First home buyer?
Some things you should know...
The basics of deposits, grants, lender checks, repayments and getting ready before you make an offer.
Buying your first home can feel exciting and overwhelming
There is a lot of noise, opinions and information out there. This guide is here to give you the basics clearly, simply and without the confusion.
Before you fall in love with a property
The biggest mistake I see is falling in love with a home before knowing your numbers.
Before you start inspecting or making offers, it helps to understand what you can borrow, know your position and have a plan in place.
Get pre approved. Costs you nothing, makes all the difference in the world.
Know your numbers
Be prepared.
Have a plan.
Get Pre-Approved.
Deposits: what you actually need
You don’t always need a 20% deposit to buy a home.
While 20% is ideal and can help you avoid LMI (Lenders Mortgage Insurance), many lenders accept 5% to 10%.
And in some situations, you may even be able to purchase with as little as 2%.
- Deposit amount, usually 5% to 20% depending on your situation
- Stamp duty, if applicable
- Legal and settlement costs
- Buffer for moving, setup and life after settlement
Grants & schemes
You may be eligible for support depending on your situation. The important part is not just whether you qualify, but whether it actually suits your plan.
Good news? there might be some help out there to make your first home dream a reality.
- First Home Owner Grant
- Stamp duty concessions
- Australian Government 5% Deposit Scheme
- Guarantors
What lenders actually look at
It is not just your income. Lenders assess the full picture.
- Employment and job stability
- Living expenses
- Existing debts such as credit cards, car loans or HECS
- Savings behaviour and credit history
Just because you can borrow it…
does not mean you should
A good loan should fit your lifestyle, leave room to breathe and not keep you up at night.
Pre-approval matters more than you think
It gives you confidence, clarity and a smoother buying process.
It helps when you speak to a real estate agent or want to put an offer on a property.
Not all pre-approvals are equal, so it helps to get guidance before you rely on one.
Getting ready for your first meeting
You do not need to have everything perfect. The first step is usually just a conversation.
- Recent payslips or income details
- Approximate savings amount
- List of any debts and expenses
- Idea of your property goals
- Any questions you are worried about asking
You do not have to figure this out alone
My role is to simplify the process, explain your options and help you move forward with confidence.
Mortgage broker for first home buyers, refinancers and investors.
Call 0410 446 041 | liran.morris@mortgagematrix.com.au
Australia-wide service.
* The information on this website is general in nature and does not take into account your personal objectives, financial situation or needs. Lending criteria, fees, terms and conditions apply. You should consider whether any information or product is appropriate for your circumstances before making financial decisions.
** Liran Morris (Credit Representative 548043) is authorised under Australian Credit Licence 389328. Australian Credit Licence held by Connective Credit Services Pty Ltd.