Understanding Home Loans: Guide For First Time Buyers

Buying your first home is an exciting milestone in your life, but also comes with lots of paperwork, conveyancing, large sums of money – plus so many decisions you need to make. Let us help you arm yourself with critical buying first home information.

Who is a first time home buyer in Australia?

What is considered a first time home buyer? A first time home buyer in Australia is anyone who has never purchased a home before. There are a few things you’ll need to do in order to become a first time home buyer in Australia. 

The most important step is to save up for a deposit, as most lenders will require you to have at least 20% of the property’s value saved up as a deposit. You’ll also need to get pre-approved for a mortgage, and then start looking for houses that fit within your budget.

How to apply for first time home buyer loan

Here’s an overview on how to apply for a home loan first time buyer: the first step is to determine your borrowing power. This is the maximum amount of money you can borrow based on your income and expenses. You can use a borrowing power calculator to help you determine this amount.

The next step is to find a lender that offers first home buyer loans. Shop around and compare interest rates and terms before you choose a lender. Be sure to ask about any fees or charges associated with the loan, as these can add up over time. For this, you can work with a home loan mortgage broker to help you source great mortgage products or liaise with great lenders on your behalf.

Once you’ve chosen a lender, complete an application form and provide all the necessary documentation like evidence of your identity, residency, and income, as well as information about the property you’re buying. You’ll also need to have a good credit history.

Useful Guide To Buying First House Resources

Why choose ZEP Finance as first home buyers mortgage broker

Expert Advice

ZEP Finance brokers have a wealth of experience and knowledge in the mortgage industry. They can provide expert advice on the best lending solution for your needs.

Streamlined Process

The process of obtaining finance through ZEP Finance is simple and streamlined. The brokers will take care of all the paperwork and liaise with the lenders on your behalf.

Choice of Lenders

ZEP Finance brokers have access to a wide range of lenders, so they can find the best loan deal for you.

Range of Products

The brokers offer a variety of products, including home loans, car loans and business loans. This means that you can find the perfect loan for your needs.

Quick turnaround

The brokers can get the loan application processed quickly, so you can get your money fast.

Personalised Service

The brokers give personalised service, ensuring that you receive the best possible advice and support throughout the loan application process

Frequently Asked Questions by a First Home Buyer

  • A deposit is typically 20% of the sale price of a house. There are numerous programs that can help first time home buyers with their deposit.

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