First Home Buyer FAQS

First home buyer FAQs

The property market can be difficult to navigate, especially when you’re a first home buyer. The process should be exciting and not overwhelming, so it’s important that you understand all the basics before making any decisions.

We have compiled a list of some common first home buyer questions to help make your experience as smooth and enjoyable as possible. 

Am I eligible for the First Home Owner’s Grant?

One of the perks of being a first home buyer is the support available to you, such as the First Home Owner’s Grant. This is a one-off grant of $10,000 to help first-time buyers purchase their properties, and it is available to all those who meet the government’s criteria.

You must not have previously purchased or owned a property, and the house you’re buying must not have been sold before. Those who plan to build their homes are also eligible, however the total value of the property (including the land) must be lower than $750,000.

How do I know how much money I can borrow?

The amount of money you can borrow all depends on your personal circumstances, and may vary with each lender. It is recommended that you obtain a home loan pre-approval to give you an idea of your borrowing power and the price range you should be looking at when viewing properties. This is extremely beneficial as it helps you to narrow your search and negotiate with more confidence.

What is a pre-approval?

A pre-approval is when a lender gives you an indication of the loan you may be eligible for based on your current financial situation, including your daily expenses and living costs, your credit history, and the circumstances of your employment. Typically, a home loan pre-approval can be obtained within just a couple of days, and is valid for 90 days. 

Do I need to hire professionals?

It is strongly advised that first-time buyers hire a mortgage broker. Essentially, a mortgage broker does all of the hard work for you and takes the stress out of financing your property. They will gain a thorough understanding of your needs and will scour their database for suitable options. They will present you with different loan options, and  help you navigate the process all the way through to your settlement date.

In addition, it is crucial to hire a licensed home inspector to examine your home before purchase. This will ensure that any future repair costs are avoided, and will give you the peace of mind that you have made the right decision.

Finally, it is recommended that you hire a solicitor or conveyancer to help you review your legal contracts.

How we help first home buyers

Taking out a first home loan can be daunting. At Wisebuy Investment Group in Newcastle, our experienced and licensed brokers can help you to find the right home loan for your needs. We can also help you with your loan application.

And best of all, our service is free!

Contact us to find out how we can help you!