First Home Owner FAQ

We know you’ll have a lot of questions because you’re making one of the biggest decisions you’ll ever make. You might not be able to think of all the questions that you’ll want to ask during your first appointment with a Home Lending Specialist, or you might prefer to do the research yourself before you book a consult, so to help you out we’ve put together a list of the questions that we get asked by people like you every day.

  1. How much deposit do I need?

  2. As little as 5% plus fees - Lender’s Mortgage Insurance will apply to your mortgage to protect the lender from any extra risk.

  3. How does a Guarantor work?

  4. An immediate family member can use the equity in their property as security for your loan, which means that you do not need to have a full deposit saved up. The guarantee will usually be at least 20% of the property purchase price. Once you have repaid enough of the principle of your home loan, they can be released from the guarantee.

  5. How much can I afford to borrow?

  6. We’ll work this out based on your income. We can let you know quickly and easily. If you want to get a rough idea right now, try using our How Much Can I Borrow Calculator.

  7. Can I still get a home loan if I’m casually employed?

  8. Yes. We understand how hard it is to get full-time permanent employment these days, and our lenders have products designed for people in casual employment.

  9. Can I get a home loan if I’m on Centrelink?

  10. Yes, as long as it’s an on-going payment and you can service the loan.

  11. Fixed or Variable rates?

  12. It’s really a personal preference - whether you choose a fixed or a variable rate will depend on your confidence in managing changes to your periodic repayment amount, and your appetite for risking rising rates and repayments. If you want to know exactly how much your repayments will be each week, fortnight or month with no surprises, a fixed rate is better for you.

  13. Can I still get a home loan if I have credit defaults?

  14. Yes. You’ll pay a slightly higher interest rate as the lender will view your home loan as a higher risk than if you had clean credit. By meeting every payment towards your home loan, you’ll improve your credit rating. Once your credit file is clear, you can always refinance to take advantage of lower interest rates.

  15. How do I find a conveyancer?

  16. Your Home Lending Specialist will be able to recommend a local conveyancer, or you can find one by asking your family and friends for a referral to someone they've used.

  17. Do I still get a First Home Owner’s Grant?

  18. The First Home Owner’s Grant is available only if you buy or build a brand new property. It isn’t available for the purchase of an established home. There are other eligibility criteria that you will need to meet also.

One Top Tip from our most experienced Home Lending Specialist (he’s been writing home loans for 35 years):

When you buy your first property, don’t rush into it. Take your time to research the area you’re planning to buy in and to look around so when you do decide to purchase you feel confident that you’re getting a good deal

Got any questions to add to our first home owner FAQ?

Get in touch with us at 1300 366 287 and let us know your questions, we will compile them and keep adding them to this page. Good luck in your first home hunting journey.

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