There's a first time for everything
FIRST HOME BUYERS
Buying a home can be one of the most exciting times in anyone’s life. When taking such a big step there are so many things to consider.
Our Home Buyer Essentials Guide is designed to help you through the home buying process and answer questions you may have, including:
• Where and what can I buy?
• How much deposit will I need?
• How much can I borrow?
• What are all the other costs involved?
• How can I repay my mortgage quickly?
Many of these questions are also answered in our blog posts (see below).
Our role as your mortgage broker is to guide you through the process
to ensure all your needs and options are considered. We recommend meeting with us to discuss your plans and so we can support you along the way.
We will make sure this exciting new chapter in your life is professionally managed so you can focus on finding the first home of your dreams.
Happy house hunting!
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How much can I afford to borrow for my first home?The amount you can afford to borrow for your first home depends on various factors, including your income, expenses, savings and the lending criteria of financial institutions. It is recommended to consult with a Mortgage Broker or use online calculators to get an estimate of your borrowing capacity based on your financial situation.
What is the process of getting a mortgage and how do I qualify?The process of getting a mortgage involves several steps. First, you need to gather your financial documents, such as income statements and expenses. Then, you can shop around for lenders, compare their offers and apply for a mortgage. Preferably, you can utilise a Mortgage Broker who along with their industry knowledge will guide you through the lending process and advise on the best lending solution for you as this can often be daunting for first home buyers. To qualify for a mortgage, lenders typically assess factors such as your credit score, income, employment history, and debt-to-income ratio to determine your eligibility and interest rate. A Mortgage Broker can ensure all these details are satisfied prior to lodging an application on your behalf. Here at Pathway Finance, we're here to guide you every step of the way to owning your first home. Reach out anytime!
What are the additional costs involved in buying a home?When buying a home you may encounter additional costs beyond the purchase price. These can include stamp duty (a tax on property transactions), legal fees for conveyancing services, and inspection costs for surveys, building inspections, and pest inspections. It is advisable to budget for these expenses to ensure a smooth and well-informed home buying process. Use our Property Fee Calculator to learn more about costs based on your loan scenario.
What government assistance or programs are available for first home buyers?In Australia, there are several government assistance programs aimed at helping first-time home buyers. The most notable is the First Home Owner Grant (FHOG) - for purchases in South Australia - which provides a one-time grant to eligible individuals or couples purchasing their first home. Additionally, there are state-specific stamp duty concessions and the First Home Buyer Guarantee Scheme (FHBG). As Mortgage Broker, we are able to advise on eligibility criteria and benefits of these programs.
What factors should I consider when choosing a neighborhood, suburb or location for my first home?When choosing a neighborhood, suburb or location for your first home, several factors should be considered. These include proximity to essential amenities like schools, hospitals, and grocery stores, transportation options and commuting distance to work, safety and crime rates, access to recreational facilities, and the overall vibe and community feel of the area. It's important to evaluate your personal preferences and priorities to find a neighborhood that aligns with your lifestyle and future needs.