Need a Mortgage Broker
to help buy your first home?

Accelerate Your Journey to Homeownership with the First Home Guarantee!

Home Guarantee Scheme

The First Home Guarantee (FHBG) is an Australian Government initiative to support eligible home buyers to buy a home sooner. Under the FHBG, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by NHFIC. This enables an eligible home buyer to buy a home sooner with as little as 5% deposit. 

Struggling to Save for a Deposit?

Are you finding it challenging to save for a large deposit while balancing rent and daily living expenses?

The First Home Guarantee (FHBG) is here to help eligible home buyers like you achieve your dream of owning a home sooner.

First Home Buyer Guarantee (FHBG)

Under the First Home Guarantee, eligible home buyers can purchase a modest home with a deposit of as little as 5 percent of the property value.

The best part? You can achieve this milestone without the extra cost of Lenders Mortgage Insurance. 

Schedule a phone appointment with Your Home Loan Consultant.

Book a phone appointment with Your Home Loan Consultant

Appointment Schedular

Simply Scan the QR code to book a phone appointment with Your Home Loan Consultant

Buying your own home

Purchasing your first home instead of renting offers a multitude of benefits. Say goodbye to weekly rent payments that provide no return, and welcome the advantages of building equity, and the freedom to personalise your living space to your heart's content.

Building Equity

When you buy a home, each mortgage payment helps you build equity in your property, increasing your net worth over time.

Stability and Predictability

Owning a home provides stability, knowing that your living situation is secure, and you won't face unexpected rent hikes or the possibility of eviction.

House Proud

As a homeowner, you have the freedom to personalise your space, make improvements, and truly make your house a home while enjoying the sense of pride that comes with homeownership.

If you are purchasing your first home, you need a Mortgage Broker that specialises in helping first home buyers!

Personalised Advice Tailored to Your Needs:

Our team of experienced Mortgage Brokers understands the unique challenges faced by first home buyers.

We provide expert guidance and support, for affordable home loans for first-time buyers, offering personalised advice that aligns with your specific financial situation and goals.

Streamlined Finance Process:

Navigating the complex world of home loan finance can be overwhelming, especially for first-time buyers.

Your Home Loan Consultant can simplify the process by providing step-by-step assistance, helping you understand the requirements, paperwork, and options available to secure the financing you need.

Affordable Homeownership Solutions:

We specialise in helping first home buyers access affordable homeownership options.

Through our extensive network of lenders, we can connect you with exclusive financing options and programs specifically designed to assist first-time buyers, including the First Home Buyer Grant and other government schemes.

Competitive Rates and Loan Packages:

As Mortgage Brokers, we have access to a wide range of lenders and loan products.

We can help you compare rates, terms, and features to find the loan package that best suits your needs and budget. Our goal is to secure competitive financing options that make your dream of owning a home a reality.

Experience the benefits of working with Your Home Loan Consultant and let us assist you in obtaining finance to purchase your own home. Contact us today to get started on your journey towards homeownership.

Buying your first home Faq

How much deposit do I need to purchase my first home?

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.

For deposit amount less than 20%, their are some lenders that will lend you up to 95% of the property value. And there a few lenders that will still go up to 98%.

If you are borrowing above 80% of the property value you may need to pay what’s called Lenders Mortgage Insurance (LMI).

However, if you are eligible for the First Home Guarantee their is no extra cost of Lenders Mortgage Insurance.

Can you secure a loan without a deposit?

Ideally you should have a 20% deposit as this will eliminate paying LMI (Lenders mortgage insurance).

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.

Like to know more? View page GUARANTOR HOME LOANS or book a time to chat CLICK HERE

WHAT IS LENDER MORTGAGE INSURANCE?

Lenders Mortgage Insurance is required when the loan amount is more than 80 per cent of a property’s purchase price or property value.

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. Therefore, requires you to pay the  insurance premium for higher risk

What is stamp duty?

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

What’s a simple way to increase my borrowing capacity?

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.
  • Review your 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.

Book a call with Your Home Loan Consultant for full review of your borrowing capacity

Who is eligible for the First Home Buyer Guarantee (FHBG)?

Australian citizens and permanent residents who are at least 18 years of age. 

Individual applicants with a taxable income of up to $125,000 per annum for the previous financial year and joint applicants with a combined taxable income of up to $200,000 per annum for the previous financial year, as shown on the Notice of Assessment (issued by the Australian Taxation Office).

For all FHBG applications made from 1 July 2023 to 30 June 2024 the relevant financial year assessed will be 2022-23. 

The First Home Guarantee assists individual applicants and joint applicants (together) who have at least 5 per cent of the value of an eligible property saved as a deposit. 

If 20 per cent or more is saved, then the home loan will not be covered by the First Home Guarantee.

HOW MUCH CAN I BORROW?

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:

  • income
  • expenses
  • 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 hardship.

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.

For an accurate assessment of your borrowing limit, book phone appointment https://bit.ly/yhlc-calendar and will review your borrowing capacity on the lenders calculator.

Discover how we make a difference with your first home purchase.

There is no need to be overwhelmed by the experience when purchasing your first home.

With Your Home Consultant's assistance, the process can be seamless and enjoyable when you tackle it in individual stages.

Step-by-step, you can achieve your financial goals. From making the decision to purchase your own home, saving for your deposit to finding the right loan, and finding and securing the perfect home.

Your first home is a stepping stone into the property market.

Like so many Australians, the dream of owning your own home is a big one and an essential milestone in your life. It might even be the most significant financial investment you ever make.

Regardless if you are buying your first home or your next home, or an investment property, there is a lot to know and consider throughout the purchasing journey.

Your Home loan Consultant specialises in helping first home buyers. We understand how confusing it can be to try and navigate your 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.

  • Should I purchase an established property or build?
  • Do I qualify for a first homeowner grant?
  • What is my borrowing limit?
  • How much do I need for a deposit?
  • What will be my monthly repayments?
  • Should I have a fixed or variable rate loan?
  • Or just, do I qualify for a home loan? 
  • What is an offset account? Do I need one?

If you haven’t yet taken the plunge into the property market, now may be your time.

You may think saving for a deposit is tough. Many also see stamp duty as a significant hurdle to home ownership, but there are several support schemes available at present.

The states and territories also offer assistance for eligible first home buyers. Here is a summary of just some of the schemes and concessions available for those who are eligible.

First Home Buyer State-by-State Guide

The dream of home ownership is a tough one for many Australians to fulfill.

But it’s not just the cost of living and property pricing that delays our property buying.

Yes, it can be tough to get a foot on the property ladder, but first home buyers (FHBs) are not deterred.

There is no better time than now for FHBs to dive in and make that commitment

Did you know?

You may be eligible for a first home buyer grant or other incentives such as stamp duty concessions.

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 State Charges and legal costs.

Some lenders will allow you to use your good rental history as genuine savings. This will  allow you use gifted funds as your deposit.

Getting started

October 22, 2020

Keeping Your Credit Score Healthy

October 23, 2020

Seven Tips For Mortgage Success

Related Articles


Need a Mortgage Broker to get your Home Loan Pre-Approved?Get Pre-Approved for a Home Loan

Home Loan Pre Approval

Need a Mortgage Broker to help with a Guarantor Home Loan?Guarantor Home LoanWith the help

Guarantor Home Loan

Need a Mortgage Broker to help you with a Construction Home Loan?How Does Construction Financing

Construction Home Loan

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:

  • You must be an Australian citizen or permanent resident (or applying with someone who is).
  • You or your spouse must not have previously owned property in Australia.
  • You must be at least 18 years of age.
  • You must be buying or building a brand new home, valued under $750,000.

Full terms and conditions and eligibility criteria for the Great Start Grant are available from the website* qld.gov.au/greatstartgrant.

Stamp Duty Concessions

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.

For more details about Transfer and Stamp Duty visit QLD Government website

Your Home Loan Consultant Monthly Up-dates

Stay informed with the latest finance and property information.

Receive our monthly updates delivered directly to your inbox.

testimonials

What they say

Can't talk Right Now!

Schedule a time directly into our calendar at a time that suits you.


Discover Our Latest Articles

Is Debt Consolidation Right for You?If you've been struggling to keep up

First Home Buyer Tips for successIt is a long journey from saving

A Guide To Holidays At HomeDon’t let those old Facebook holiday memories

How to Eliminate Bad Debt: A Comprehensive GuideWhether it's tackling overdue bills

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.

Personal identification:

In order to prove your identity, you should have some or all of the following on hand:

  • Driver’s Licence.
  • A current Passport or Birth Certificate
  • A current Passport or Birth Certificate
  • Marriage Certificate (if you have changed your name)
  • Other items may include: Medicare card, Utility Notices, Bank Statements

Income:

To prove your income, you may need to provide:

  • Payslips
  • A letter from your employer stating your employment conditions
  • Your last group certificate/Payment summary/Income Statement
  • Self Employed: Latest 2 years tax return and NOA (Notice of Assessment)
  • Center Link Statement
  • Supporting documentation for any other income sources

Liabilities:

To show the lender your existing liabilities, you may need to provide:

  • Statements from any existing home, personal or car loans.
  • Statements from any credit cards or store cards.
  • Lease agreements.
  • Supporting documentation for any other liabilities or expenses.

Living Expenses:

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.

  • Utility Providers - Electricity, gas, telecommunications
  • General living expenses - food, entertainment, etc.
  • transport - Motor vehicle maintenance, registration and public transport 
  • Insurances - Motor Vehicle, Home and Contents, Heath and life cover
  • Education - School fees or higher education

Assets:

To prove ownership of your assets, you may need to provide:

  • Bank account statements to show current balances
  • Term deposit statements
  • Managed fund statements
  • Rates Notice for existing properties owned
  • Statement of holding for any shares you own
  • Superannuation statements.

Security Property:

Depending on your loan scenario, you may also need to provide the following documents with relation to the mortgaged property.

  • The purchase contract. (aka, COS, Contract of Sale)
  • Fixed price building contract (for construction loans)
  • A certificate of currency for your home insurance (naming the lender as an interested party).
  • Rates Notice for existing properties owned

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.

Latest News, Topics and your chance to WIN in our Competition

Competition

You have to be in it to win it! So go on ENTER TODAY! 

Please feel comfortable about entering the competition because we DO NOT and WILL NOT rent or sell any of your details to a third party. EVER!

We work hard to make sure that you understand what is going on in the financial industry. Our communication initiative ensures that you are kept up-to-date. This is much more than just the RBA announcements.

Keep up-to-date  with our our 8-page magazine with current topics on finance and property information posted directly to you. 

>