First Home Buyers

Get your First Home Loan plus understand any First Home Buyer Grants & Incentives

Buying your first home can be an exciting yet challenging experience. At Newstone Finance, we specialise in assisting first home buyers across Melbourne and nationwide in accessing Home Loan options from banks and lenders across Australia. Whether you're just beginning your journey or ready to apply for a home loan, our team is here to help you understand the process and make informed decisions. From understanding interest rates to checking eligibility for lenders mortgage insurance (LMI) waivers and first home owner grants (FHOG), we aim to support you at every step.

For first home buyers, understanding your borrowing capacity is crucial. This involves assessing your financial situation, credit history, and loan amount. These factors help determine the loan to value ratio (LVR), which is essential when applying for a home loan. A strong credit history can lead to interest rate discounts, making your repayments more manageable. We guide you through the application process, ensuring you have access to banks and lenders nationwide, so you can find the best variable or fixed interest rate options to suit your needs.

Stamp duty and first home owner grants (FHOG) are important considerations when buying a home. Depending on your eligibility, you might benefit from certain concessions or exemptions, reducing the overall cost of purchasing your property. Our experts can assist in checking eligibility for these benefits and ensure you are informed about all potential savings. Additionally, understanding the impact of stamp duty on your investment is vital, especially if you're considering your first investment property or exploring investment loan options.

Getting pre-approved is a significant step in buying your first home. Pre-approval provides an estimate of how much you may borrow, giving you confidence when house hunting. This also allows you to streamline the application process when you're ready to make an offer. At Newstone Finance, we help you gather necessary documentation such as bank statements and ensure a smooth transition from pre-approval to final loan approval.

Choosing between a variable or fixed interest rate is another critical decision. A fixed interest rate offers stability with set repayments, while a variable interest rate can provide flexibility, allowing you to take advantage of potential rate drops. Additionally, exploring an offset account can help reduce the interest payable on your home loan over time. Our experienced brokers will explain these options in detail so you can make an informed choice that aligns with your long-term goals.

Buying your first home is a significant milestone, and Newstone Finance is committed to helping you achieve it with confidence. From initial consultation to application submission, our team is dedicated to providing a streamlined application process tailored to your needs. Contact us today to explore how we can support your journey towards owning your first home in the dynamic property market. Let us assist you in unlocking the best Home Loan options available and take the first step towards securing your dream home.

The Home Loan Application Process

Understanding Your Needs

Your mortgage journey begins with a detailed consultation with your Finance & Mortgage Broker. Your broker will listen to your property goals, whether you’re buying a home, investing in real estate, or seeking a commercial loan. They will assess your financial situation, considering factors like income, savings, liabilities, and credit history, to provide tailored advice on loan options available to you.

Financial Positioning

Your broker will request relevant documentation such as bank statements, recent tax returns, and evidence of assets and liabilities to determine your borrowing capacity. They will calculate how much you can afford to borrow, considering important factors like LVR, potential LMI, and interest rates. Your broker will also advise you on how to improve your financial standing if necessary, ensuring you are in the best position to apply for a loan.

Comparing Loan Options

Once your financial situation is fully assessed, your broker will begin comparing loan products from a range of lenders across Australia. They will help you weigh the benefits of fixed interest rate loans versus variable interest rate loans, as well as exploring options for offset accounts and interest rate discounts. They will also explain important terms like loan features, fees, and other considerations like the potential for future rate changes or LVR adjustments.

Pre-Approval Process

Pre-approval is a crucial step in the property buying process. With pre-approval, you’ll have a clear idea of the loan amount you can borrow, which strengthens your position in the local property market. Your broker will help you gather the necessary documents and submit them to the lender for pre-approval, ensuring the process is as quick and straightforward as possible.

Submitting the Loan Application

Once pre-approval is in hand, your broker will help you complete the loan application. They will guide you through submitting all necessary paperwork to the lender, including documents like bank statements, proof of income, and details of existing liabilities. Your broker will communicate directly with the lender to ensure the application is processed quickly, ensuring no delays in getting you the loan you need.

Loan Approval & Settlement

After your loan is approved, your broker will review the final loan offer with you and help arrange any necessary insurance, such as mortgage protection insurance. They will also work with you to ensure you understand the terms of the loan and guide you through the settlement process. Your broker will remain available to help you navigate any final hurdles before you complete the purchase of your property.

Finalising Ownership

The final step is settlement, when your loan is officially advanced, and you take ownership of the property. Your broker will coordinate with the lender and conveyancer to ensure the transfer goes smoothly. Once the settlement is complete, you’ll officially become the owner of the property, and your Finance & Mortgage Broker will continue to offer guidance to help you manage your loan and stay on track with repayments.