Purchasing your first home is often the most important financial decision you will make. While you are likely to sell your first home and purchase a second or third property over your life, the first property you purchase will often influence your purchasing capacity in the future.
Further your first home can be the most difficult to finance as you do not have security of a second property to assist with securing the financing you require.
Key Steps / Processes Involved:
What is the average length of a mortgage?
A standard home loan will be based on a 30 year period.
Should I fix the interest or go with variable interest rate?
The answer to this question depends on your specific requirements. However some considerations when deciding include:
What is redraw?
If your loan provider allows for redraw it effectively means that you are able to redraw on any repayments over and above the minimum repayments that were required.
What is an offset account?
An offset account is an account that is linked to your home loan. Any funds in your offset account effectively reduce the balance outstanding that is used when calculating the interest you owe the bank. For example:
Home Loan - $300,000
Offset Account - $50,000
Loan Balance - $250,000
How much deposit do I require?
As a guide banks prefer you to have a minimum of a 20% deposit. This also allows you to avoid any lenders mortgage insurance which is required for deposits of less than 20%
Brookline Group is a finance broker that can help you secure the financing you need for your first home. We offer all customers a no obligation initial consultation to explain how we can help you achieve your goal of purchasing your first property.
Phone: 0426 241 741 | 03 9372 7964
Head Office: 19 Napier Street Essendon VIC 3040
Brookline Finance Pty Ltd ATF The BF Business Trust is a credit representative (473836) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237)
Brookline Financial Services Pty Ltd is an Authorised Representative of Count Financial Ltd ABN 19 001 974 625 AFSL No. 227232 which is 85% owned by CountPlus Limited ABN 111 26 990 832 (CountPlus) of Level 8, 1 Chifley Square, Sydney 2000 NSW and 15% owned by Count Member Firm Pty Ltd ACN 633 983 490 of Level 8, 1 Chifley Square, Sydney 2000 NSW. CountPlus is listed on theAustralian Stock Exchange. Count Member Firm Pty Ltd is owned by Count Member Firm DT Pty Ltd ACN 633 956 073 which holds the assets under a discretionary trust for certain beneficiaries including potentially some corporate authorised representatives of Count Financial Ltd. The information on this web page is not advice and is intended to provide general information only. It does not take into account your individual needs, objectives or personal circumstances.