Buying your First Home
Mortgage Mates will assist you to choose the right home loan and lending institution to suit your individual requirements. We will make the loan process easy by helping you to understand the different rates, fees, charges, terms and conditions available and give you the professional and personalised service you deserve.

To help you to get started, there are a few factors you should take into consideration when applying for a home loan;

  1. How much can you afford borrow?

    Look at your income and current expenses, debts and regular bills in order to help you to work out how much money you can afford to put towards a home loan. Please feel free to use our calculator to assist you to find out how much you can borrow.

  2. Deposit Amount

    The more money you can put towards your deposit the better off you will be.  Most lenders require a minimum of 5% of the property purchase price.  It is important to understand that the more money you can save will assist to reduce your and you will save money over the entire life of your loan.  Please feel free to make use of our handy calculators to assist you to work out your finances.
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  3. History of Savings

    Lenders require proof of savings history in the form of bank statements that show regular deposits and transactions.  You will need at least the last six months’ statements, which should add up to at least the 5% minimum deposit.

  4. Different Home Loans Available

    Try to familiarise yourself with the different types of products available taking into consideration your goals and financial circumstances. This may help make the process a little simpler for you when you decide to apply for a home loan.

  5. First Home Owners Grant

    As part of the intergovernmental Agreement, a First Home Owners Scheme has been established to counter the impact of the GST on first home buyers. If you have never owned a home before, you may be eligible for this one-off tax free payment of $7,000.  If you require more information on the First Home Owners Grant please feel free to click on the link provided.

  6. Stamp Duty

    Stamp Duty is a State Government tax based on a property’s selling price. First home buyers in some states may be entitled to a reduction in stamp duty costs.  If you require more information click on the Stamp Duty link above to access the State Revenue Websites.  Please also feel free to use out handy Stamp Duty calculator to assist you to work out how much stamp duty you will pay.

  7. Lenders Mortgage Insurance (LMI)

    If you borrow more than 80% of the property’s value, you will probably have to pay lender’s mortgage insurance. This insurance protects the lender should you default on the loan.

  8. Additional costs

    Apart from stamp duty and LMI, there are a number of additional expenses you need to take into account when buying a home.  Costs include loan application fees, solicitor/conveyancing fees, building/council inspection, home and contents insurance, pest inspection, moving expenses and utilities connections.

Please feel free to contact one of our friendly, professional Loan Consultants to discuss your loan requirements or make an appointment.  If you prefer, simply complete our online application form and a Consultant will contact you.