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Buying your first home?
It's a big step, but it doesn't need to be stressful. Our aim is to help make the process of buying a home easy.
How we help:
First home loan lenders
Review your range of bank and lender options
First home loan products
Compare rates, loan features and find out what's possible
First homeowner grants
Discover which first home buyer programs you are eligible for
What should you look for in your first home loan?
There's no such thing as the single best home loan for first home buyers. It's about finding the right loan for your situation. That's why it’s important to compare different lenders and loans and to look at all of your options.
Interest rate
Generally speaking, the lower the interest rate, the lower your mortgage payments. But don't focus on the interest rate alone. Fees, charges and loan rules also need to be taken into account, including discounts for new customers and what happens after any honeymoon period.
Fees
Loan fees and account charges can add up quickly. Not to mention break fees or costs associated with loan facilities you may or may not need.
Comparison rate
The comparison rate combines the loan interest rate with standard fees and charges. This can provide a more accurate indication of the loan's overall cost.
Loan features
Compare loan features to work out which ones may help you better manage your repayments and get extra value from your home loan, such as a mortgage offset account or redraw facility.
Steps to becoming a first homeowner
As a first home buyer there's plenty to learn, lots to research and usually little spare time to do it in. The good news is that you don't have to do it on your own. We look out for your interests and do the heavy lifting that saves you time and money.
Step 1: Work out how much you can borrow
We help you work out how much you can borrow and how much you can afford to repay. This includes creating an accurate and detailed budget that takes into account your income, week-to-week expenses, plus the costs of purchasing a property. This will include stamp duty, council rates, moving costs, conveyancing and other fees. If you haven't finished saving your first home loan deposit, we can also help you work out how big your deposit you will need to be.
Step 2: Assess eligibility for first home buyer grants and schemes
You may be eligible for a first home buyer grant or stamp duty concession, including the national First Home Loan Deposit Scheme (FHLDS). The FHLDS is an Australian Government initiative to support eligible first home buyers purchase their first home with a smaller deposit, via participating lenders. Alternatively, you may be eligible for state-based first home buyer programs.
Step 3: Match you with potential lenders and loans
Based on your financial goals and needs, income and commitments, deposit, other savings or investments, plus your credit history, we find the best interest rate and match you with potential lenders and loans. We can also help you apply for a pre-approval. Our aim is to set you up with all the information you need to go house-hunting with confidence.
Step 4: Find a property to buy
Don't pay for property research data. As a My Finance Agent client, we give you access to professional property sales data as part of our standard service. Use this information to help formulate a price guide and to justify your offer during any negotiation process. We can also connect you with real estate experts, such as buyers agents and more.
Step 5: Home loan contract and settlement
You're on the home stretch now! We do all the legwork and look after the details when it comes to your loan application and contract. We also oversee that your solicitor or conveyancer has everything they need.
Step 6: Annual home loan review
We do an annual review of your home loan to make sure you're still on the best deal, plus getting what you signed up for. You also have access to our free wealth and financial education seminars.
Popular home loan features for first home buyers
Extra repayments
Pay off your loan faster, so that you pay less interest over time and become mortgage-free sooner.
Redraw facility
Get ahead in your repayments and then withdraw funds in credit from your loan as you need them.
Offset account
A separate savings or transaction account is linked to your home loan. This account balance is deducted from your loan balance to reduce the amount of mortgage interest you pay.
First home buyer grants and schemes
We'll help you navigate the myriad of home buyer grants and other schemes available across the country. These first home buyer programs are designed to save you money and get you into your own home sooner.
Talk with one of our loan experts to discover more, find out if you're eligible and how to apply.
First Home Loan Deposit Scheme
You may be able to purchase your first home sooner with as little as a 5% deposit
Northern Territory first home buyers
Worth $10,000 for eligible applicants buying or building a new (never previously occupied or sold) home
Australia Capital Territory first home buyers
The ACT Home Buyer Concession Scheme offers up to 100% discount on stamp duty
Queensland first home buyers
$15,000 towards buying or building a new home under $750,000, as well as potential stamp duty concessions
New South Wales first home buyers
NSW First Home Owner Grant (FHOG) provides up to $10,000, as well as First Home Buyer Scheme stamp duty concessions
South Australia first home buyers
Receive a grant of $15,000 for the construction or purchase of a new property valued at up to $575,000
Tasmania first home buyers
Up to $30,000 for buying or building a new home, as well as potential stamp duty concessions for eligible applicants
Victoria first home buyers
Provides $10,000 for a new home valued up to $750,000, plus further concessions for eligible people
Western Australia first home buyers
$10,000 when you buy or build a new home (value thresholds apply) as well as First Home Owner Rate of duty
"Nothing short of exemplary"
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I recently used MyFinance Agent for a new loan on a Sydney property purchase. Their customer service and loan rate achieved was nothing short of exemplary. I also saved a tonne of money by using them and now have a go to finance broker for the future. Highly recommend.
V CAPITAL
