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9 Of The Most Frequently Asked Questions First-Home Buyers Ask Us

We've compiled answers to the 9 most frequently asked questions we get asked by first-time home buyers. Whether you're curious about deposits, mortgage options, or the entire process itself, we've got you covered. Gain valuable insights and expert advice to navigate the exciting path to homeownership.

Let's delve into our top 9 FAQ's first-home buyers ask us, to help you navigate the home loan process.

  1.     How much can I borrow?

We recognise that each individual’s financial circumstances and borrowing needs are unique. Connect with us to gain insights tailored to your situation.

 

  1.     Should I get pre-approved for a home loan before house hunting?

Yes, getting pre-approved gives you a clear understanding of your budget and strengthens your negotiating position with sellers. It’s a conditional approval based on your financial situation, subject to property valuation.

 

  1.     How much deposit will I need?

Typically ranging between 5% and 10% of the property’s value, the deposit is a vital aspect. Reach out to us for a discussion on deposit options suitable for your situation.

 

  1.     What is lender mortgage insurance (LMI)?

LMI is insurance that protects the lender in case you’re unable to repay your home loan. It’s required if your deposit is less than 20% of the property’s value and is often added to your loan amount.

 

  1.     What will my estimated repayment be?

Explore our Repayment Calculator for a preliminary estimate. Given the array of loan products, including those with enticing introductory rates, our experts are here to guide you toward a loan setup that aligns seamlessly with your goals.

 

  1.     Am I eligible for the First Home Owner Grant

This grant is accessible to Australian citizens and permanent residents venturing into first-home ownership. Contact us directly to unravel the eligibility prerequisites in your state and discover the potential grant amount.

 

  1.     What Fees and Costs do I need to budget for?

Purchasing a property entails various fees and costs. To steer clear of surprises, consult the list below for a glimpse into the common expenditures:

Stamp duty: This substantial fee varies by state and property value. Estimate your stamp duty using our Stamp Duty Calculator.

Legal and conveyancing fees: Typically ranging from $1,200 to $2,000, these fees encompass legal formalities, including title searches.

Building inspection: Essential for identifying structural concerns, this inspection, costing up to $1,000, allows you to withdraw from the purchase if issues arise.

Pest inspection: Ensure property integrity with this inspection, costing up to $500, and potentially granting withdrawal options if infestations are found.

Lender costs: Most lenders levy establishment fees and administrative charges, generally totalling around $600 to $800.

Moving expenses: Include the cost of a removalist if needed.

Lenders Mortgage Insurance: Required for loans exceeding 80% of the property’s value.

Ongoing expenses: Strata fees (if applicable), council and water rates, loan repayments, and building and contents insurance, are integral factors to consider.

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