The stress-free guide to buying your first home.

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.

Matfin 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.

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.

Matfin consultants can help you to access the FHOG.

How Much Can I Borrow?
Am I Eligible For The First Home Owners Grant?
What Will My Repayments Be?
How Much Do I Need To Save For A Deposit?
How Much Do I Need To Set Aside For Stamp Duty?
What Other Expenses Will I Need To Pay Besides Mortgage & Stamp Duties?
How Do I Choose Which Home Is Best For Me?
What Should I Do Now?

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 will also vary from lender to lender.

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. Note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be available.

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

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.

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.

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. While mortgage and stamp duties will make up the bulk of this 5-7%, the balance may include;

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 on the right home for you, Matfin consultants can arrange for a free report on the area you are interested in.

You can make an appointment with a Matfin consultant by calling 03 9524 3131.