Are you looking to buy your first home but aren’t quite sure where to start? While an exciting rite of passage for many Australian’s, there’s no denying how stressful and overwhelming the initial stages of securing your first home can be. From researching the area, planning your budget and knowing your limitations to investigating loan types and comparing lenders to find the best first home buyers home loan in Melbourne.
With a trusted Make Wealth Mortgage Broker by your side, you can rest assured that you will be entering the property market with expert financial advice and the best home loan options suitable to your lifestyle and requirements.
Why choose Make Wealth?
When it comes to large investments, it is best not to do it alone. With Make Wealth’s FREE expert advice and mortgage broking services, we will best position you to confidently enter the property market by finding the very best first home buyers home loan in Melbourne based on your unique needs and requirements. As part of our completely FREE service, we can assist you with the following:
- Comparing Lender options
- Comparing home loan products and types
- Explaining the hidden costs, fine print and Terms & Conditions
- Working one-on-one with our valued clients to better understand their finances, budget, lifestyle and goals.
- Thoroughly explaining the home loan process
- Assisting with securing a home loan – from the application phase to the final approval
1. Saving your deposit
To purchase a home, you are required to have a minimum deposit of 5% on your home loan. Once you have worked out how much you can afford in monthly repayments, your Make Wealth Broker can determine your borrowing power.
It’s important to be aware that the more money you can save, the better. Why? With greater savings comes greater buying power as it will help you achieve security with lenders and reduce your monthly repayments. If you have a larger deposit on your home loan, you have more power to seek a lower interest rate and have a wider selection of home loan choices.
2. Lenders Mortgage Insurance
If you cannot save up a 20% deposit for your home loan, you are required to get Lender’s Mortgage Insurance (LMI). LMI protects the financial institution against financial loss in case of an instance where you are financially unable to repay your loan.
3. First Home Buyers Grant
This government initiative gives first home buyers $10,000 towards their home loan of $750,000 or less. First home buyers can put this towards their deposit to reduce their home loan and LMI.
4. Excess costs associated with buying a home
In addition to saving a deposit for the home, you wish to purchase, first home buyers are also required to cover a range of additional costs. These include:
- Stamp duty
- Legal/ Conveyancing fees
- Home loan application fees
- Pest and building inspections
- Utility connections
When deciding on how much you can afford, you must also take into account the one-off and ongoing fees associated with a first home buyers home loan in Melbourne.
What are you waiting for? Get the home of your dreams today! For FREE expert advice and assistance in securing the right first home buyers loan in Melbourne, contact us today on 0449 978 675 or [email protected].