Guide To Home Loans For First Home Buyers

Are you searching for the best home loan rates as a first-home buyer? There has been a major boom in Australia’s housing market over the last 2 years which has impacted individuals wanting to buy their first home or investment property making it difficult to understand the ins and outs related to first-home buyer options and available home loans. 

Understanding the schemes and options available to assist property buyers who are in the process of searching for the best home loans can be difficult and daunting. This is why the team at Greenline Home Loans have devised this guide to assist you with advice and options available for both first-home buyers and those looking for home loans for investment properties. 

First Home Buyers Assistance Scheme 

The first home buyers assistance scheme aims to provide a concessional rate for stamp duty or an exemption for the full stamp duty cost depending on specific circumstances. The first home buyers assistance scheme is suitable for those who are purchasing an existing home, purchasing a new home or intending to build a new home on existing vacant land. 

It is important to ensure you meet the eligibility points and further requirements for the first home buyer assistance scheme before applying. Reach out to the team at Greenline Home Loans today for assistance with understanding the best home loan rates and the various features available such as redraw facilities, unlimited additional deposits and low-rate home loans. 

Signing a document

First Home Owners Grant 

The first homeowner’s grant is a national scheme for people buying their first new home. The purpose of the grant is to offset the outcome of GST regarding home ownership. Each state or territory manages this national scheme under specific legislation and may have certain requirements. 

When applying for the first homeowner’s grant, it is vital to ensure you are eligible in regard to the state or territory where you are looking to buy or build your first home. Under the scheme, eligible first-time homeowners are eligible for a one-off subsidy payment towards their new home. 

Residential Investment Property Loans 

If you’re looking at purchasing an investment property, there are several benefits of acquiring a residential investment property loan such as:

  • Repayment holiday – in a situation where a property is unoccupied, a repayment holiday may be used (generally up until 12 months) where you can take a break from making repayments 
  • Offset account – many investors utilise an offset account as a replacement for their everyday account which may act as a savings account. The balance on your offset account will reduce the interest you are charged. 
  • Interest-only payments – interest-only home loans allow buyers to pay interest for a specific amount of time (generally 5 to 10 years), meaning the saved money can be used for additional investments. 
  • Line of credit facility – line of credit facility allows you to have access to a predetermined amount of credit allowing you to apply for additional money without having to apply for an additional loan. This borrowed amount will be secured against the equity you have in your existing property. 

To find out more about the options for purchasing an investment property, reach out to the friendly team at Greenline Home Loans who can answer any questions you may have and guide you through the process!

The Process Of Applying For A Home Loan As A First Home Buyer

Applying for home loans as a first home buyer can be daunting and stressful when you are unaware of the best home loan rates and the process of obtaining them. It is best to engage with a mortgage broker as soon as you are ready to investigate home loans as the mortgage broker will assist you with finding the right lender, understand your circumstances and needs and will start the application process and begin filling in the required paperwork with you. 

A mortgage broker will ensure they find the best home loans for your specific circumstances and financial position to meet your goal of buying your first home or investment property. When you first meet with your mortgage broker, they will need to understand your credit score, your income, and other financial information to give you relevant home loan information, which is why it is important to prepare as much information as possible beforehand. From here, your mortgage broker will inform you of how much you will require for a down payment depending on your personal circumstances and the details of the property you are wanting to purchase. After these steps are complete, your mortgage broker will be able to advise you of your monthly repayments and assist you with the application process.  

New Home

Reach out to Greenline Home Loans today!

Whether you’re looking to purchase an investment property, require information on the best home loans, or you’re first home buyers looking for expert advice, get in touch with our team of experienced brokers at Greenline Home Loans. With access to 50 lenders and a strong relationship with several major banks, we’re always able to assist you and offer a customised solution that will meet your needs.

At Greenline Home Loans, we will tailor the best solution for your requirements, and take you through the entire process from the first day you consider a construction loan or small business loan. Contact our friendly team of brokers to speak about low-rate home loans on 1800 705 505 to get started today!

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