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Most lenders will want to see that you are able to save consistently and will usually require your last six months
saving history prior to considering you for a loan. If you are able to afford the repayments some lenders will loan
you up to 95% of the property purchase price. They may even allow you to add mortgage insurance costs to
the loan meaning you may be able to borrow up to 97% of the property value. Either way the lender will require
you to have at least 5% of the property value in genuine savings as well as enough money available to cover the
other costs of purchasing a property.
It is extremely important to sit down with a Mortgage Professional and arrange a pre-approval for home loan
finance prior to looking for a property so you know the maximum amount you can borrow and any conditions
the lender would require to meet for finance.
Buyers will need to have funds available to cover a number of costs before settlement. These costs include a
deposit, lenders mortgage insurance, stamp duty, loan set up fees, conveyancing, settlement fees, inspection
costs, valuations and home insurance. Your Mortgage Professional will explain these costs in detail.
There are several government incentives and benefits available to provide a helping hand. What is available to
First Home Buyers depends on the State they are in and their individual circumstance. These include:
First Home Savers Account
Reduced Stamp Duty
First Home Owners Grant
To find out more information on what may be available visit www.firsthome.gov.au
Your Mortgage Professional can provide you with a lot more information including facts on buying at auctions,
funds required to settle your mortgage, the mortgage process and a detailed First Home Owners Guide.
Your Mortgage Professional will also explain the whole process to you and will guide you and support you through
the entire lending transaction. Having the right person to assist you can make the world of difference when
buying your first property.
Nutmeg has the perfect loan for you. Whether you’re buying your first home, upgrading, downsizing, or investing, we’re here to guide you every step of the way. Found your dream home yet? Let us help make it a reality!