Buying your first home could be the biggest financial decision you’ll ever make. That’s why it’s crucial to make the right home loan decision.

Did you know that even a small difference in home loan terms and conditions can make a BIG 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.

First Home Buyers Newcastle

The problem

There’s a huge range of home loan lenders and home loan products in the Australian market. Researching them all yourself is time-consuming and difficult. That’s where we can help.

Our Wisebuy Solution

Our expert team at Wisebuy 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 can guide you every step of the way, right from helping you organise a home loan pre-approval so you can negotiate and buy with confidence, through to 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.

Below are some of the most common questions we get from our Wisebuy first home buyer clients.

How Much Can I Borrow?

This depends on your income and how much you can afford to repay.

You can use our Wisebuy borrowing power calculator to give you an idea of how much you may be able to 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 Wisebuy savings calculator to help you work out how much deposit you can save.

Happy First Home Buyer
Happy Couple After Purchasing First Home

Can I Get Help With My Deposit?

Yes, both the federal and state governments have incentives to help first home buyers with their deposits. They include:

  • the First Home Owner Grant.

This is a grant of $10,000 for eligible NSW first home buyers.

  • the First Home Loan Deposit Scheme

This is a federal government guarantee to help you avoid the cost of lenders’ mortgage insurance. This can save you more than $10,000.

  • the First Home Super Saver Scheme

This 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 Wisebuy 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 Wisebuy stamp duty calculator to work out if you’re eligible for a full or partial concession.

Happy Children