FIRST HOME BUYER
Buying a first home is a major event in anyone’s life, and it can be hard to know where to begin when applying for a home loan. At Macarthur Financial Lending, we are here to make it as easy for you as possible, so we have provided this free introduction to buying your first home.
How much is the First Home Owners Grant and am I eligible?
In NSW the First Home Owner Grant is a one-off grant of $7,000 available to first home buyers who intend to live in the home they are purchasing. You usually receive the amount upon settlement of your home loan. The First Home Owners Grant can be used to assist with your deposit or to help you cover the costs in purchasing a property. But certain conditions apply.
To find out if you are eligible for the First Home Owner’s Grant, click here.
How much do I need to save for a deposit?
As a general rule, First Home Buyers require a deposit of 5% of the property value to be saved. This deposit will need to be saved over a minimum three (3) month period. Some lenders will now consider loan applications from applicants who have no deposit saved (conditions apply). Click here for further information on No Deposit Loans.
Other costs to consider are legal fees, stamp duty on the property, and if you are borrowing more than 80% of the value of your home you?ll be liable for a one off lender?s Mortgage Insurance fee. Note: Stamp Duty concessions / exemptions may also be available to First Home Buyers. To see if these apply to you, click here.
How much can I borrow?
How much you can borrow depends on a number of things including how much deposit you have, your current household income and what monthly expenses (ie loans, credit cards) you have. Use our calculator to give you an estimate of how much you could borrow.
What will my repayments be?
Once you have worked out how much you can borrow, you should see if you can afford the repayments. Get an idea of how much you will have to pay so you can plan your budget using our repayments calculator.
How much does it cost to use Macarthur Financial Lending's Service?
Nothing! Macarthur Financial Lending’s service costs you nothing and is obligation free. There is no charge for appointments, processing applications or on settlement of your home loan. You will only have to pay an establishment fee to the lender you choose in order to set up your home loan.
Our Home Loan Consultants will come to you to discuss your needs and at whatever stage you can decide not to go ahead with an application. We are confident though that we will be able to find a home loan that suits your requirements.
What should I do now?
You should book an appointment with one of our Home Loan Consultants by calling (02) 4627 5200. Alternatively, you can click here to request an appointment online. A Consultant will call you back to arrange an appointment at your convenience.