First Home Owner Loans
Looking to secure your first Melbourne mortgage? Hoping to buy your first home soon? Talk to us about the options available and how to make the most of your mortgage.
We will help you with all aspects of the home loan process, from start to finish. Most people looking for a Mortgage are preoccupied with finding the lowest interest rate. But have you considered all the fees and charges, and the account flexibility you need? You need to consider the entire cost of the loan - not just the interest rate. We will talk you through all the things to consider.
With a mortgage broker Perth you can choose from a range of loans:
- Basic Home Loan
- Honeymoon Loan
- Standard Variable Rate loan
- Fixed rate loan
- Redraw Facility
- 100% Loan
Home Loan Deposit
Traditionally, you've needed at least 20% deposit to get a Home Loan. It's all about Loan-To-Value ratios (LVRs). When Lenders talk about Mortgage deposits they refer to Loan To Value Ratio (LVR). Loan-To-Value Ratio (LVR) is the loan amount divided by the value of the property. Let's say you want to buy a property with a purchase price of $200,000. If you have a deposit of $40,000, your LVR is 80% (160k/200k).
The critical LVR figure as far as Lenders are concerned is 80%. If you don't have 20% of the purchase price as a deposit, you will generally be required to pay for Lenders Mortgage Insurance (LMI).
First Home Owners Grant
The first home owners grant of $7,000 is available to eligible first home buyers and is available for people buying an established home or building a brand new home.
The grant is designed to help first home buyers onto the property ladder.
If you would like more information on what you can claim please contact your nearest mortgage broker.
If you want a reliable assessment of your borrowing capacity for your first mortgage, you should try to be pre-approved for a loan. Talk to us about applying.
For guidance and support throughout the home loan process, start talking with your local mortgage broker 
or fill out your details below and we’ll get straight back to you.