Navigating Options as a First Home Buyer

Navigating the complex world of mortgages and real estate can be daunting, especially for first home buyers. As a mortgage broker, our roles are to assist with simplification of this process and ensure that you make informed decisions. Here's how we can help you:

1. Financial Assessment: We will assess your financial situation to determine your borrowing capacity and affordability. This will involve analysing your income, expenses, savings, and credit history to establish a clear picture of your financial standing.

2. Loan Comparison: With access to a wide range of lenders and loan products, we can help you compare different mortgage options to find a loan that aligns with your specific needs and financial goals. This includes assessing interest rates, loan features, and repayment terms.

3. Pre-Approval Assistance: We will assist you in obtaining a pre-approval for your mortgage, which gives you a clear understanding of your borrowing capacity and makes you a more competitive buyer in the real estate market.

4. Application Guidance: We will guide you through the entire loan application process, helping you prepare all the necessary documentation and ensuring that your application is submitted accurately and efficiently.

5. Industry Knowledge: As a mortgage broker, we stay updated on the latest market trends, interest rate changes, and government policies, allowing us to provide you with valuable insights and advice.

 In Australia….

In Australia, there are several government initiatives and schemes designed to support first home buyers. These schemes aim to make homeownership more accessible and affordable for individuals entering the property market for the first time. Some of the prominent first home buyer schemes include:

1. First Home Owner Grant (FHOG): The FHOG is a state based scheme that provides a one-time grant to first home buyers to assist them in purchasing their first property. The eligibility criteria and grant amount vary across different states and territories.

2. First Home Loan Deposit Scheme (FHLDS): This scheme allows eligible first home buyers to purchase a home with a deposit as low as 5% without having to pay for lenders mortgage insurance (LMI). The government guarantees the additional amount needed to reach a 20% deposit. There are a number of scheme names within this scheme, including Regional Home Guarantee, First Home Guarantee and Single Parent Guarantee Scheme. More information can be found at Housing Australia Website https://www.housingaustralia.gov.au/

3. First Home Super Saver Scheme (FHSSS): The FHSSS enables first home buyers to save for a deposit within their superannuation fund, benefiting from the concessional tax treatment of superannuation. Eligible contributions can be withdrawn, along with associated earnings, to use towards a home deposit. More Information can be found at

4. HomeBuilder Grant: While not exclusive to first home buyers, the HomeBuilder grant provides a substantial financial boost to individuals building a new home or undertaking substantial renovations. Eligibility criteria and grant amounts are subject to specific conditions and timeframes.

These schemes, among others, are designed to alleviate some of the financial burdens associated with purchasing a first home and as your mortgage broker I’m here to help you navigate the complexities of the market with confidence and clarity.

Please note: The Schemes listed here are current as at 13th January 2024 at the time of writing this blog. Each Scheme and offering changes in complexities and eligibilities and differ from state to state and may be withdrawn at any time. It is important to engage your broker for up to date information and support.

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Your full financial situation will need to be reviewed prior to any acceptance of any offer or product.

This page provides general information only and has been prepared without taking into account your

objectives, financial situation or needs. We recommend that you consider whether it is appropriate for

your circumstances and your full financial situation will need to be reviewed prior to acceptance of any

offer or product. It does not constitute legal; tax or financial advice and you should always seek

professional advice in relation to your individual circumstances.