Home loans for first time buyers

Buying your first home is exciting but it can also be stressful. With so many different home loans out there how do you know which one to choose? Do you just go with your bank or should you look for a better deal? And how do you find a better deal anyway?

With emoney, of course! Our experienced lending professionals take the confusion out of your home loan search. We have access to hundreds of products and can help you find the ideal home loan quickly and seamlessly.

What you need to know about buying your first home

You know you need to put a deposit on your home, but do you know how much you need to save? Lenders typically require a 5% deposit and once you factor in upfront costs, this comes to about 8% of the purchase price. Common upfront costs include:

Stamp
Duty

This government tax varies depending on property purchase price and state or territory.

Establishment
Fees

Charged by your lender these typically include application, valuation and settlement fees.

Conveyancer's
Fees

A conveyancer or solicitor will handle the transfer of the property into your name.

Lender's Mortgage Insurance

Payable if you borrow more than 80% of the property’s purchase price.

Building & Pest Inspections

Pre-purchase inspections will point out any defects before you buy the property.

Building
Insurance

You need enough insurance to cover the repair or rebuilding of the property.

Additional resources for first home buyers

Saving for a deposit

Do you know how much you need to save? Lenders typically require a 5% deposit and once you factor in upfront costs, this comes to about 8%.

Upfront costs

In addition to saving your deposit, there are a number of upfront costs you will have to pay for. It’s important you budget for these at the outset.

Get the right home loan

Do you want the stability of a fixed rate home loan or the flexibility of a variable one? And what about features that can help you pay your loan down sooner?

How much can you borrow?

Use our borrowing calculator for an estimate of your borrowing capacity or contact one of our lending specialists to discuss your situation.

First Home Buyer's Guide

Download our handy guide for tips that will help take the stress out of buying your first home.

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