If you are looking at buying your first home Connected Home Loans can help you with your purchase. We will also assist you with your application for a First Home Owners grant. For an experienced mortgage consultant to contact you with-in one business day enquire now.
First Home Buyers 97% Finance
You can borrow up to 97% of the value of the property and most lenders do require any genuine savings therefore we recommend that you save at least 5% of the purchase cost which avails you of a greater range of mortgage product options.
You may be eligible for the First Home Owners Grant (FHOG) and in some states, stamp duty exemption, which could save you up to $25,000.
To be eligible for the FHOG you must be an Australian citizen or permanent resident and you (and your spouse or partner) must not have previously owned a home in Australia.
If you are eligible for the FHOG we will be able to assist you in applying for the grant.
First Home Buyer Family Pledge
A family pledge is a limited guarantee mortgage over property usually given by the First Home Buyers’ parents or grandparents which represents a 20% deposit in the purchase of your home. The advantages to you of a family pledge are;
No money required to complete the purchase. The purchase price plus all costs can be included in the loan amount
No genuine savings required
FHOG can be used for any purpose.
Avoid substantial loan mortgage insurance costs which could save you up to 3% of the loan amount
Miscellaneous Costs
There are a number of costs you will need to allow for when calculating the amount of money you need to complete the purchase of a home. If you are aware of the approximate purchase cost and location please send an enquiry to Connected Home Loans and we will e-mail back an estimate of these costs to you:
Government Fees - including stamp duty on transfer and on the mortgage if first homeowners are not exempt in your state.
Legal Fees - including conveyancing and property search fees.
Property related costs - including council and water rates and in the case of a unit purchase you will have strata fees.
You may also have to allow for other costs such as building and pest inspections.
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Lenders Mortgage Insurance (LMI)
The LMI fee applies only when you borrow more than 80% of the property's value (on a full documentation loan), this covers the lender if for some reason you cannot repay your loan and the property is sold for less than the amount of the loan. LMI can be added to your loan amount for up to 100% of the property value.
Building Insurance
Prior to settlement of your loan you will need to provide evidence that the property you are purchasing is suitably insured. In the case of a unit purchase this will usually be insurance taken out by the Strata Plan.
Require More Information
Please contact Connected Home Loans and one of our experienced mortgage consultants will get back to you with-in one working day. Enquire today.
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