First Home Loan in Melbourne

Becoming a First Home Buyer

Buying your first home is an exciting but big step to take, and one that comes with many questions and decisions. The first big question is how much you can borrow and what your likely repayments will be.

That’s where Flex Home Loans and Finance can help, doing all the legwork for you. Our Australian based team of mortgage brokers compares home loans across a variety of products available from Australia’s leading lending institutions. We can help arrange the first home loan for Melbourne, Sydney and Brisbane clients, as well as clients based elsewhere in Australia, providing them with the necessary finances to purchase a home.

As a first home buyer, you may be eligible for a first home buyer grant. This grant may be available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. As grant conditions vary from state to state, contact us to find out more about eligibility requirements for getting a first home buyer grant in Melbourne, Perth, Sydney, Adelaide or elsewhere and how much grant money you could receive.

Our mortgage brokers will also liaise with the lender on your behalf. It’s our job to do the hard work so you can focus on finding the right home for you. We’ll be there every step of the way to guide you through the entire home loan process – from application to approval.

Chat with Us Today

Flex Home Loans and Finance is a licensed mortgage broker that can set up the right type of first home mortgage in Melbourne and across Australia. To chat with our brokers, call us today on (03) 4301 4170 or contact us online.

First home buyer guide

How much money am I able to borrow?

Everyone has their own particular requirements when it comes to borrowing money. Flex Home Loans and Finance has online calculators that our clients can use to get an estimate of how much they can potentially borrow (please note that these estimates are subject to satisfying legal and lender requirements). If you prefer to speak to one of our staff members, feel free to give us a call.

How much money do I require for a deposit?

With most home loans, potential buyers will need to have saved up at least 5% – 10% of the value of the property they’re interested in, which they will pay when they sign a Contract of Sale. Some buyers can potentially borrow against the equity of their current home or any investment properties they own.

How much will regular repayments be?

Flex Home Loans and Finance has a Repayment Calculator that you can use to get an estimate of what your regular repayments will be. You can also get in touch with our mortgage brokers who can discuss all available loan products, some of which will have lower introductory rates than other options. We can help with finding a suitable option for a first home loan in Melbourne and beyond.

How often will I have to make my home loan repayments – weekly, fortnightly or monthly?
Many lenders offer clients repayment options that are suitable for their financial situation and their capacity to make repayments. It’s highly recommended to make repayments each week or fortnight if possible so you can pay off your loan faster.
What fees / costs will I need to be prepared for?

There will be various types of fees and costs you will have to pay when buying your first home. Below is a list of common costs buyers should be aware of:

  • Stamp duty — This is a major fee that buyers will need to prepare for. Stamp duty rates are determined by what the property is worth, and every state and territory will have its own set rates. Buyers might also need to pay stamp duty on the mortgage itself. Flex Home Loans and Finance has a Stamp Duty Calculator that can provide an estimate of how much you will need to pay for stamp duty.
  • Legal/conveyancing fees — Most buyers will have to pay anywhere between $1,000 – $1500 in legal/conveyancing fees. These fees factor in all the legal requirements pertaining to the purchase of the property, including title searches.
  • Building inspection — A Contract of Sale should be subject to having an inspection of the building being carried out prior to the property being purchased to determine if it has any structural issues. If any issues are found, buyers may have the option to withdraw from the purchase without incurring any substantial financial penalties. How much a building inspection and report will cost will depend on the size of the property, although they often cost up to $1,000.
  • Pest inspection — Any property should be inspected by a qualified pest inspector before it’s purchased. The Contract of Sale should be subject to the pest inspection, which means buyers might be able to withdraw from the purchase without facing any major financial burdens if any dangerous pests are discovered. These inspections may cost as much as $500, although how much a buyer pays will depend on the size of the property.
  • Lender costs — Most buyers will have to pay establishment fees to lenders in order to cover the costs pertaining to their own valuation and all related administration fees. Flex Home Loans and Finance will inform you in advance of any lender charges, but you will most likely need to pay somewhere between $600-$800.
  • Moving costs — Buyers that choose to hire a removalist company will need to pay them for their services.
  • Mortgage Insurance costs — Buyers that borrow funds that equate to being over 80% of the purchase price for the property will have to pay Lender Mortgage Insurance. Buyers that purchase a strata title will have to pay for regular strata fees as well.
  • Ongoing costs — In addition to repaying the home loan, buyers have to pay council and water rates. It’s recommended that buyers purchase both building insurance and contents insurance as well. Many lenders request a minimum sum insured for the building that will cover the loan.

Australian Credit Licence 392575

Flex Home Loans and Finance

238 Main Street, Bacchus Marsh VIC 3340

03 4301 4170

Social Follow