MORTGAGE BROKERS FOR FIRST HOME BUYERS

Generally, you're a first home buyer if you've never owned residential property in Australia. Each grant, concession and government scheme has its own definition, though, and some are more flexible than others. We'll check your history against each one so you don't miss anything you're entitled to.

Yes. Many lenders will lend to friends or siblings buying together. It's worth having a co-ownership agreement drawn up by a solicitor so everyone knows what happens if one person wants to sell.

Yes, in a few ways. They can gift you money toward your deposit, or act as guarantors by using equity in their own home to secure part of your loan. A family guarantee can let you buy with a smaller deposit and avoid lenders mortgage insurance. We'll explain the risks for your parents so everyone goes in with their eyes open.

Most lenders accept a gift from family, usually with a signed letter or statutory declaration confirming it doesn't need to be repaid. Some lenders still want to see a portion of genuine savings, so the best lender for you depends on how your deposit is made up.

Genuine savings are funds you've built up yourself over time. Regular deposits into a savings account, a term deposit or a consistent rental history can all count. Lenders use them to see that you can manage repayments, and some don't require them if your deposit is large enough.

Yes, it reduces your borrowing power because repayments come out of your pay. The impact depends on your income and how much is left owing, and some lenders treat it more favourably than others. We'll show you the difference it makes before you decide whether to pay it down.

Yes. Self employed buyers usually need tax returns showing a trading history, casual workers typically need some time in the role, and many lenders will lend during probation if you've stayed in the same industry. Each lender sets its own requirements, so choosing the right one is the key to approval.

Often, yes. Lenders will look at your return to work date and your income when you go back. You'll usually need a letter from your employer confirming your return, and some lenders are far more flexible than others.

A fixed rate gives you certainty on repayments for a set period, while a variable rate usually offers more flexibility, like an offset account and unlimited extra repayments. Many first home buyers split their loan to get a bit of both. We'll talk through which suits your budget and plans.

An offset account is a transaction account linked to your home loan. The balance is offset against your loan, so you only pay interest on the difference. Keeping your savings and salary there can cut years off your loan without locking your money away.

Yes, most residential contracts in Queensland include a short cooling off period. If you end the contract during that time, you'll usually forfeit a small percentage of the purchase price. There's no cooling off period when you buy at auction, and your conveyancer can confirm the exact terms for your contract.

You can, but auction contracts are unconditional, so there's no finance or building and pest condition to fall back on. Have your preapproval, deposit and inspections organised before auction day, and check with us that your preapproval covers the property you're bidding on.

The lender bases your loan on its own valuation, so a lower figure means you'll need to cover the difference from savings, renegotiate the price or ask for a second valuation from another lender. This is one of the reasons we include a finance condition in your contract.

In Queensland, the property usually becomes your responsibility soon after you sign the contract, well before settlement. Your lender will also ask for proof of building insurance before settlement, so it's best to organise it as soon as your contract is signed. As an insurance broker, we can arrange this for you.

Yes, but check your obligations first. Most first home grants, concessions and government schemes require you to live in the home for a set period, and renting it out too early can mean repaying the benefit. After that, you can usually rent it out, and we can help restructure your loan to suit.