How to Get a Home Loan as a First-Time Buyer: Your Guide to the Process

Home loan first buyer | If you\’re a first-time homebuyer, then you may be feeling a little overwhelmed by the process. Don\’t worry, though – we\’re here to help! In this blog post, we\’ll walk you through everything you need to know about getting a home loan. We\’ll discuss the application process, and what to expect after your loan is approved. So whether you\’re just starting out your home buying journey or you\’re almost there, this post is for you!

About Teri Maloon

Teri is a Mortgage broker with more than 8 years\’ financial planning and mortgage broking experience abroad and in Australia. Teri has the qualifications and credentials to guide you through the appropriate strategy to secure a loan suitable to your requirements. Her priority is to help smoothly navigate the legalities and the loan process proficiently to achieve the best outcomes.

Teri is known for her professionalism, efficiency, honesty and integrity. Whether you’re a first-time home buyer, looking to upsize, or seeking an investment property, Teri can help you. Click here to book a meeting today.

Getting a Home Loan as a First Buyer

Owning your own home for the first time is one of the most anticipated events in your life. Make sure you enjoy the process. We\’ll be there for you every step of the way and provide customized service and assistance.

Step 1: Planning

Whether you\’re interested in finding out more or need to buy a house as soon as possible, the first step is to figure out how much money you can borrow (your potential borrowing power).

You can start by using an online home loan calculator, which will give you a good idea of how much you could potentially borrow. This is a great way to get started on your home buying journey and figure out what kind of property you could afford.

Once you\’ve done this, we recommend getting in touch with a qualified and experienced mortgage broker. Teri can help you determine your borrowing capacity so you know what property you can afford to buy. Click here to book a meeting today.

Step 2: Finding your home

This is the fun part! Once you have an understanding of your borrowing power, you can begin house hunting. Keep in mind your budget and what you\’re looking for in a home, as well as any other factors that are important to you (location, size, etc.).

Step 3: Pre-approval

The next step in your home loan journey is to get the necessary approval so you can buy or bid with confidence. As your mortgage broker, Teri will support you along every step of your buying journey, from pre-approval, right up to settlement. She will take care of all of the details of pre-approval so you can concentrate on finding your ideal property without any added stress.

Teri will match you with the best financial solution based on your specific requirements. She\’ll compare all of the available options and explain their distinctions and advantages.

Once you\’ve decided on the best finance solution for your unique needs, she will get you started on the application procedure. Teri has a thorough understanding of what it takes to submit a successful loan application, she\’s done it for countless other happy customers. Click here to read verified reviews.

Step 4: Settlement

Finally! It\’s time to purchase your first home and finalise all the paperwork. Teri will be with you every step of the way to make sure everything goes smoothly.

Once your home loan is approved and you\’ve found a property within your budget and been pre-approved, it\’s time to start thinking about settlement. Settlement happens when your deposit is transferred to the seller and when the agreed loan amount is paid on your behalf from the lender.

By the time settlement day arrives, your mortgage broker will have ensured the loan is approved and all paperwork is correct. The lawyers meet with the lender and contracts are exchanged. The lender gives the cheque to the property seller.

Step 5: Getting your keys!

The final step is the most exciting one! You\’ve saved hard, been through the home loan process and it\’s all paid off. It\’s time to get your keys and move into your first home.

Once you have the keys, Teri will be there for you if you ever need any help or advice with your home loan in the future. Congratulations on becoming a home owner!

If you\’re looking for more information on home loans or are ready to start the process, Teri can help. Click here to book a meeting today.

Frequently Asked Questions

How much is first home buyers grant Melbourne?

If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of $10,000. To be eligible, the home must not have been previously sold or occupied.

Which loan option is best for first time home buyers?

Low rate, low fees home loans, FHLDS mortgages (Government scheme) are generally the best options. Using a guarantor for your first home is also a great option if you do not have enough deposit available upfront.

Is stamp duty free for first time buyers?

There is a stamp duty concession for first home buyers up to $600,000 purchase price in Victoria where first home buyers pay Nil stamp duty.

How much money should I save before buying a house?

20% Is recommended. If you have less than 20%, lenders mortgage insurance will apply. Although there are some lenders that will give up to 85% with no lenders mortgage insurance, which means a first home buyer only needs 15%. If you are a professional such as an accountant, lawyer, nurse or doctor there are loans where we can get the lenders mortgage insurance waived up to 90% and therefore you may only have to save a 10% deposit. Contact Teri below to understand your options today.

Conclusion: Home Loan First Buyer

Now that you know the steps to take in order to get a home loan as a first-time buyer, you can begin the process with confidence. Contact Teri today using the form below to get started.

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This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.