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First Home Buyers
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First Home Buyers

Buying your first home can be special and unique. Astute Mortgages understands these special needs and patiently guides many first home buyers through their first purchase.

From helping you to understand the various options, ensuring that you have enough money to complete your purchase, providing you with repayment schedules,  liaising with your solicitor and real estate agent and completing your First Home Owner's Grant.

Which Home Loan Is Right For Me?

With so many different loan products on the market, finding a home loan is not as simple as it used to be. There is a range of options available to you that may save you money, provide you with greater flexibility and peace of mind.

Astute Mortgages consultants use their expertise and experience in the home loan market coupled with a unique computer software program that enables them to compare hundreds of loans in a matter of minutes. Our consultants will then be able to provide you with a short list of loans that are both competitive and suitable – simplifying the loan selection process.

First Home Owners Grant – FHOG

The Federal Government introduced the FHOG in 2000 to assist First Home Buyers meet the cost of buying or building their first homes.

It is a non means-tested grant of $7,000 that can even be used to form part of the deposit on your first home purchase. In certain states First Home Buyers may also be exempt from purchase duty.

Astute Mortgages consultants can help you to access the FHOG.



First Home Buyer’s Frequently Asked Questions


How Much Can I Borrow?

How much you can borrow, also known as your borrowing capacity, will depend on how much of a deposit you have, your current income and what expense commitments you have. It can also vary greatly from lender to lender.



Am I Eligible For The First Home Owners Grant?

This one-off grant of $7,000 is available to First Home Buyers intending to live in the home they are buying. Basically, you are eligible if you are an Australian citizen or a permanent resident who is buying or building your first home in Australia and intend to occupy it as your principal place of residence within 12 months of settlement.

The rules regarding eligibility of this grant do change from time to time, Astute Mortgages stays abreast of these changes and  calls the Office of State Revenue for individual scenarios to investigate individual opportunities for their clients.

If Astute Mortgages can help you access your entitlements we will investigate these options.


What Will My Repayments Be?

It is one thing to work out how much you can borrow, but you need to know if you can afford the repayments.

Astute Mortgages prepares comprehensive repayment schedules to ensure you can afford the loan and to help you compare the difference to your hip pocket for different properties.

These repayment schedules are customised and can even factor in an allowance for proposed rental income and gearing for investors.


How Much Do I Need To Save For A Deposit?

The amount you need as a deposit will depend on the type of home loan and the lender you select. Generally you will require a minimum of 5% of the property value.

However, many clients have good jobs, but in the past may not have been able to save a deposit.

You may be surprised how little a deposit may be required. Astute Mortgages also explores innovative loan product options that allow first home buyers to borrow up to 100% of the property value or allow family members to offer support which means you do not need a deposit.


How Much Do I Need To Set Aside For Stamp Duty?

Stamp duty is a tax levied on the purchase of a property. It is calculated according to the purchase price of the property and the state or territory the property is situated in.

In certain states if you are a  First Home Buyer , you may be exempt from paying this duty . Astute Mortgages is able to calculate the duty payable for you ensures that all clients you have the funds available to allow you to complete the purchase and avoid unnecessary delays and fees.

As part of approach to provide an overall lending solution, Astute Mortgages if necessary will call the relevant office of state office of revenue to confirm a buyer’s fees before determining the loan cost and any exemptions or concessions that may apply in special circumstances.




What Other Expenses Will I Need To Pay Besides Mortgage & Stamp Duties?

As a rough guide, you should budget for between 5-7% of the purchase price, in addition to your deposit, to cover fees and charges. Purchase stamp duties will make up the bulk of this 5-7%, the balance may include;

  • - Building and pest reports
  • - Valuation fees
  • - Lenders mortgage insurance (LMI) May not be applicable in all circumstances
  • - Solicitors fees
  • - Insurances
  • - Utility connection fees – phone/gas/electricity
  • - Council and water rates
  • - Removalist costs

Astute Mortgages uses software which calculates most of these costs before determining the loan amount suitable for you.

When you are getting advice on loans, many will just calculate the loan based on your deposit. But how do you pay for these other fees?

The last thing we want is for our clients to be short-changed.

Astute Mortgages looks at your relevant fees as part of your total loan picture (even some rent money for clients doing construction loans!) So clients know how much they will need for their total purchase up front before starting. This way we can plan for this shortfall or find ways to make up the difference.




How Do I Choose Which Home Is Best For Me?

When deciding on the area to live in, apart from considering proximity to family, friends and work commitments, you will obviously need to think about prices. Prices will vary greatly from suburb to suburb.

To help you decide between one home and another or one area and another Astute Mortgages can provide you with a repayments schedule which will give you the loan repayments for a property price range.

This way you can make an informed decision and determine whether a new bathroom is really worth the extra $200 per month.


What Should I Do Now?

Please call the Astute Mortgages office on (02) 9580 0088 and make a time with our consultants to discuss your requirements and the best way for you to move forward with your plans. We look forward to hearing from you.



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