First Home Buyer Specialist
If you are purchasing your first home or your next home, you need a Mortgage Broker that specialises in helping home buyers!
At a glance
While the process of buying your first home can be challenging, and at times, seem unachievable. The decision to purchase your own home is one that will set you up for the future. The important thing to remember is that, Your Home Loan Consultant understands how confusing it can be to try and navigate your own way through the process.
You don’t have to navigate the uncharted territory on your own.
When purchasing your first property, don’t let yourself be overwhelmed by the experience. The process can be seamless and enjoyable when you tackle it in individual stages. From making the decision to purchase, to finding the right loan, saving for your deposit and finding and securing the perfect home. Step-by-step you can achieve your financial goals.
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Your first property is a stepping stone into the property market.
Like so many Australians, the dream of owning your own property is a big one and an important milestone in your life. It might even be the largest financial investment you ever make.
So, regardless of if you are buying your first property, a vacant block of land, a home to raise your family in, or even your second or third investment property, there is a lot to know and to consider throughout the purchasing journey.
Your Home loan Consultant understands how confusing it can be to try and navigate your own way through the process.
Trust us when we tell you, you’re not alone in feeling a little overwhelmed by it all.
As a first home buyer, you probably have a million questions running through your head, for instance.
As "Your Home Loan Consultant" we are here to help you take that big step into home ownership.
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Frequently asked questions
How much deposit is required depends mainly on how much you want to spend on a property. Ideally you should have 20% of the purchase price plus allow for other costs such as State charges eg; Stamp Duty and solicitor's fees.
However, most lenders will lend you up to 95% of the property value. And there a few lenders that will still go up to 97%.
If you are borrowing above 80% of the property value you may need to pay what’s called Lenders Mortgage Insurance (LMI).
Lenders Mortgage Insurance is required when the loan amount is more than 80 per cent of a property’s purchase price or property valuation.
In very basic terms, a lender considers a loan to carry a higher risk if the loan-to-valuation-ratio (LVR) is above 80 per cent.
The amount you can borrow for a home loan depends on a range of things. When your bank considers your ability to pay back your loan, they look at many personal and financial details, which may include your:
- living expenses
- liabilities, including other debts and commitments
- the number of dependent children
- existing assets, such as investment properties.
Lenders consider these things to make sure you can make repayments on the loan without placing yourself under financial stress.
You can estimate how much you may be able to borrow using our borrowing capacity calculator. This is just a general guide as your borrowing capacity will vary from lender to lender.
Give us a call 0401 388 153 and will review your borrowing capacity on the lenders calculator to get a more accurate figure.
Ideally you should have a 20% deposit as this will eliminate paying LMI (Lenders mortgage insurance).
Most lenders will lend you up to 95% of the property value. And there a few lenders that will still go up to 97%.
With the help of a guarantor, you can borrow over 100% of the purchase price. This will allow you to buy a home and pay for purchasing costs such as stamp duty and legal costs.
All lenders have a different criteria when assessing you borrowing capacity. A mortgage broker will review lenders if required to maximise your borrowing capacity.
Other ways to increase you borrowing capacity are:
- Reduce your credit card limits - even if you have a zero balance, lenders will use the limit
- Reduce or close personal loans before applying for a home loan.
- Cut you living expenses. Lenders will allow a minimum amount for your livings expenses, however if you are spending more then the lenders minimum, they will use the higher figure.
Stamp duty – or transfer duty – is charged on transfers of residential land and is payable by the purchaser. The amount of stamp duty which is payable is based on the purchase price of the property. If you are a First Home Buyer and purchasing a property as your primary residence, you may be entitled to a Stamp Duty concession.
For more information visit "The Office of State Revenue" in your state QLD OSR
A mortgage or finance broker acts as your go-between, communicating with banks and lenders on your behalf, in order to secure you the best deal for your circumstances.
Australian banks and lenders have different policies and loan requirements, and it is a brokers job to find a loan from one of these finance institutions that fit with your individual situation.
Mortgage Brokers can help find the right home loan for any situation, from purchasing your first home to buying an investment property all the way to refinancing your home loan to a better interest rate.
Your mortgage broker is responsible for negotiating with credit providers such as banks, to find the best possible loan for your circumstances. They can offer you a range of loan options and help you manage the process of buying your property.
Your Home Loan Consultant provides a greater service, more than just home loans.
We pride ourselves on looking after our customers by discussing all the necessary products and services that we can offer you, including:
- Solicitor/Conveyancer, if you haven’t already appointed one
- Home Insurance cover to protect your property and contents
- Financial Planners for superannuation & Life Cover
- Loan Protection Insurance
- Set up your essential services such as Electricity, Gas, Internet etc.
How a Queensland First Home Owners' Grant can help you.
The Queensland First Home Owners’ Grant helps first home owners get into their new first home sooner.
If eligible, you’ll get $15,000 towards buying or building your new home and this can be used as part of your deposit funds. The grant covers houses, apartment units, and townhouses — you can even buy off the plan or choose to build yourself.
To be eligible for the grant:
Full terms and conditions and eligibility criteria for the Great Start Grant are available from the website* qld.gov.au/greatstartgrant.
In addition to the FHOG (First Home Owners Grant), you may also be entitled to a first home buyers stamp duty concession.
Stamp duty concessions have also undergone changes over the last year with the aim of encouraging home buyers into the market.
If you have never owned property (anywhere in the world), the Queensland governments first home buyers Stamp Duty Concession for properties valued up to $500,000.
For propertied valued from $500,001 the stamp duty concessions tiered up to $549,999. For properties above $550,000 the owner occupied concession would apply.
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What they say
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James Sylvester commenced Mortgage Brokering in 2009 and launched the Mortgage Broker Brisbane business "Your Home Loan Consultant" in February 2012.
principle of your home loan CONSULTANT
James Sylvester's knowledge and experience provides his clients with a unique service offering.
As "Your Home Loan Consultant", you can rest assured knowing that we will always have your best interests in mind.
With over 10 years of experience in the finance industry, our team in Brisbane are here to assist you.
We pride ourselves on transparency and communication, and no matter what you need – we are never more than a phone call away.
Your Home Loan Consultant is a full-service Mortgage Brokerage. Assisting first home buyers to get into their own home and then with the correct guidance show them how to create wealth through property investing.
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What documents do I need for a home loan application?
The documents you may be required to submit with your home loan application will vary between lenders and also between different types of loans.
As a guide, some of the documentation you may be required to lodge with your home loan application are listed below.
In order to prove your identity, you should have some or all of the following on hand:
To prove your income, you may need to provide:
To show the lender your existing liabilities, you may need to provide:
You will need a detailed list of all your ongoing living expenses. Some lender will require bank statements of all your accounts to verify your declared living expenses. This is to ensure you are able to afford the proposed loan you are about to apply for.
To prove ownership of your assets, you may need to provide:
Depending on your loan scenario, you may also need to provide the following documents with relation to the mortgaged property.
How a broker can help
Can save you time
Why meet with multiple lenders when your broker can do it all for you.
Offers more choice
Brokers have access to a wide range of lenders and products.
Finds more options
Secure a loan that is suitable for you both now and into the future.