First Home Buyer Guide
Buying your first home will be one of your most significant financial milestones, and there are many ways you can achieve this. We have plenty of tips for first home buyers to ensure you're informed at every stage of your journey.
First Home Buyer Guide
Buying your first home will be one of your most significant financial milestones, and there are many ways you can achieve this. We have plenty of tips for first home buyers to ensure you're informed at every stage of your journey.
- Finance Journey
- Deposit Options
- Types of Home Loans
Step 1: Get home loan healthy
Get home loan healthy
Step 2: Set your budget
Step 3: Supply supporting documents
We’ve invested in technology to ease the collection of these documents and minimise the time and stress involved in this process.
Step 4: Choose a lender
- Step 5: Obtain pre-approval
- Step 6: Purchase a property
- Step 7: Valuation
- Step 8: Bank Approval
- Step 9: Mortgage contracts
- Step 10: Final Checks
- Step 11: Settlement
- Step 12: Congratulations
Once submitted, the lender will typically take 3-5 business days to assess your loan application.
If the lender is happy with your loan application, they will issue you a ‘pre-approval.’ This means you have essentially ticked 6 out of the 8 required boxes, which include your income, savings, credit history, living expenses, account conduct with only satisfactory security (property) and valuation of the security outstanding to obtain full loan approval. Note: The lender will need to reassess your income, savings, credit history, living expenses and account conduct once you have secured a property.
Note: There is nothing you need to do for settlement. Your legal representative will complete this on your behalf.
There’s no one-size-fits-all when it comes to home loan deposits.
There’s no one-size-fits-all when it comes to home loan deposits.
We explore how much of a deposit you need for a home loan, along with the different deposit options that may be worth considering or exploring further below.
Low deposit home loan​
Lenders impose two additional requirements with low deposit home loans. They require the borrower to show evidence of 5 per cent ‘genuine savings’ and to purchase Lenders Mortgage Insurance (LMI).
Although they impose some additional requirements, low deposit home loans have some key advantages, which include the following:
– You can enter the property market sooner due to not needing to save the full 20%
– Additional funds left over for personal use such as renovations or investing
Guarantor and other deposit options​
The guarantor does not physically hand over the deposit to you – the lender will register a mortgage against the guarantor’s property or asset for the deposit. This can be up to 25 per cent of the purchase price of your property.
If your guarantor does not have an existing property or sufficient equity, but they have some savings, they can provide you with a non-refundable gift that can go towards your deposit.
First Home Buyer Government Incentives
required deposit.
âž” VIC
âž” QLD
âž” NSW
âž” ACT
âž” NT
âž” SA
âž” WA
âž” TAS
How much can I borrow?
Types of home loans
Types of home loans
Variable rate loans
Variable home loans are where your interest rate will vary with market changes. This may mean that your minimum repayments will vary, generally inline with the cash rate set by the RBA.
Variable rate loans can be a great option for many customers, the advantages include:
âž” Save money if interest rates go down over the course of the loan.
âž” Capturing a lower initial rate
Deciding what’s right for you can be a difficult decision, however our team work tirelessly to find the solution that best fits you and your goals.
Fixed rate loans
The benefits of a fixed rate loan include:
➔ Certainty of repayments
âž” Locking in a lower interest rate before rises
Our team of mortgage brokers can work with you to find the right outcome for your needs.
Construction Loans
Guarantor Loans
âž” Get into the market soonerFind out if a guarantor loan is right for you by reaching out to any one of our specialist mortgage brokers today.
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Why Choose Inovayt
Simple
Flexible
Solutions-driven
Simple
We understand it can be challenging to apply for finance for your first home, but it doesn’t have to be. Our experienced team can help you easily apply for a loan that suits your individual needs.Flexible
We understand that everyone has different needs, schedules and availability. We’re happy to meet face to face, over the phone or online at a time that suits you.Solutions-driven
Let us help make your first home dream a reality. Our end-to-end financial solutions can support you throughout any stage of your life journey.Our experienced and friendly team can provide you with lifetime financial solutions by understanding your individual needs and goals.
1300 354 355
info@inovayt.com.au
Start your journey, contact Inovayt today
1300 354 355
info@inovayt.com.au