SlideShare uma empresa Scribd logo
1 de 10
Essential Tips for
First Home Buyers7 Essential Tips for
First Home Buyers7
1. How much deposit do I need?
You need at least
5%-10%
of the property
value as a deposit.
E.g. for a loan valued at $500,000
you would need at least $25,000.
Tip: You can borrow without a deposit using a guarantor loan or
ask your parents or a close relative to help with a gifted deposit.
2. How much does a home loan cost?
Getting a loan isn’t all about the interest rate. It also comes to the
additional costs that come with the purchase such as:
Purchase stamp duty
Mortgage stamp duty
Registration fees
Transfer fee
But wait, there’s more…
Lenders Mortgage Insurance: This is dependant on your loan amount.
Tip: Note that these costs may also include repairs or renovations to
the property, as well as council and water rate adjustments. Speak with
your conveyancer regarding the cost of buying the property.
Conveyancing costs:
$800-$1,500
Home Loan fees:
Up to $900
Inspections: Estimated
around $600
3. Can I get a First Home Owners Grant?
The First Home Owners Grant (FHOG) is a one-off grant designed
to help first home buyers get into the property market.
Each applicant must be a
real person, not a legal entity.
At least one applicant should hold a permanent
visa or be an Australian or NZ citizen.
All applicants must not have owned a residential
property in any state or territory before 1 July 2000.
Each applicant must be
at least 18 years of age.
At least one occupant will occupy the home continuously for at least 6 months,
commencing within 12 months of settlement or construction of the home.
As a general rule:
4. How much is LMI?
If your loan is for more than 80% of the purchase price,
you’ll have to pay Lenders Mortgage Insurance (LMI) as a
one-off fee to the lender when your loan is advanced.
Tip: Speak to a mortgage broker to find out if you qualify for a
90% LVR home loan plus LMI, this is where you capitalise or
“add” the cost of LMI onto your loan to avoid the cost upfront.
5. Which documents will I need to provide?
You need to provide certain documents as evidence of your income:
You may also need these additional documents, depending on your situation:
Tip: Make sure all of your documents are up to date and legible.
Approval of your loan depends a lot on the accuracy of these documents.
Gift letterAn accountant’s letter Default explanation letter
Payslips or an
employment letter
Bank statements Tax returns
Your ID: citizenship, passport
or Australian driving licence
6. Which mortgage is right for me?
Recognising why you need a loan means you can match
yourself with a mortgage that best fits your needs.
Tip: Think carefully about your options before simply going
to your bank and picking the first home loan you see.
want to make extra repayments?
want to redraw any extra
repayments you’ve made?
want easy access to your funds?
For instance, do you:
7. How can a mortgage broker help me?
Mortgage brokers will help you avoid spur of the moment
decisions that can put your dreams of buying a home at risk.
They can objectively assess your needs and their services are usually free!
CLICK HERE TO LEARN MORE ABOUT
7 THINGS EVERY FIRST HOME
BUYER NEEDS TO KNOW
CLICK HERE TO LEARN MORE ABOUT
7 THINGS EVERY FIRST HOME
BUYER NEEDS TO KNOW
Share on Facebook Share on Google+Share on Twitter
Download Slide

Mais conteúdo relacionado

Destaque

Brosyre ferieleilighet i Vrboska - øya Hvar Kroatia
Brosyre  ferieleilighet i Vrboska - øya Hvar KroatiaBrosyre  ferieleilighet i Vrboska - øya Hvar Kroatia
Brosyre ferieleilighet i Vrboska - øya Hvar KroatiaBarbara Salopek
 
Hustler's Guide to Lenders Mortgage Insurance
Hustler's Guide to Lenders Mortgage InsuranceHustler's Guide to Lenders Mortgage Insurance
Hustler's Guide to Lenders Mortgage InsuranceHome Loan Experts
 
Top 10 Reasons why Buyers Cancel Escrow in Real Estate
Top 10 Reasons why Buyers Cancel Escrow in Real EstateTop 10 Reasons why Buyers Cancel Escrow in Real Estate
Top 10 Reasons why Buyers Cancel Escrow in Real EstateConnor T. MacIVOR
 
6 Simple Strategies to Improve your Credit Score
6 Simple Strategies to Improve your Credit Score6 Simple Strategies to Improve your Credit Score
6 Simple Strategies to Improve your Credit ScoreZillow
 
#10 Designer Home Fabrics for Your Home Decor
#10 Designer Home Fabrics for Your Home Decor#10 Designer Home Fabrics for Your Home Decor
#10 Designer Home Fabrics for Your Home DecorFabrics And Rugs Online
 
What to Know Before Buying a Home
What to Know Before Buying a HomeWhat to Know Before Buying a Home
What to Know Before Buying a HomeExperian_US
 
Housing - Buying vs. Renting
Housing - Buying vs. RentingHousing - Buying vs. Renting
Housing - Buying vs. Rentingbartlettfcs
 

Destaque (8)

Brosyre ferieleilighet i Vrboska - øya Hvar Kroatia
Brosyre  ferieleilighet i Vrboska - øya Hvar KroatiaBrosyre  ferieleilighet i Vrboska - øya Hvar Kroatia
Brosyre ferieleilighet i Vrboska - øya Hvar Kroatia
 
Hustler's Guide to Lenders Mortgage Insurance
Hustler's Guide to Lenders Mortgage InsuranceHustler's Guide to Lenders Mortgage Insurance
Hustler's Guide to Lenders Mortgage Insurance
 
Top 10 Reasons why Buyers Cancel Escrow in Real Estate
Top 10 Reasons why Buyers Cancel Escrow in Real EstateTop 10 Reasons why Buyers Cancel Escrow in Real Estate
Top 10 Reasons why Buyers Cancel Escrow in Real Estate
 
6 Simple Strategies to Improve your Credit Score
6 Simple Strategies to Improve your Credit Score6 Simple Strategies to Improve your Credit Score
6 Simple Strategies to Improve your Credit Score
 
#10 Designer Home Fabrics for Your Home Decor
#10 Designer Home Fabrics for Your Home Decor#10 Designer Home Fabrics for Your Home Decor
#10 Designer Home Fabrics for Your Home Decor
 
What to Know Before Buying a Home
What to Know Before Buying a HomeWhat to Know Before Buying a Home
What to Know Before Buying a Home
 
Housing - Buying vs. Renting
Housing - Buying vs. RentingHousing - Buying vs. Renting
Housing - Buying vs. Renting
 
Buyer Presentation
Buyer PresentationBuyer Presentation
Buyer Presentation
 

Último

Kalpataru Jade Skyline Baner Pune | A New Way Of Living At An Affordable Price
Kalpataru Jade Skyline Baner Pune | A New Way Of Living At An Affordable PriceKalpataru Jade Skyline Baner Pune | A New Way Of Living At An Affordable Price
Kalpataru Jade Skyline Baner Pune | A New Way Of Living At An Affordable Priceaidasheikh47
 
Points to Consider Before Finalizing on a Property.
Points to Consider Before Finalizing on a Property.Points to Consider Before Finalizing on a Property.
Points to Consider Before Finalizing on a Property.Sunil Agrawal and Associates
 
Presentation of 2023 Results domdev.pptx
Presentation of 2023 Results domdev.pptxPresentation of 2023 Results domdev.pptx
Presentation of 2023 Results domdev.pptxklaudiafilka
 
3 BHK Flats in Zirakpur for Sale - AJ Estates
3 BHK Flats in Zirakpur for Sale - AJ Estates3 BHK Flats in Zirakpur for Sale - AJ Estates
3 BHK Flats in Zirakpur for Sale - AJ EstatesAJ Estates
 
LCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedLCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedTom Blefko
 
Anshul Kanvas Wagholi Pune Apartments Brochure.pdf
Anshul Kanvas Wagholi Pune Apartments Brochure.pdfAnshul Kanvas Wagholi Pune Apartments Brochure.pdf
Anshul Kanvas Wagholi Pune Apartments Brochure.pdfsabhyara24
 
Acqua Eden Bhutani Goa Brochure Download
Acqua Eden Bhutani Goa Brochure DownloadAcqua Eden Bhutani Goa Brochure Download
Acqua Eden Bhutani Goa Brochure DownloadMKBInfotech
 
Provident Manchester IVC Road Bangalore.pdf
Provident Manchester IVC Road Bangalore.pdfProvident Manchester IVC Road Bangalore.pdf
Provident Manchester IVC Road Bangalore.pdfashiyadav24
 
K Raheja Amaltis Sion Mumbai | A Return To Better Living
K Raheja Amaltis Sion Mumbai | A Return To Better LivingK Raheja Amaltis Sion Mumbai | A Return To Better Living
K Raheja Amaltis Sion Mumbai | A Return To Better Livingaidasheikh47
 
Common House Flipping Mistakes and How to Avoid Them
Common House Flipping Mistakes and How to Avoid ThemCommon House Flipping Mistakes and How to Avoid Them
Common House Flipping Mistakes and How to Avoid ThemHampton Luzak
 
Mahindra Lifespaces Kandivali East | Expansive spaces for your family
Mahindra Lifespaces Kandivali East | Expansive spaces for your familyMahindra Lifespaces Kandivali East | Expansive spaces for your family
Mahindra Lifespaces Kandivali East | Expansive spaces for your familyaidasheikh47
 
Commercial Lots for Sale - Pederson Crossing Blvd., DeForest,WI
Commercial Lots for Sale - Pederson Crossing Blvd., DeForest,WICommercial Lots for Sale - Pederson Crossing Blvd., DeForest,WI
Commercial Lots for Sale - Pederson Crossing Blvd., DeForest,WILee & Associates of Madison, WI
 
Kohinoor Uptown Avenue at Punawale Pune - Brochure.pdf
Kohinoor Uptown Avenue at Punawale Pune - Brochure.pdfKohinoor Uptown Avenue at Punawale Pune - Brochure.pdf
Kohinoor Uptown Avenue at Punawale Pune - Brochure.pdfmonikasharma630
 
10 Best Property Dealers in Mohali - List Real Estate Property Agents
10 Best Property Dealers in Mohali - List Real Estate Property Agents10 Best Property Dealers in Mohali - List Real Estate Property Agents
10 Best Property Dealers in Mohali - List Real Estate Property AgentsAJ Estates
 
LCAR Unit 15 - Agency in Real Estate - 14th Edition Revised
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedLCAR Unit 15 - Agency in Real Estate - 14th Edition Revised
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
 
Evolving Work Trends Require New-age Businesses to Design Thoughtful Workspac...
Evolving Work Trends Require New-age Businesses to Design Thoughtful Workspac...Evolving Work Trends Require New-age Businesses to Design Thoughtful Workspac...
Evolving Work Trends Require New-age Businesses to Design Thoughtful Workspac...GMRAerocityHyderabad
 
2 BHK Flats In Zirakpur For Sale - AJ Estates
2 BHK Flats In Zirakpur For Sale - AJ Estates2 BHK Flats In Zirakpur For Sale - AJ Estates
2 BHK Flats In Zirakpur For Sale - AJ EstatesAJ Estates
 
2023 NAR Profile of Home Buyers and Sellers
2023 NAR Profile of Home Buyers and Sellers2023 NAR Profile of Home Buyers and Sellers
2023 NAR Profile of Home Buyers and SellersTom Blefko
 
4 & 5 BHK Spacious Apartments for sale in Anamika High Point, Off SG Highway ...
4 & 5 BHK Spacious Apartments for sale in Anamika High Point, Off SG Highway ...4 & 5 BHK Spacious Apartments for sale in Anamika High Point, Off SG Highway ...
4 & 5 BHK Spacious Apartments for sale in Anamika High Point, Off SG Highway ...RE/MAX Realty Solutions
 

Último (20)

Kalpataru Jade Skyline Baner Pune | A New Way Of Living At An Affordable Price
Kalpataru Jade Skyline Baner Pune | A New Way Of Living At An Affordable PriceKalpataru Jade Skyline Baner Pune | A New Way Of Living At An Affordable Price
Kalpataru Jade Skyline Baner Pune | A New Way Of Living At An Affordable Price
 
Points to Consider Before Finalizing on a Property.
Points to Consider Before Finalizing on a Property.Points to Consider Before Finalizing on a Property.
Points to Consider Before Finalizing on a Property.
 
Presentation of 2023 Results domdev.pptx
Presentation of 2023 Results domdev.pptxPresentation of 2023 Results domdev.pptx
Presentation of 2023 Results domdev.pptx
 
3 BHK Flats in Zirakpur for Sale - AJ Estates
3 BHK Flats in Zirakpur for Sale - AJ Estates3 BHK Flats in Zirakpur for Sale - AJ Estates
3 BHK Flats in Zirakpur for Sale - AJ Estates
 
LCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedLCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised
LCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised
 
Anshul Kanvas Wagholi Pune Apartments Brochure.pdf
Anshul Kanvas Wagholi Pune Apartments Brochure.pdfAnshul Kanvas Wagholi Pune Apartments Brochure.pdf
Anshul Kanvas Wagholi Pune Apartments Brochure.pdf
 
Acqua Eden Bhutani Goa Brochure Download
Acqua Eden Bhutani Goa Brochure DownloadAcqua Eden Bhutani Goa Brochure Download
Acqua Eden Bhutani Goa Brochure Download
 
Provident Manchester IVC Road Bangalore.pdf
Provident Manchester IVC Road Bangalore.pdfProvident Manchester IVC Road Bangalore.pdf
Provident Manchester IVC Road Bangalore.pdf
 
K Raheja Amaltis Sion Mumbai | A Return To Better Living
K Raheja Amaltis Sion Mumbai | A Return To Better LivingK Raheja Amaltis Sion Mumbai | A Return To Better Living
K Raheja Amaltis Sion Mumbai | A Return To Better Living
 
Common House Flipping Mistakes and How to Avoid Them
Common House Flipping Mistakes and How to Avoid ThemCommon House Flipping Mistakes and How to Avoid Them
Common House Flipping Mistakes and How to Avoid Them
 
Mahindra Lifespaces Kandivali East | Expansive spaces for your family
Mahindra Lifespaces Kandivali East | Expansive spaces for your familyMahindra Lifespaces Kandivali East | Expansive spaces for your family
Mahindra Lifespaces Kandivali East | Expansive spaces for your family
 
Commercial Lots for Sale - Pederson Crossing Blvd., DeForest,WI
Commercial Lots for Sale - Pederson Crossing Blvd., DeForest,WICommercial Lots for Sale - Pederson Crossing Blvd., DeForest,WI
Commercial Lots for Sale - Pederson Crossing Blvd., DeForest,WI
 
Kohinoor Uptown Avenue at Punawale Pune - Brochure.pdf
Kohinoor Uptown Avenue at Punawale Pune - Brochure.pdfKohinoor Uptown Avenue at Punawale Pune - Brochure.pdf
Kohinoor Uptown Avenue at Punawale Pune - Brochure.pdf
 
10 Best Property Dealers in Mohali - List Real Estate Property Agents
10 Best Property Dealers in Mohali - List Real Estate Property Agents10 Best Property Dealers in Mohali - List Real Estate Property Agents
10 Best Property Dealers in Mohali - List Real Estate Property Agents
 
LCAR Unit 15 - Agency in Real Estate - 14th Edition Revised
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedLCAR Unit 15 - Agency in Real Estate - 14th Edition Revised
LCAR Unit 15 - Agency in Real Estate - 14th Edition Revised
 
Evolving Work Trends Require New-age Businesses to Design Thoughtful Workspac...
Evolving Work Trends Require New-age Businesses to Design Thoughtful Workspac...Evolving Work Trends Require New-age Businesses to Design Thoughtful Workspac...
Evolving Work Trends Require New-age Businesses to Design Thoughtful Workspac...
 
2 BHK Flats In Zirakpur For Sale - AJ Estates
2 BHK Flats In Zirakpur For Sale - AJ Estates2 BHK Flats In Zirakpur For Sale - AJ Estates
2 BHK Flats In Zirakpur For Sale - AJ Estates
 
2023 NAR Profile of Home Buyers and Sellers
2023 NAR Profile of Home Buyers and Sellers2023 NAR Profile of Home Buyers and Sellers
2023 NAR Profile of Home Buyers and Sellers
 
4 & 5 BHK Spacious Apartments for sale in Anamika High Point, Off SG Highway ...
4 & 5 BHK Spacious Apartments for sale in Anamika High Point, Off SG Highway ...4 & 5 BHK Spacious Apartments for sale in Anamika High Point, Off SG Highway ...
4 & 5 BHK Spacious Apartments for sale in Anamika High Point, Off SG Highway ...
 
Benefits of buying ready to move in flats.
Benefits of buying ready to move in flats.Benefits of buying ready to move in flats.
Benefits of buying ready to move in flats.
 

7 Things Every First Home Buyer Needs To Know

  • 1. Essential Tips for First Home Buyers7 Essential Tips for First Home Buyers7
  • 2. 1. How much deposit do I need? You need at least 5%-10% of the property value as a deposit. E.g. for a loan valued at $500,000 you would need at least $25,000. Tip: You can borrow without a deposit using a guarantor loan or ask your parents or a close relative to help with a gifted deposit.
  • 3. 2. How much does a home loan cost? Getting a loan isn’t all about the interest rate. It also comes to the additional costs that come with the purchase such as: Purchase stamp duty Mortgage stamp duty Registration fees Transfer fee
  • 4. But wait, there’s more… Lenders Mortgage Insurance: This is dependant on your loan amount. Tip: Note that these costs may also include repairs or renovations to the property, as well as council and water rate adjustments. Speak with your conveyancer regarding the cost of buying the property. Conveyancing costs: $800-$1,500 Home Loan fees: Up to $900 Inspections: Estimated around $600
  • 5. 3. Can I get a First Home Owners Grant? The First Home Owners Grant (FHOG) is a one-off grant designed to help first home buyers get into the property market. Each applicant must be a real person, not a legal entity. At least one applicant should hold a permanent visa or be an Australian or NZ citizen. All applicants must not have owned a residential property in any state or territory before 1 July 2000. Each applicant must be at least 18 years of age. At least one occupant will occupy the home continuously for at least 6 months, commencing within 12 months of settlement or construction of the home. As a general rule:
  • 6. 4. How much is LMI? If your loan is for more than 80% of the purchase price, you’ll have to pay Lenders Mortgage Insurance (LMI) as a one-off fee to the lender when your loan is advanced. Tip: Speak to a mortgage broker to find out if you qualify for a 90% LVR home loan plus LMI, this is where you capitalise or “add” the cost of LMI onto your loan to avoid the cost upfront.
  • 7. 5. Which documents will I need to provide? You need to provide certain documents as evidence of your income: You may also need these additional documents, depending on your situation: Tip: Make sure all of your documents are up to date and legible. Approval of your loan depends a lot on the accuracy of these documents. Gift letterAn accountant’s letter Default explanation letter Payslips or an employment letter Bank statements Tax returns Your ID: citizenship, passport or Australian driving licence
  • 8. 6. Which mortgage is right for me? Recognising why you need a loan means you can match yourself with a mortgage that best fits your needs. Tip: Think carefully about your options before simply going to your bank and picking the first home loan you see. want to make extra repayments? want to redraw any extra repayments you’ve made? want easy access to your funds? For instance, do you:
  • 9. 7. How can a mortgage broker help me? Mortgage brokers will help you avoid spur of the moment decisions that can put your dreams of buying a home at risk. They can objectively assess your needs and their services are usually free!
  • 10. CLICK HERE TO LEARN MORE ABOUT 7 THINGS EVERY FIRST HOME BUYER NEEDS TO KNOW CLICK HERE TO LEARN MORE ABOUT 7 THINGS EVERY FIRST HOME BUYER NEEDS TO KNOW Share on Facebook Share on Google+Share on Twitter Download Slide