First Home Buyer | Gymea, the Shire, Caringbah & Miranda

Wondering how to get your first home loan in Australia? The Mortgage Choice Gymea team have you covered! 

As a first-home buyer, it’s natural that you’ll have hundreds of questions to ask. Our team of mortgage brokers located in the Shire have helped thousands of first-home buyers secure their dream homes, and we'd love to help you, too! 

To get started, it's important to find out how much you can afford to borrow and repay, determine how much deposit you need to save and investigate the home loan that’s right for you. Our home loan experts will take you through the entire process and eliminate any stress, so you enjoy this new chapter. To help you through this new journey, we have answered some of the most asked questions below. 

"I was lucky to have been recommended to you by my Father. I felt that your approachability and high level of contact made it easy for myself to track the situation. Thank you for your solid effort and hard work."

 

Grant McMahon (First Home Buyer) Gymea, NSW

How much can I borrow for a home loan?

The amount you can borrow, commonly known as your borrowing capacity or borrowing power will be determined based on your unique set of financial circumstances. Your income, assets, liabilities and credit history can all affect your borrowing power. How much money you can borrow will also differ from lender to lender. That's where our team of mortgage brokers in Gymea will assist you. Our team will guide you through the entire home loan process, making it an exciting and stress-free experience.

To get started, try our home loan calculator. It will give you an initial idea of how much you can borrow, however, if you want a more accurate calculation, then simply reach out to one of our mortgage brokers in the Shire.  There's no such thing as an accurate online Borrowing Power calculator!

Download our FREE First Home Buyer property guide here

Am I eligible for the First Home Owner Grant?

Firstly, what is the First Home Owner Grant? Well, the term covers several things for first homeowners.  It's a reduction of Stamp Duty (or possibly a total waiver); it can be the waiver of Mortgage Insurance (LMI). It can mean a better interest rate. It could also be a lump sum of cash available to help with the cost of buying a first home or vacant land to build a home on. The Grant doesn’t have to be repaid, and it’s not taxable, but there are strings attached.   It could be all of the above or a combination.

The rules for the First Home Owner Grant differ slightly around Australia but some basic conditions apply:

• You must be a permanent resident or an Australian citizen. If you’re co-buying with someone else, at least one of you must be a permanent resident or Australian citizen.
• You must not previously have owned or co-owned a home in Australia or have received an Australian First Home Owner Grant in the past.
• You must be buying a home to live in – not as an investment property.
• You need to live in the home for at least 12-months after purchase (within 12 months of the purchase).
• You must be a natural person (not a company or a trust), and
• You need to be aged over 18.

Other conditions may apply depending on your state/territory. In many states, the First Home Owner Grant is only available if you buy or build a new home. In some states, you may not be eligible for the FHOG if you pay over a certain value for your first home.

To find out the rules for NSW, either contact Mortgage Choice Gymea on 9525 4544 or click here.

Check out our short video below to learn more about the home loan process.

Check out our helpful resources!

Download our FREE First Home Buyer property guide here
Find out 'How much you can borrow' with our home loan calculators
Watch some of our videos which are full of tips about the property and home loan market

Our team of mortgage brokers in Gymea, Cronulla, Caringbah and The Sutherland Shire can help you with; 

• Refinancing
• Securing a car loan
• Asset Finance
• Debt Consolidation
• Investment Property Updates
• Self Managed Super Funds