First home buyers Melbourne
Becoming a first-time homebuyer is a significant milestone in one’s life, as it marks a major financial investment. The journey towards owning a home can be overwhelming, but with the right information and support, it can also be a smooth and exciting experience. There are many factors to consider when buying your first home, from budgeting and saving to choosing the right location and property type. That’s why having access to helpful tips and guidance is so important for first-time homebuyers. Our goal is to provide you with the necessary knowledge and resources to make informed decisions at every stage of your journey towards homeownership, and to ensure that you feel confident and prepared as you take this important step.
There are various government grants and incentives avaliable to first home buyers. The First Home Owners Grant (FHOG), a long-running program of the State Revenue Office, helps Australians buy or build their first homes.
It’s important that you be aware there are certain criteria that need to be met and these vary from state to state. So before you make any decision to purchase your first home we would encourage you to have a conversation with one of our MYNT mortgage brokers at our office in Cheltenham (or via zoom appointment).
More on the FHOG can be found here. Price caps and dates are consistently updated so we recommend checking this website regularly or staying in touch with us
The First Home Guarantee (FHBG) is an Australian Government initiative to support eligible first home buyers purchase a home sooner.
The scheme enables an eligible home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance (LMI).
More on the FHBG can be found here. Price caps and release dates are consistently updated so we recommend checking this website regularly or staying in touch with us.
There are various government grants and incentives avaliable to first home buyers. The First Home Owners Grant (FHOG), a long-running program of the State Revenue Office, helps Australians buy or build their first homes.
It’s important that you be aware there are certain criteria that need to be met and these vary from state to state. So before you make any decision to purchase your first home we would encourage you to have a conversation with one of our MYNT mortgage brokers at our office in Cheltenham (or via zoom appointment).
More on the FHOG can be found here. Price caps and dates are consistently updated so we recommend checking this website regularly or staying in touch with us.
Mynt Financial Home Loan Process
If you're looking to buy your first or next property, it's important to understand the steps involved in the home loan process. Our team at MYNT Financial is here to help.
The moment you are thinking about purchasing you should work out how much you can afford to pay. This will require you to analyse your fixed and variable living expenses and what are discretionary spends (luxuries) and what are non-discretionary (necessities).
This is obviously important to understand so you know you can afford your mortgage payments and the associated costs of home ownership (see before you make an offer).
Mynt Financial can help you understand how much you can borrow and how much deposit you will need. Our goal is to get you “purchase ready”. There is no fee for this service from your broker this is simply part of what we do to help you.
A MYNT broker will take you through the pros and cons of the various home loan options and make a recommendation on how they think you should proceed taking into account your situation, needs and objectives.
Once we work out what is right for you, we research the market and provide you with information on products that suit your needs. We will provide you with details of fees, charges and repayments and give you an estimate on the government fees and charges that will relate to your purchase.
A “pre-approval” means that your mortgage application has been assessed by the Lender. This way you know how much you can afford to buy so you don’t waste time chasing properties that you can’t afford and that your personal situation meets the lending criteria. It also means that when you find the property you want to buy the bank only has to check that it is acceptable, making this stage of the process quicker.
This process is free and is valid for 3-6 months depending on the lender.
Next you should choose your conveyancer. They will advise you about contracts of sale, check the legal contract before you sign it and give you advice on important matters such as subject to finance and pest and building inspection clauses as well as the importance of insuring the home. If you need guidance on selecting a conveyancer – MYNT Financial can recommend a few.
The process of selecting a property involves a number of steps. Whether you’re buying the property to live in or as an investment property, it’s important to undertake thorough research. The main listing websites are Realestate.com.au and Domain.com.au. MYNT
brokers are also able to provide you with insights both into the property and the suburb.
Ask us for a property report before you make an offer as these insights can be used to help you negotiate the purchase price.
Even if you’re buying the property as your home, it’s still important to consider how easy it might be to sell in the future in case something changes and you have to sell it in a hurry. Generally, banks are more conservative when it comes to lending for unusual property types in areas where there a lot of similar properties on the market or where
there may not be that many potential buyers.
Finally always ask the real estate agent what the ongoing costs are such as rates, body corporate and utilities. Factor these costs in to understand what your future finances will look like so as to avoid the dreaded payment shock.
Once research is completed, you can make an offer on the property. You can now move on to the next stage in the home loan process where you actually apply for a home loan.
The contract confirms the purchase amount and any terms and conditions with the sale.
When negotiating your contract you should always include a clause around finance and the buildings & pest inspection.
If buying at auction the contract is always an unconditional one so you need to have carried out inspections prior to the auction, the valuation of the property remains a risk so you need to have a buffer available in case the banks’ opinion of the valuation of the
property is different to yours.
Once the Contract of Sale has been signed by all parties, a deposit will normally need to be paid.
After you’re pre-approved and have had your offer accepted on your property, the lender now needs to assess it to check its value and whether there are any potential issues. MYNT Financial will organise the valuation before you send off all the paperwork to the lender.
Once the lender has everything they need they will formally approve your loan, also known as unconditional approval and send out the loan contract and mortgage for you to review and sign.
After you’ve signed and returned these documents, the lender will check the paperwork and if everything is in order your Conveyancer will be made aware that they are ready to accept the booking.
Your solicitor or conveyancer will provide you with the sum you’ll need in your account prior to the settlement date.
Congratulations! You’ve reached the final stage in the home loan process settlement.
Settlement is when you officially become the owner of the property. Your conveyancer can help you with everything you need to know about it, but what about your home loan?
After settlement, your broker will contact you to make sure everything is ok.
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