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First Home Buyer Loans Newcastle
Buying your first home could be the biggest financial decision you’ll ever make. So why do it alone? As mortgage brokers specialising in helping first home buyers in Newcastle and across Australia, we can find the best deal for you.
Even a small difference in home loan terms and conditions can make a huge difference to your repayments and how much you’ll pay over the life of your loan? That’s why it’s crucial to research the market.
Using a simple home loan calculator, you can see that a small increase in rate can have a massive impact on your overall repayments. For example, if you’re taking out a $600,000 loan over 30 years, bumping up the interest rate from 5.74% to 5.99% means you’ll pay an extra $30,000 over the full term*.
With such a big impact at play, it makes sense to speak to a mortgage broker. We work to find you the best deal. We work with a panel of more than 60 lenders, giving you access to the lowest rates in Australia.
*$600,000 at 5.74% over 30 years ends up accruing $659,146 in interest. At 5.99%, it costs $693,641.
The problem with mortgages in Australia
Buying your first home is probably the biggest financial decision you’ll ever make. That’s why it’s crucial to make the right decision.
Unfortunately, the mortgage industry isn’t set up for lenders. If you approach too many lenders in your research, they may make ‘hard hits’ on your profile, each one making your credit score drop. The lower your credit score, the less you can borrow.
By working with a mortgage broker, we can do ‘soft hits’ on your profile. This means your rating won’t drop at all, and you’ll be able to get a better rate when you officially apply.
Why Choose Us
The Wisebuy Solution
Our expert team at Wisebuy Home Loans is up-to-date with all the latest lender information. We arrange home loans for a living. First home buyer loans are one of our specialties.
We’ll guide you every step of the way, helping you organise a pre-approval so you can negotiate and buy with confidence. We’ll stay with you through taking ownership and moving into your new home.
Contact us to arrange a free, no-obligation consultation. We’d be happy to answer any questions you have.
How much can I borrow?
How much deposit do I need?
Different lenders will require different minimum deposits. Some will require a deposit of 20% of the value of the home you want to buy. Others will be prepared to lend with as little as 5% deposit. But the more deposit you have, the more your borrowing power will increase. You can use our savings calculator to help you work out how much deposit you can save.
Can I Get Help With My Deposit?
Yes, both the federal and state governments have incentives to help first home buyers with their deposits.
The First Home Owner Grant provides $10,000 for eligible NSW first home buyers.
The First Home Loan Deposit Scheme is a federal government guarantee to help you avoid the cost of lenders’ mortgage insurance (LMI). This can save you more than $10,000.
The First Home Super Saver Scheme allows you to withdraw any voluntary additional contributions you’ve made to your super and use them for your first home deposit.
What Will My Home Loan Repayments Be?
This depends on how much you borrow, your loan term and the comparison interest rate. Standard loan terms in Australia are 25 and 30 years. You can use our loan repayment calculator to help you work out your repayments of different loan amounts over different terms and at different interest rates.
Are There Any Other First Home Buyer Concessions?
Yes. For example, eligible first home buyers in New South Wales receive a transfer (stamp) duty concession. It could save you thousands of dollars when you buy your first home. You can use our stamp duty calculator to work out if you’re eligible for a full or partial concession.