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For anyone venturing into the home loan market for the first time, expert advice and guidance is crucial. Multitude Broking specialises in helping first home buyers to purchase a property, and we will you assist throughout the entire process, from helping you decide how much to borrow, to choosing the right sort of home loan, to completing all of the associated paperwork and legal requirements so that you can move in without delay.

What Are The Benefits Of Owning My Own Home?

Owning your own home means you have a place in which you and your family can live and grow. It also means you have the flexibility to adapt as your life circumstances change, and a place that reflects you and your lifestyle.

Home ownership brings with it plenty of financial benefits, too. Rather than paying rent and spending money you will never see again, owning your own home means you have an investment that is growing your personal worth as it increases in value.

There are tax benefits as well, plus home ownership gives you an asset which can then be used for financing other investments. You also have more options open to you when the time finally comes to retire.

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What Sort Of Loan Do I Need If I’m A First Home Buyer?

There are so many different first home loans out there, wading through them all can be a time consuming (and at times, soul destroying) task. That’s where we come in.

Multitude Broking specialises in arranging mortgages and home loans for first time buyers, and so we have comprehensive knowledge and understanding of the different products from all types of Australian lenders, not just the major banks. This is why we are able to identify the sort of home loan that will work best for you.

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To put it simply, we do all the hard work on your behalf.

Because we’re not limited to the products of one particular lending institution or bank, we are able to present you with a range of options, giving you flexibility to choose the right loan for your circumstances. Whether your home loan requirements are quite straightforward or a bit more complicated, we will be able to find a loan and lender who understands what you need, and can provide terms that suit.

However, our role is about much more than just finding you a home loan. We’re also here to help you ask the right questions, so that you you’re fully prepared for embarking on the journey of home ownership. For instance, have you got the funds to cover all of the other costs that come with buying a property? Are you eligible for the First Home Owner Grant (FHOG)? What are your plans for when interest rates change?

We work closely in partnership with you, from your first tentative steps right through to moving in, sharing our expert advice and guidance at every step of the way.

We don’t charge you anything. When you make a successful loan application, the lender pays us a commission, but our comprehensive service doesn’t cost you anything in fees. This also means that in the unlikely circumstances that we are not able to arrange a home loan for you, you are not out of pocket.

To get started on the road to home ownership, speak to one of our team of expert mortgage brokers. We’re here to answer your questions and help you every step of the way.

What Will You Be Able To Do For Me?

To put it simply, we do all the hard work on your behalf.

Because we’re not limited to the products of one particular lending institution or bank, we are able to present you with a range of options, giving you flexibility to choose the right loan for your circumstances. Whether your home loan requirements are quite straightforward or a bit more complicated, we will be able to find a loan and lender who understands what you need, and can provide terms that suit.

However, our role is about much more than just finding you a home loan. We’re also here to help you ask the right questions, so that you you’re fully prepared for embarking on the journey of home ownership. For instance, have you got the funds to cover all of the other costs that come with buying a property? Are you eligible for the First Home Owner Grant (FHOG)? What are your plans for when interest rates change?

We work closely in partnership with you, from your first tentative steps right through to moving in, sharing our expert advice and guidance at every step of the way.

How Much Is This Going To Cost Me?

We don’t charge you anything. When you make a successful loan application, the lender pays us a commission, but our comprehensive service doesn’t cost you anything in fees. This also means that in the unlikely circumstances that we are not able to arrange a home loan for you, you are not out of pocket.

What Should I Do Now?

To get started on the road to home ownership, speak to one of our team of expert mortgage brokers. We’re here to answer your questions and help you every step of the way.

Frequently
Asked Questions

How much can I borrow?

This is naturally the first question that most people ask. To work this out, you need to weigh your outgoing expenses against your income. Try to total up how much you spend on rent, transport and running your car, for instance, as well as your regular outlay on groceries and utilities, plus how much you are currently repaying on credit cards and loans.

Once you have added these figures together, subtract them from your net weekly or monthly income. From here, you should have a rough guide as to how much you can repay each month on a home loan..

What is home loan pre-approval?

Pre-approval means that, based on the information you have provided, a lender has in theory approved your loan. This is important because it gives you a clear indication of how much you will be able to spend, and therefore helps you to better understand what sort of priced property you should be looking for.

Am I eligible for the First Home Owners Grant (FHOG)?

The First Home Owners Grant (FHOG) is an assistance scheme designed to help first home buyers to raise a deposit or to make the purchase price of a residential property more affordable.

The specific eligibility conditions and restrictions vary from state to state, with the key restrictions relating to the value of the home you are intending to purchase, and whether it applies to existing properties only, or new builds (including off-the-plan apartments) as well.

You can find out more about the FHOG here.

How much deposit do I need to get a first home loan?

The maximum amount that Australian financial institutions are currently prepared to lend is 95% of the value of a property (known as the loan to value ratio or LVR), as established by an independent property valuer. However, the amount of deposit required in order to be able to get a home loan will ultimately depend on the type of loan and the lender. For instance, with some loans banks will only lend a maximum of 80% of the LVR, meaning you need to come up with the remaining 20%.

Talk to us and we will be able to guide you through the different types of loans that are available and the requirements of different lenders.

Can I get a home loan if I’m self employed?

If you’re self employed, it’s likely that you’ll be limited to borrowing a maximum of 80% of the value of a property (LVR).

However, with our experience of the home loan industry, we know which lenders are the most accommodating when it comes to providing loans for people who are self-employed or run their own businesses, and can therefore give you a reliable guide as to how much you can expect to borrow.

What does redraw mean?

Some variable rate mortgages enable you to make additional repayments, with the option that you can draw down (i.e., withdraw) funds at a later date, should you need to. This option isn’t always available, however; it will depend on the lender as to whether this feature is offered.

What is an offset account?

An offset account is one that is linked to your mortgage account. Any funds in this account are offset against the outstanding mortgage, thereby reducing the amount of interest you are paying. This can be a useful tool for paying off your mortgage more quickly.

Are redraw and offset the same?

With a redraw facility on your mortgage, the additional funds you repay over and above the required repayments are paying down both the balance on your mortgage and reducing the interest paid. With an offset account, the funds in this account reduce the amount of interest you pay, but do not impact on how much of the principal is outstanding.

What is a fixed rate home loan?

A fixed rate home loan has a predetermined interest rate that remains in place for a set period of time, regardless of fluctuations in official interest rates. This means that for the entire fixed rate period, you know what your repayments will be.

What is a variable rate home loan?

A variable rate home loan means that your mortgage repayments will likely change when official Reserve Bank interest rates change. This means they can both increase and decrease.

What is an interest only home loan?

This sort of home loan is best suited to investors, or perhaps people who are in no hurry to pay off a mortgage. Repayments only cover the interest on the loan, not the principal, and so when the interest only period is up (which can be between one and five years), the repayments can increase in size quite significantly.

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