First home buyers in Australia can choose from a range of mortgage products. But, it's not just the home loan to consider. There is also currently a boost to the first home owners grant. The process of getting a first home loan takes many forms. You need to think about how much you want to borrow, how much you can afford to borrow, where you want to buy and which lender to choose. 
Getting a home loan as a first home buyer can be tricky all by yourself. The main things banks look for is your income, your expenses, any outstanding debt, credit history and your savings record. As a first home buyer you must look at saving as much of a deposit as possible too, as you wont have existing assets such as equity in an existing home. Clear up any outstanding debts, organise regular savings if you are not already, and look at your expenses to see if there are any you can go without. The trick is to put forward the best application possible and that means less debt, less expenses and more savings.
Saving for a deposit can be the biggest hurdle. Now that most lenders have stopped offering no deposit home loans, you are required to have at least a 10 per cent deposit. So if you are looking to borrow $350,000 then you need to save a deposit of $35,000. Start saving now! If you have some savings already, and you are eligible for the first home owner's grant (FHOG) then this is possible. You can claim $14,000 for an established home, and $21,000 for a newly built home. You must live in the property for at least six months in the first year after purchase to get the grant. You must also be an Australian Citizen and have not claimed the FHOG before. The boost is available in full until September 30th, after which it is reduced. Then, after December 30th the grant reverts to it's original $7,000 and $14,000. There are also
stamp duty concessions for first home buyers that vary in each state.
Our team of mortgage brokers are ready to help you with your home loan. We work with first home buyers everyday to help then achieve their property dreams. We can offer constructive and helpful ways to maximise your deposit, as well as help find you a great home loan that works.
We have so many years of experience in the home loan market, and there is a mortgage broker local to you who understands the local market well. So wherever you are looking to buy, your local mortgage broker will know exactly the right way to go about it. You can count on our team to work harder for you. Your personal and local mortgage broker is supported by a team of staff who work on all aspects of your home loan application. If you are ready to buy your first home, or you simply want more information about how much the banks will lend you, call us today on 1300 787 665 or fill in the form. You can be on your way to owning your own home sooner than you think.