid for around three months and are subject to your financial situation remaining unchanged.
Understanding Stamp Duty
Stamp duty is a government tax on property sales, calculated as a percentage of the purchase price. The rate varies by state or territory, but many regions offer concessions to first-home buyers.
By working with a Loan Easy broker, you can navigate the home buying process with greater confidence and ease, ensuring you find the right loan and take advantage of any available grants or concessions.
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