Information for First Home Buyers
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If you’re ready, we’re ready to be with you every step of the way.
Buying a home for the first time is an exciting step, and congratulations for taking it. It’s one of the big decisions of life. At Mortgageport, we’re dedicated to making the whole process as simple and easy as possible.
Firstly, there are hundreds of home loan products available. At Mortgageport we’ve got access to lots of them, provided by many of Australia’s major banks. By taking the time and effort to really get to know you and your situation, it’s our job to find the right loan from the many on offer that best suits your circumstances.
Everyone’s different, and certainly every first home buyer has different needs and circumstances. We’ll take you through our unique MATCH selection system, a 6 step methodology to analyse your situation, and take the time and effort necessary to properly understand your needs. This enables our consultants to confidently recommend loan options most appropriate to you. And because lenders pay us, our mortgage broking service is provided free of charge – you pay nothing.
From start to finish, from your initial meeting with us, right through to taking possession of your first home, Mortgageport is with you step by step on your exciting, new journey, always putting your interests first.
Before starting the process though, there are a few things to think about and to do to make buying your first home smoother, and to help produce a better outcome.
How to get started?
The most important thing to do, before you start house hunting, is work out exactly how much you have to spend and how much you can afford to borrow. This is taking a good look at your income, financial commitments and savings. It also means getting pre-approval on a home loan.
- How much can you borrow?
Using Mortgageport’s borrowing power calculator gives you a guide. We’ll help you work this out. But remember, no matter how much you are able to borrow, it’s important to not over-commit yourself financially. You need to consider your present and likely future income, and how reliable it is. You also need to think about how you would deal with higher interest rates and repayments, being aware that Australia’s current interest rates are still quite low. To make first home ownership enjoyable, you have to make it affordable. - What extra costs are there?
There are costs associated with buying a home, and they can add up to many thousands of dollars. In fact, they can equate to about 5% of a property’s value. We will guide you through the costs of buying your first home, and take them into account when choosing the right loan, but so you know, purchase costs include legal fees, loan establishment charges, pest and building inspections and moving expenses. They also include stamp (or “transfer”) duty, which is often the biggest cost. The good news is that the majority of Australian States have stamp duty exemptions for first home buyers, which you can find out more about by clicking here. - How do I get pre-approval?
One thing that can help many first home buyers find – and secure – their dream home, is getting their home loan pre-approved, before they even start home hunting. We can arrange this for you, it costs no more to pre-approve a loan, and the benefits are great. You can go looking for a home with confidence knowing you can borrow up to a certain amount, and you can act quickly to win a sale if you need to. Loan pre-approval also gives you great comfort and assurance if you intend to buy at auction, where you are unequivocally committed to the sale, and paying a 10% deposit on the day, if you’re the successful bidder.
To arrange your first home loan, make contact with one of our Mortgage Consultants, on 1800 100 747 or email us at info@mortgageport.com.au. Our Mortgage Consultant will arrange to meet with you to work out which home loan product best suits you. They can also help you calculate how much you can afford. Alternatively, you make an appointment to come into our Milsons Point offices, where it’s possible to have your home loan approved within 24 hours.
Finally, things change, including not just your own personal circumstances, but also interest rates, home loan products and the economy. For this reason, we will review your home loan every two years, to ensure you continue to have the best loan available for the current situation. This is all part of the Mortgageport service – to be with you every step of the way to help make your first home ownership as easy, manageable and rewarding as can be.
