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Buying a 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 Home Loans, 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 Owners 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 three (3) month period. Some lenders will
now consider loan applications from applicants who
have no deposit saved (conditions apply).
Click here for
further information on No Deposit Loans.
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 Home Loan Services?
Nothing, Konnect Home Loans 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 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
click
here to request an appointment online. A
Finance Specialist will call you back to arrange an
appointment at your convenience.
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