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First Home Buyers Buying your first home is exciting, but it can also be a little daunting. We’re here to make it as easy for you as possible, so we’ve provided this handy introduction to buying your first home. What’s the best loan for me? There are hundreds of possibilities out there to choose from. We can help you by working out what’s important to you in a home loan. We will let you know all the choices that suit you, as well as ways to save you money on your loan. We will analyse the available market from a wide range of lenders to find the one that's right for you. Our service to you is free. You can feel confident that you’re getting great advice without any hidden costs. How much deposit do I need? As a general rule, you need at least 3% of the property value for a deposit. While monetary gifts from family or friends are a great way to quickly save your deposit, most lenders will want you to show 3 - 6 months of regular savings history before they will approve your loan application. Don’t forget, you will need to consider legal fees, stamp duty and possibly, a one-off Lenders Mortgage Insurance fee (if you are borrowing more than 80% of the property value). At Australian First Finance we can help you structure a savings plan for your deposit, and we can also help you access the government’s First Home Owner Grant to put towards your deposit. Can I get the First Home Owner Grant? The First Home Owner Grant is a one-off State Government grant of $14,000 to $21,000 available to first home buyers who intend to live in the home they are purchasing. It is administered by the State Governments and is usually paid at settlement of the loan. Certain conditions do apply, and it’s a good idea to check if you’re eligible first. How much can I borrow? How much you can borrow depends on how much deposit you have, your current household income and what monthly expense commitments you have. What will my repayments be? Once we have worked out how much you can borrow, we will make sure you can comfortably afford the repayments. Australian First Finance is a full member of the Mortgage & Finance Association of Australia (MFAA). 26 Banks - Over 1000 Loan Facilities - ONE Conversation |