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About First Home Loan

Taking that first step towards choosing Best Mortgage Brokers for buying your first home is super exciting and at the same time it’s overwhelming. It is very natural that you will have a lot of questions and doubts as a first home buyer. That is where our experienced and Best Mortgage Brokers can make your first home buying process absolutely stress free and are always there for you with their expert advice and support. 

Don’t wait to make your first home dreams a reality!

We being one of the Best Mortgage Brokers know it can be a tough decision. And we also know that you will have multiple questions that need to be answered. 

How much can I afford to buy?

What is the best type of loan?

Which bank will be best for me?

Do I need 20% deposit or is it possible to buy a house even if I don’t have a 20% deposit.

Are there any government schemes that I can take benefit of?

Just Relax!

 

We get it totally and that is Nfinity financials – The Best Mortgage Brokers in Sydney, are specialised in answering these queries and guide you through the whole process. They will patiently listen to all your queries and offer the best possible solution.

With Nfinity Financials you’re in safe hands. We know how to make your dreams of first home a reality. Even if you have been turned down by a bank or other mortgage brokers, you might be pleasantly surprised when you contact us.

Our brokers know that one size does not fit all and that is why they do not believe in the  cookie cutter approach. They have succeeded where others have failed. Our Best Mortgage Brokers have access to over thirty different lenders and are thorough with the latest policies of all the banks. That is why they can suggest the product option which will suit your specific requirements with the lowest possible rates.

Know Schemes & Eligibility

Why is it a smart choice to contact our mortgage brokers

Your expert guide in home buying journey

It is not an easy task to buy your first home. In fact it sure is one of the biggest financial decisions one makes in a lifetime. There is too much to know as it will be a completely new learning curve and no doubt there will be a lot of anxiety.

Therefore it definitely helps to have someone by your side throughout the home buying journey, making sure you understand the process every step of the way.

More options for all client profiles

Type of employment can have a bearing on what loan option and which bank will be best suited for you. We get cases for a lot of self employed clients who say that it has been difficult for them to get the desired loan. Our brokers specialise in loan applications for all types of employment. Whether you are self employed or on a casual or part time employment or having irregular incomes, our brokers have in-depth knowledge of the bank policies and can suggest a loan solution as per your unique situation.

Access to a wide range of loan products

Our brokers work for your benefit. They are not working for a particular bank, or vendor or any real estate agent. They have just your best interest in mind and therefore can compare a wide range of loan products.

Personalised attention

With Nfinity Financials you will get a personalised attention to your requirements, which you may not find with big corporate style financial institutions or banks. Our clients are our first priority.



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Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, we have all the answers.

When you are looking to buy your first home, you are most worried about just one thing. How much can I afford? How much can i borrow? That is the perfect  place to start. The loan amount which can be borrowed is based on your unique financial circumstances. Various factors like income, credit history, assets and liabilities  can all affect your borrowing capacity. The lender banks have different policies and because we are The Best Mortgage Brokers in Sydney, we can help you in finding your borrowing capacity as well as which lender can offer you the maximum borrowing capacity.

The deposit required depends on the type of home loan, the lender bank and the overall loan strategy.

Typically if you want a loan with no LMI, you would require a 20 % deposit, But even if you don’t have that deposit, there are more paths to explore. As a first home buyer, you can go for 5 – 10% of the purchase price as a deposit. There are a lot of grants and schemes by NSW government aimed to facilitate home buyers who do not have the required deposit to buy a home.

Our Best Mortgage Brokers can help you with the exact deposit amount you will need and will also inform you about the latest schemes which can help you as a first home buyer.

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The First Home Owner Grant is a lump sum of cash available to first home owners to help with the cost of buying a first home or vacant land to build a home on. It is a national scheme funded by the Federal Government, but administered through each state or territory Revenue Office. The Grant doesn’t have to be repaid, and it’s not taxable, but there are terms and conditions which have to be met. Since it is funded by state governments, different amounts are available in each state and territory. The exact amount of grant depends on where you are buying the house. For instance, in regional Victoria, the FHOG is worth $20,000.The amount can range anywhere between $7,000 up to $26,000 and differs from state to state.

To find out more information on FHOG eligibility for each state – Click here.

Though the rules for the First Home Owner Grant differ slightly from state to state but some basic conditions which apply are:

  • You must be a permanent resident or an Australian citizen. 
  • You must be purchasing the first home you or your spouse have owned or co-owned in Australia and should not have received an Australian First Home Owner Grant in the past.
  • You must be buying a home to live in – not as an investment property
  • You must also move into the property within 12 months, and live there for at least six continuous months.
  • You must be a natural person (not a company or a trust), and
  • You need to be aged over 18.

The other conditions which may apply depending on your state/territory are:

  • In many states, the First Home Owner Grant is only available if you buy or build a new home. 
  • In some states, you may not be eligible for the FHOG if you pay over a certain value for your first home.

As each state has its own set of rules for the First Home Owner Grant, it is important to understand the guidelines that apply for your area.

At Nfinity Financials, our brokers have an extensive knowledge about the bank policies and products and can help you find which of the numerous home loan products will be best suited to your specific needs.
Our loan experts will suggest an optimal and strategic structure for your home loan so that you get the perfect home loan for your unique circumstances.

If you’re buying a property with someone else you can still get the first home owner grant, providing all the co-purchasers are eligible to receive it.

Stamp duty is a tax levied by all Australian states and territories when a property is purchased. The stamp duty to be paid depends on various factors like the property purchase price, location of the property and loan purpose (owner occupied or investment). Some states charge different rates if you buy investment property or if you buy an owner occupied property.

If you want to get an idea of the stamp duty you need to pay – click here

The interest calculation is determined by the lender bank and the loan contract.Typically, the interest cost of a loan is calculated daily on the outstanding balance.
For instance: daily interest on a $500,000 loan with a standard variable rate of 4% p.a.will be 54.79 ($500,000 x 4%) ÷ 365
To find out more about loan repayments click here

The P&I (Principal and interest) repayments mean that you pay a portion of the loan balance in addition to the interest charged over the agreed period.
You essentially pay back the loan over the term of the mortgage. Your repayments also include part of the loan and part of the interest on the loan.
Interest only is when you’re paying the interest on the balance with no principal over an agreed period.

Some loan products give you the flexibility to make additional payments on your mortgage, over and above the amount that you are required to pay which means that there may be additional money in your loan account that you can redraw from your mortgage if you require.
This facility will depend on the lender and their loan product as each lender might differ in their redraw policy.

An offset account is a transaction account which is linked to the loan account, and any amount which is kept in this account ‘offsets’ or reduces the amount of interest payable on your loan. This means that just by having extra cash in your offset account can help you in reducing your interest and thereby can help you pay off your home loan more quickly.

If you make additional payments in your home loan account over and above the minimum repayment amount in order to reduce the interest, the amount goes into ‘redraw’. These extra payments done by you can be accessed or drawn by you at any time depending on your lender bank. However, if you access those extra funds, the balance of your mortgage and the interest payable shall be affected. This is subject to the policy of the lender bank.
On the contrary, if you have an offset account, the additional payments are held in a separate transaction account called offset account and the balance of the loan does not reduce but you still get interest reductions which helps you to pay off your home loan faster.

A line of credit is a flexible loan allowing you to draw down and repay smaller or larger sums at any time up to an approved limit. These loans have an agreed term and repayments are interest only, based on the amount you have drawn down at the time.

Lenders Mortgage Insurance is insurance you’ll pay to the lender if you borrow more that 80% of the value of your property.
It’s the insurance the lender takes out for the mortgage to protect itself, but it also allows the borrower to get into the market with a smaller deposit.
The bigger the deposit you have, the less your lenders mortgage insurance will be.
Depending on the loan type and amount, some lenders will allow you to add the cost of this insurance onto the loan so that you don’t have to find the money upfront to pay for it.

Every buyer should have a solicitor or conveyancer. Once you’ve found a property, the agent should send the contract of sale to your solicitor or conveyancer for review.
They will also help with the settlement process and exchange of title documents.

Settlement time varies with every sale individually, however, four to eight weeks is normal.
The settlement period is negotiated between buyer/seller and can be affected by the lender’s and buyer’s ability to complete the requirements prior to settlement.

A strata report is applicable when you are buying a unit, town house or when there’s a common property managed by a strata scheme.
It usually gives you the following information:

  • Whether or not the strata scheme is adequately insured
  • Any regular or special levies
  • What renovations and maintenance have been completed
  • Any evidence of potentially expensive building or structural problems that need fixing
  • Whether or not the strata scheme has an adequate reserve of funds
  • Evidence of how well owners work together to maintain the property
  • Any strata regulations relating to renovations, refurbishment or pet ownership

Contract of sale is a legal document between the seller (vendor) and buyer (purchaser) and includes the agreed sum for which property will be bought.
The contract of sale often includes: a sewage diagram, a copy of the certificate of title for the property, a zoning certificate from the local council and copies of documents relating to any other registered interests over the property.

Let us help you in maximising your home loan opportunity through strategic advice.

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First Home Owner Grant - Government to fund towards your new home! Isn't that great!

As a first home buyer, you may be eligible for various state funding schemes to assist you in getting your own home. You will not only save on stamp duty, but may also qualify for a one-off payment called the First Home Owner Grant.

Are you eligible for the First Home Owner Grant (FHOG)?

Your eligibility for the FHOG will depend on the state or territory you are buying your property, the amount you are going to spend to buy a new home and if you have ever owned a property in Australia.
Each state and territory has its own conditions but there are some common guidelines to be eligible for the First Home Owner Grant :

  • Be aged 18 years or over
  • Be a permanent resident or Australian citizen
  • Plan to live in the property as your home for at least six months
  • Have never previously owned your own home in Australia.

You may not be eligible for the First Home Owner Grant even if you are buying a joint property with a person who has previously claimed the FHOG

What is considered as a ‘new’ home for the purpose of FHOG?

In some states and territories, the FHOG is applicable when you buy or build a ‘new’ home, which means, a newly built property that hasn’t previously been lived in or sold as a home.
A home may also be regarded as new if it has been substantially renovated. It means that all or major portion of the building should have been renovated, fixed or replaced. However, each state or territory has their own guidelines which need to be checked.

Is FHOG available if you are buying an investment property?

NO! The FHOG is available only when you buy an owner occupied property. You are required to live in the property as an owner occupier for at least six months. The grant is aimed to help people who want their own property to live in and not for people who are buying a property for investment purpose.

First home buyer information by state or territory

Saving for your first home may not be easy, but there may be financial support on offer where you live.

Australian Capital Territory

The First Home Owner Grant in ACT gives eligible people buying their first new or substantially renovated home — valued up to $750,000 — up to $7,000.
There are also concessions available on stamp duty, which are tied to income thresholds and number of dependants.
Find the latest first home owner information on the Revenue ACT website.

New South Wales

The First Home Owner Grant (New Home) is worth $20,000 for first home buyers who:
buy or build their first new home, which no-one has lived in before
purchase a new home worth up to $750,000.
Under the NSW Government’s Affordability Package, first home buyers pay zero stamp duty for new or established first homes priced up to $650,000. There are other discounts on stamp duty for homes priced between $650,000 and $800,000.
Find the latest first home owner information on the Revenue NSW website.

Northern Territory

The First Home Owner Grant in the NT is a $10,000 cash payment for eligible first home buyers of a new home.
Stamp duty concessions of up to $18,601 may be available to eligible first home buyers of an established home.
Find the latest first home owner information on the Northern Territory Government website.

Queensland

The First Home Owner Grant in Queensland is worth $15,000 when you buy or build a new home costing less than $750,000.
Stamp duty discounts are available on both new and established homes. The maximum concession of $8,750 applies to homes valued up to $504,999, falling to $875 for a home costing $549,999. First home buyers planning to buy land now and build later pay no duty on vacant land costing $400,000 or less.
Find the latest first home owner information on the Queensland Government website.

South Australia

The First Home Owner Grant in South Australia is valued at up to $15,000 for new homes for properties valued up to $575,000.
Find the latest first home owner information on the Revenue SA website.

Tasmania

Tasmanian first home buyers can access a $20,000 First Home Owner Grant to 30 June 2020. This number will reduce to $10,000 after 1 July 2020. To be eligible, first home buyers must buy or build a new home.
Find the latest first home owner information on Tasmania’s State Revenue Office website.

Victoria

The First Home Owner Grant in Victoria is worth $10,000 when you buy or build a new home, rising to $20,000 for new homes valued up to $750,000.
Stamp duty is waived for first home buyers on homes worth up to $600,000. Discounts on duty are available on a sliding scale on first homes costing between $600,001 and $750,000.
Find the latest first home owner information on Victoria’s State Revenue Office website.

Western Australia

The First Home Owner Grant in WA is worth $10,000 for the purchase or construction of a new home.
In addition, WA first home buyers are exempt from stamp duty when they buy a new or established home worth up to $430,000 or vacant land costing up to $300,000. A discount on duty applies to vacant land or a home costing up to $400,000 and $530,000 respectively.
Find the latest first home owner information on the Western Australian Government website.

If you’re still unsure about your eligibility for the FHOG schemes in your state, you can contact Nfinity Financials Broker. They can help you better understand your situation and present you with the options available for your circumstance.

Schemes & Eligibility

As a first home buyer, you may be eligible for various state funding schemes to assist you in getting your own home. You will not only save on stamp duty, but may also qualify for an one-off payment called the First Home Owner Grant.

Read More

Under the First Home Buyers Assistance scheme (FHBAS), a first home buyer may get a concessional rate of transfer duty or even an exemption from paying the duty altogether.

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The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to support eligible first home buyers to build or purchase a new home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).

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The Home Builder scheme is making it even easier for home buyers and those looking to build a new home to achieve their property goals.  A $25,000* grant will directly help young families, first home buyers, upgraders and downsizers to realise their goal of home ownership sooner.

Read More

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Submitted on 02 Dec 2020

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