Tips & Advice Blogs

Tips for financing your first home

March 30, 2022

Getting into your first home is incredibly exciting – for the very first time, it’s totally up to you whether you paint your walls, hang pictures or plant a veggie patch! But before you become a first time home buyer, there is one major hurdle to face – first home finance.

Getting finance for your first home can seem like a daunting process, but we’re here to make it simple! Read our tips below on financing your first home, or get in touch with us today for expert guidance and advice.

Loans for first home buyers

Before you get too excited about purchasing your first house, you’ll need to think about home loans. Speak to our finance experts and they’ll be able to give you an idea about what you can borrow based on your present financial situation.

This will give you a realistic idea of what you can buy (and where you can build). The great thing about being a first home buyer is that there are many loan options available to you including low deposit home loans (or even no deposit home loans), guarantor loans, construction loans and KeyStart loans.

In order to ensure your loan application is successful, there are a few things you should be doing:

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Your homework

The home loan industry is complex and competitive, which is why comparing home loans is a good idea to ensure you’re obtaining the best rate and features. There are a variety of options available to suit a range of people; from variable to fixed rate loans to interest-only and investment loans. Our finance experts know all about the best options available and can help you find the right loan option to finance your new home.

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Consolidating debt

If you currently have certain personal debts, getting a home loan may be more difficult, or you may not be able to borrow as much as you want. Prior to applying for a home loan, focus on paying off any big and/or unsecured debts you may have, especially high-interest loans. If you’ve got multiple credit cards, then consolidating them into one new low-rate card could help you cut your credit limits and improve your overall financial situation.

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Get in with a small deposit

The larger your deposit, the more you may be able to borrow, as many banks and lenders will lend you up to 80% of the loan amount if you can save the first 20%. While you can get a loan with a 5% or 10% down payment, traditionally it has meant that you have to pay lenders mortgage insurance.

This has changed, however, since the establishment of the New Home Guarantee Scheme which may help qualifying buyers to avoid paying lender mortgage insurance by having the government guarantee up to 15% of the value of their property. Our team can assess your situation to make sure you get the loan that best suits your needs.

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Stamp duty concessions

In Australia, all property buyers must pay stamp duty, however as a first home buyer in WA, you may be eligible for a concession or even a complete exemption on the cost of stamp duty. This can equate to tens of thousands of dollars in savings.

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First Home Owners Grant

First home buyers in WA may qualify for the $10,000 First Home Owners Grant. If you qualify, you can put the money towards the deposit for your new home. The FHOG is only available once on your very first property purchase and some eligibility criteria applies.

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Build new

Most first-time homeowner subsidies are only available for newly built homes, so it’s well worth looking into building a home instead of buying an established home, and that’s how expertise!

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Get advice

Buying a home for the first time can be overwhelming. It’s a lengthy, complicated process, but there’s help available! At Ventura South West, we’ve been building homes for over 25 years! We know all the in’s-and-out’s of the process and can provide guidance and advice on everything from finance to choosing a home design. So even if you’re not sure if you are financially ready, reach outfor a chat to get a better idea of what could be possible.

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