At Alpha Broking, we understand how confusing and overwhelming the process can be for first home buyers.
Currently, there are more than 400 different mortgage products available on the Australian market. However, as lending policies and interest rates constantly change, it makes sense to review all your options professionally.
By staying up-to-date on market options and rates, we can help you choose the agreement that best suits your individual needs.
Saving for your first deposit is a challenge for many prospective homeowners who believe they need to save as much as 40 per cent deposit before lenders look at them. With the median house price in Melbourne sitting at just over $1 million, that would mean struggling to save as much as $400,000.
For a purchase, you might not need a deposit of even 20 per cent. As long as you meet all the standard borrowing requirements, many banks and lenders are happy to approve home loans with a 10 per cent deposit.
Our Melbourne first home buyer mortgage brokers will research hundreds of loans from our lenders to determine which one suits you best.
We recommend that you speak with a mortgage broker like us first, even before you begin looking around at potential first homes.
Our experts can provide you with a wealth of information and advice and assist you in finding the right loan product. We strive to make the entire application and approval process as simple and straightforward as possible for you.
There is almost no worse feeling than having your heart set on a property, only to find your loan application has been rejected. So before you invest your heart into your prospective dream home, chat with the team at Alpha Broking so you know how much of your money you can invest.
We can provide you with an accurate picture of your borrowing potential, and help you find a loan that fits your needs. We can even assist with pre-approval so you know exactly how much you can spend on the market or at an auction.
To support first-time buyers, the Australian Government has launched the First Home Loan Deposit Scheme.
Mortgage insurance is usually required for first-time buyers with less than a 20 per cent deposit. However, first-time buyers can purchase a modest house or unit under this scheme with a five per cent deposit or less (lender’s criteria also apply).
This is because of the National Housing Finance and Investment Corporation Act of 2018 (NHFIC) that allows participating lenders to guarantee up to 15 per cent of the property’s value.
You may also be eligible for the First Home Owner Grant (FHOG) of $10,000 under Victorian State Government legislation. This applies when you are looking to purchase or construct a new property valued up to $750,000 that has not been previously occupied or sold.
There is also a range of exemptions and concessions from stamp duty that can be explored. The team at Alpha Broking will ensure you can access every saving you are eligible for without any hassle.