First Home Buyer

Buying your first home is a major event in anyone’s life, and it can be hard to know where to begin when applying for a home loan. At Konnect Financial Services, we’re here to make it as easy for you as possible, so we’ve provided this free introduction to buying your first home.

How much is the First Home Owners Grant and am I eligible?

The First Home Owner Grant is a one-off grant available to first home buyers who intend to live in the home they’re purchasing or building. You usually receive the amount upon settlement of your home loan or first progress payment. The First Home Owners Grant can be used to assist with your deposit or to help you cover the costs in purchasing a property. But certain conditions apply.

To find out if you’re eligible for the First Home Owner’s Grant, click here

How much do I need to save for a deposit

As a general rule, First Home Buyers require a minimum deposit of 5 percent of the property value to be saved. This deposit will need to be saved over a minimum 3 month period. Lenders will no-longer consider loan applications from applicants who have no deposit saved but if you are in this position please contact us as there may be an alternative option.
Other costs to consider are legal fees, stamp duty on the property, and if you are borrowing more than 80% of the value of your home you'll be liable for a one off lender's Mortgage Insurance fee, which in most cases can be added to your loan and paid off over the life of the loan. Note: Stamp Duty concessions / exemptions may also be available to First Home Buyers. To see if these apply to you, click here.

How much can I borrow?

How much you can borrow depends on a number of things including how much deposit you have, your current household income and what monthly expenses (i.e. loans, credit cards) you have. Use our calculator to give you an estimate of how much you could borrow.

What will my repayments be?

Once you have worked out how much you can borrow, you should see if you can afford the repayments. Get an idea of how much you'll have to pay so you can plan your budget using our repayments calculator.

How much does it cost to use Konnect Financial Services Services?

Nothing, Konnect Financial Services service costs you nothing and is obligation free. There is no charge for appointments, processing applications, or on settlement of your home loan.
Our Home Loan Consultants can come to you or you can visit our offices to discuss your needs. At any stage you can decide not to go ahead with an application. We're confident though that we'll be able to find a home loan that suits your requirements.

What should I do now?

You should book an appointment with one of our Home Loan Consultants by calling (03) 5261 6168 or (03) 5243 3799. Alternatively you can email us to request an appointment online. A Finance Specialist will call you back to arrange an appointment at your convenience.