If you’re looking for a first home buyer loan Brisbane, you might be a little overwhelmed with where to start. Buying your first home is an exciting milestone – however, without the right advice from a first home mortgage broker, it can often be a daunting process. That’s where our experienced team of expert mortgage brokers can help!
Home Loans for First Home Buyers
As a first home buyer Brisbane, you’ve probably got a lot of questions. So, to get you started, we’ve created the ‘First Home Buyer Guide’. This free PDF is a comprehensive manual for first home buyers and contains answers to many common questions. The Brisbane ‘First Home Buyers Guide’ also provides a complete overview of the entire first home buyer process, from establishing your budget, right through to property settlement and moving into your new home. To download your free copy of the Brisbane ‘First Home Buyers Guide’, just click on the link above and know more about home loans for first home buyers.
At North Brisbane Home Loans, we understand that buying your first home is one of the most important decisions you’ll make, which is why we take our role as first home mortgage brokers so seriously. We have more than 100 years’ combined experience helping our clients buy their first home in Brisbane. We’ll provide you with all the advice and support you need to make the best final decision and, ultimately, get the keys to your very first home. Contact our friendly and professional team of first home mortgage brokers in Brisbane, Queensland, and get the best advice on first home buyer loans today!
What are the Benefits of Using a Mortgage Broker as a First Home Buyer in Brisbane?
As a first home buyer in Brisbane, you may be tempted to go straight to your local bank in search of first time home buyers loan. This is often the case when first home buyers are unsure about the role of a mortgage broker. But using a mortgage broker as a first home buyer in Brisbane, Queensland can save you time, save you money and save you a lot of anxiety (in the short-term and the long-term). This is because a first home mortgage broker will:
1. Be able to offer a great range of home loan products
A bank is limited in the loans they can offer, because (understandably) they’re not going to show you what the competition has available. Going directly to a bank for a first home loan is like going to a car dealership that only offers one brand of car – you’ll probably find something you like, but you won’t necessarily be getting the best car to suit your needs and budget. In contrast, a mortgage broker has access to a wide range of lenders and can help you to determine which home loan product is going to work the best for you.
2. Work for you, not the lenders
A mortgage broker acts as an impartial agent committed to finding the best possible outcome for you. Brokers aren’t constrained by co-dependent relationships with lenders, so you can feel reassured that they are always acting in your best interests. This means that they won’t just show you the lowest interest rate or the best short-lived “honeymoon” incentives – they’ll review all the terms and conditions and then help you to choose a loan that will be beneficial for you, both now and in the future.
3. Help you smooth over any potential issues
Did you know that different lenders will view the same application in very different ways? For example, one lender may be put off by the fact that you’re self-employed, whereas another would see that all your financial records are in order and happily accept your application. An experienced mortgage broker will know which lenders are most likely to accept your application, will help you anticipate potential hiccups, and then advise you on the best way to deal with them.
4. Give you access to home loan comparison technology
There are literally hundreds of home loan products currently available to Brisbane first home buyers, from scores of different lenders. Trawling through all available mortgages without the use of technology is a formidable task for anyone – never mind a first home buyer who’s new to the world of lending! Working with a savvy mortgage broker will give you access to the latest home loan comparison software. This technology has been designed to match potential borrowers with a shortlist of the most suitable home loan products offering the most competitive rates and best range of features.
5. Save you a great deal of time and money
Without a mortgage broker, comparing home loans can be a confusing and time-consuming process. You’ll fill out reams of paperwork, could spend hours on hold with lenders and at the end of it all, you may not even have your first time home owners loan application approved. A mortgage broker saves you time by doing a thorough comparison on your behalf, finding the answers to all your questions, and then submitting the necessary paperwork. And a mortgage broker will save you money by finding the loan that best suits your circumstances and then negotiating with the lender to ensure you receive the lowest possible rate. A mortgage broker will also confirm that all fees are disclosed upfront, so you won’t have to worry about unexpected costs cropping up in the future.
Top 7 Tips for First Home Buyers Brisbane
Looking for the best home loan for first home buyer? Here is a list of some tips for first home buyers in Brisbane to help you through this important journey.
1. Improve your credit rating
If you’re thinking about buying your first home, the first thing to do is to check your current credit rating. If you’re not sure how to go about this then any of our brokers would be happy to talk you through the process. This simple check can help you ascertain if there are any errors listed on your report or potential issues that need resolving. The next few steps sound basic, but they can make a real impact on your credit score: pay your bills on time and have a manageable credit card that you pay off in full each month. This demonstrates that you know how to manage debt and that you can be relied on to make required repayments.
2. Figure out your budget
It’s important that first home buyers have a clear concept of exactly how much they can borrow. This will then allow you to figure out your budget, remembering to allow for the “hidden costs” such as conveyancing fees, pre-purchase inspections, title searches, and stamp duty. For an initial assessment of how much you can afford to borrow, try using the North Brisbane Home Loans free online calculators, or make an appointment with one of our first home buyer loan brokers.
3. Display job stability
If possible, it’s a good idea to be at your current job for at least 6 months before applying for a home loan. This demonstrates to lenders that you have job stability, an important factor in any home loan application. Naturally, this isn’t always going to be possible (particularly in light of the upheavals caused by COVID), but overall, lenders will be more comfortable approving loans for applicants who are no longer on an initial employment trial period and who aren’t in a pattern of job-hopping.
4. Try to keep emotions in check
We understand this one can be tough. Buying your first home can be exhilarating, nerve-wracking, exhausting, invigorating, stressful, and exciting…sometimes all in the same day. But, as with any major financial investment, it’s important not to be swayed too much by emotion. Ensure that you do your research, take the time to consult with experts, and read any terms and conditions before committing to any big decisions.
5. Organise pre-approval
Pre-approval isn’t a requirement for first home buyers in Queensland, but it is highly recommended. Pre-approval occurs when a lender agrees, in theory, to approve your loan application. Why is pre-approval so important? Because it allows you to make informed decisions. You know exactly how much you can afford to spend, how much room you have to negotiate, and if you’re planning to buy at auction, greater certainty surrounding your ability to make a winning bid.
6. Do some basic property research
You don’t have to become a real estate expert, but some basic property research will help to ensure you aren’t paying too much or purchasing in an area that you may later regret. Start by considering how far you’re willing to travel for work and to visit family and close friends (as this gives you a basic area to start with). You can then start looking at property prices in the area to determine what is within your budget. Talk to real estate agents about potential growth suburbs, local school zones, and public transport options. The more information you have at your disposal, the more confident you can be as a first home buyer.
7. Work with an experienced first home mortgage broker
Buying your first home can seem like a daunting prospect, but it doesn’t have to be. The experienced team of mortgage brokers at North Brisbane Home Loans is here to help first home buyers through the entire process – from pre-approval right through to settlement. With over 100 years of combined experience and 200+ 5.0 star reviews, North Brisbane Home Loans are the ideal choice for first home buyers in Brisbane.
Contact NBHL’s friendly and professional team of first home mortgage brokers in Brisbane, QLD, and get the best advice on first home buyer loans today!
How much money can you loan? How much of a deposit do you need? Are you eligible for the first home owners grant? Which lenders have the best rates? At North Brisbane Home Loans, we’ve got the answers for first time home buyer loan. Contact North Brisbane Home Loans expert team of first home mortgage brokers in Brisbane and get the best advice on first home buyer loans today!
Why Choose North Brisbane Home Loans?
5 Star Customer Rating
We put you first and genuinely want to help you achieve your property ownership dreams.
Being a top rated first home mortgage in Brisbane we delivered the best home loan for first home buyers. We have hundreds of happy customers, find out what they’ve said about working with North Brisbane Home Loans here.
Experienced Mortgage Brokers
With more than 90 years’ combined experience in the industry, our first home buyer mortgage broker can confidently offer you the best advice when it comes to finding the best value loan for you.
We are a team of experienced mortgage brokers in Brisbane that helps to get the best home loan for first home buyers.
We Work For You – Not The Banks
We don’t charge any fees for our first home owner loan services, our commission comes from the lender.
As a personal first home mortgage in Brisbane, we’re by your side every step of the way to ensure you select the best first time home buyer loan product for your individual circumstances.
Exclusive Partner Network
Not only do we provide you with the best advice on first home owners loan needs, but we also introduce clients to our network of trusted partners offering discounted rates.
Save time and money searching for reliable building and pest, real estate agents, solicitors and more.
5.0 Star Reviews from First Home Buyers Brisbane, QLD
We used Raylene to secure the loan for our first home. She went above and beyond what we could have ever wanted or expected from a broker. We asked her a stupid amount of questions throughout the whole process and she was always more than happy to answer them (replied day or night and even on her weekends). Can’t recommend Raylene enough and extremely grateful for all her help
It was an absolute pleasure to buy our first home with Pat and Lynda at North Brisbane Home Loans. They kept in touch and made sure we got all the necessary information through face to face meetings with Pat, phone calls, and email communications with Lynda. Both of them were very open, responsive and made us feel important and cared for. Very professional company giving high quality service. Loved dealing with them and will absolutely get their services again if we buy another home.
Frequently Asked Questions By First Time Home Buyers
How Much Does A First Home Mortgage Broker Cost?
We don’t charge a fee for our services, instead we are paid a commission by the lender once your loan is complete, which means we’ll work hard to recommend the best home loan for you.
How Much Of A Deposit Do I Need To Buy My First Home?
How much of a deposit you need to buy your first home will depend on the value of the property you are buying, and the amount you are borrowing.
For a new property, you may need a minimum deposit of between 5% – 6% of the property purchase price (as some of the extra costs may be covered by the First Home Buyers Grant). For an existing property, you may need a minimum deposit of around 5% – 10%. Keep in mind that you will also need to set aside money for other costs including a conveyancer, and potentially a building and pest inspection.
Contact our team today and we can provide an estimate for the deposit amount you’ll need to have saved for your first home.
How Much Can I Borrow As A First Time Home Buyer?
Am I Eligible For The First Home Owners Grant?
If you have decided to purchase or build a new property for your first home (off the plan, or never before lived in), you may be eligible for a $15,000 building grant.
What should I know about 5% deposit home loans?
While many lenders prefer a deposit of at least 20% of the purchase price, this isn’t a hard and fast rule. Some mortgage lenders in Brisbane will happily offer 5% deposit home loans to first home buyers with a good credit rating. Because this kind of loan comes at greater risk for the lender, they may require you to take out Lender’s Mortgage Insurance (LMI). However, under the government First Home Loan Deposit Scheme, eligible first home buyers can obtain home loans with just a 5% deposit without having to take out LMI. This is because the National Housing Finance and Investment Corporation (NHFIC) will act as a guarantee on the remaining 15% of the deposit. To find out more about eligibility and what 5% home loans are available to first home buyers, contact our experienced team of Brisbane mortgage brokers on 07 3889 9719.
Are there any other Government Grants available for first home buyers in Brisbane?
There is currently a range of fantastic government grants and assistance schemes that are designed to help first home buyers purchase a property sooner. These include the First Home Loan Deposit Scheme, the $15,000 HomeBuilder Grant, the First Home Concession (which can potentially save you up to $8,400 on transfer duty fees) and the Queensland First Home Owner’s $15,000 cash grant (for those who are buying or building a brand-new home). Each of these government concessions come with their own range of eligibility criteria, so check the official government websites for the latest information or talk to one of our brokers for a detailed explanation.
Which home loan lenders in Brisbane have the best rates?
At North Brisbane Home Loans, we understand that obtaining the best interest rate is only the first half of the equation. Because the best rate overall won’t always equal the best home loan product to suit your specific needs. This is why we are committed to working with individual borrowers to gain a thorough understanding of each client’s unique circumstances, current financial situation and even long-term economic goals. This hands-on approach, combined with our extensive database of home loan lenders and products, ensures that we will be able to help you find the best first home buyer loan product to suit you and your family.
Should I buy a new or existing house?
The answer to this question will often largely come down to your personal preferences and budget. But there are various pros and cons to buying a new house or an existing house, so it’s important to research your chosen option thoroughly. For example, buying a brand-new house could enable you to cash in on the First Home Owner’s Grant, while also providing you with a more modern home that comes with a warranty. But new housing estates are often situated further from the city centre, so a commute to the CBD may be longer than what you’re used to. First home buyers who purchase existing homes may find they are more affordable and more plentiful in a wider range of suburbs. Existing homes also offer great opportunities for future renovations, but to avoid unpleasant surprises (such as termites or mould) it’s a good idea to make sure relevant inspections are carried out prior to purchase.
What is a conveyancer, and will I need one?
Purchasing a property involves a lot of complicated legal obligations and official paperwork in order for ownership to be lawfully transferred from the seller to the buyer. These tasks are usually handled by a professional conveyancer. In Queensland, a buyer is not obligated to use a conveyancer, but they are strongly encouraged to do so because of the high risk of litigation if something isn’t handled correctly. An experienced conveyancer will be able to assist you with testing contract guarantees, making sure you satisfy lender conditions, paying any necessary transfer duty, preparing the Notice of Sale, arranging the actual transfer of the property title and handling the financial settlement. North Brisbane Home Loans can recommend several trusted conveyancers who we have established working relationships with over the years as part of our exclusive partner network.
What do I need to know about pre-purchase inspections?
Organising a pre-inspection may seem like just another expense, but it has the potential to save you thousands of dollars in the long run. Building and pest inspections are carried out by a trained and impartial inspector before a sale is finalised. They’ll complete a thorough examination of the entire property, checking all the nooks and crannies that you probably haven’t looked out (such as the roof space or under the sub-floor). The inspector will check for structural issues, termites or signs of water penetrations – all issues that can cause considerable damage to a home and cost tens of thousands of dollars to fix. A pre-purchase inspection will not only give you peace of mind that the property you’re buying has no major defects, but it can also be a useful bargaining tool during negotiations.
Can I use a guarantor as a first home buyer?
Guarantors can be a great option for first home buyers who have a deposit of less than 20% of the purchase price and who aren’t eligible for the First Home Loan Deposit Scheme. Often a close relative who already owns their own home, a guarantor is someone who offers the equity in their property as security for your loan. This means that you can borrow up to 95% of the purchase price and you won’t have to pay Lenders Mortgage Insurance (LMI).
How do I know which home loan is right for me?
When it comes to a home loan for first home buyers, there is no “one size fits all” product. The best mortgage for you won’t necessarily be the best home loan for your neighbour or colleague. To find the best home loan for you, we first need to understand things like your borrower status, your credit history, your employment type and your current deposit. Only after we’ve taken the necessary time to talk things through will we start making recommendations about loan products. So, you can be reassured that when a North Brisbane Home Loans broker presents you with a shortlist of home loans, they’re offering the absolute best home loans tailored to suit you personally.
First Home Buyers