Buying Your First Home

Buying your first home

Crew Financial - Your Guide to First Home Buying in Australia

Becoming a homeowner is a thrilling milestone, but the process can be a bit intimidating for first-time buyers. With so much to consider – from property hunting to loan approvals – it’s important to have a support system in place. That’s where Crew Financial comes in! Our goal is to make your first home buying journey as stress-free and enjoyable as possible.

Say Goodbye to Home Loan Headaches with Crew Financial

Navigating the world of home loans can be confusing, especially for first-time buyers. With so many options, interest rates, and lenders to compare, it can feel overwhelming. At Crew Financial, we take the hassle out of the process and put you at the center of everything we do. Our experienced team will guide you through every step and ensure you get the best loan for your budget and needs.

We’ve got you covered, no matter what your profession or financial situation is. We’ll help you understand the different loan options and make the best choice with you. To be eligible for a first home buyer loan, you’ll likely need to meet certain asset conditions and have at least 5% of the property value in your savings account. The deposit can range from 0% to 20%. If you have a guarantor, you can borrow up to 100% of the property value.

Get a Boost with Government Schemes for First Home Buyers

Australia offers several initiatives to help first home buyers get on the property ladder, including:

First Home Loan Deposit Scheme: This scheme, introduced by the Australian Government in 2020, helps eligible buyers purchase a home with a low deposit of 5% by providing a guarantee for the remaining deposit. To be eligible, you must be an Australian citizen, over 18 years of age, and have an income of less than $125,000 per year for singles or $200,000 per year for couples.
First Home Owner Grant: A one-off payment provided by the government to help first home buyers purchase a new home. The amount of the grant varies based on the state or territory you live in.
Home Start Grant: A grant available to South Australian first home buyers, designed to help with costs associated with buying a home, such as stamp duty and legal fees.
Low Deposit Home Loans: Some lenders offer loans with a deposit as low as 5%, but it's important to note that these loans typically have higher interest rates and require lender's mortgage insurance.
Low Deposit Home Loans: Some lenders offer loans with a deposit as low as 5%, but it's important to note that these loans typically have higher interest rates and require lender's mortgage insurance.

Choosing the Right Loan for You

At Crew Financial, we understand that every client has different needs. That’s why we help you to assess a range of loan options, including variable mortgages, fixed-rate mortgages, construction home loans, and split mortgages. We can help you choose the best option for you, whether you prefer flexibility, stability, or a mix of both.

Lenders Mortgage Insurance (LMI) Explained

Lenders Mortgage Insurance (LMI) is an insurance policy that covers a mortgage lender against the risk of default. In Australia, lenders typically take out LMI policies when a borrower has less than 20% deposit or equity in a property. This insurance is added to your monthly payments, but it can be refinanced in the future when your equity has increased.

Get Your Finances in Order Before You Start House Hunting

Before you start your home search, it’s essential to get your finances in order. This includes getting pre-approval for a home loan and setting aside a separate savings account for your deposit. Additionally, it’s important to budget for other costs associated with buying a home, such as stamp duty, legal fees, and inspections.

Let Crew Financial help you every step of the way!