House Of Loans

Borrowing Guide

First Home Buyers

It's Never Been Easier To Buy Your First Home

Buying your first home can be very exciting, however there can be concerns. HOLA can take some of the pressure off with handy hints for buying your first home. A HOLA Adviser can also check your eligibility for the First Home Owners Grant!.

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Can I get the First Home Owner Grant?

The First Home Owner Grant (FHOG) scheme was introduced to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.

Under the scheme, a one-off grant of up to $7000 is payable to first home owners and is usually paid at settlement of the loan that satisfy all the. You must have all of the eligibility criteria, so it’s a good idea to discuss this with your HOLA Adviser.

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Which loan will best suit me?

There is no denying it... choosing the right loan when buying your first home can be very confusing, for most people a home loan is likely to be a 25 to 30 year commitment and should be given some serious thought, at HOLA we can help you choose between each loan by working out what’s important to you. We’ll let you know all the choices that suit you, as well as ways to save you money on your loan.

Some points a HOLA Adviser will discuss with you are:

What your long-term needs are?
Circumstances change...What happens if you become ill and are unable to work for a period of time, redundant, or you decide to start a family. Will you be able to meet your commitments?

Our appointments are obligation free so you can feel confident that you’re getting great advice without any hidden costs.

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How much can I borrow?

Your borrowing power is determined by how much deposit you have, your current household income, what monthly financial commitments you have, current savings and your credit history. By calculating what you have left of your income after financial commitments and your living expenses you can get an idea of your repayment capability. A HOLA Adviser can help you calculate this with you.

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How much deposit do I need?

The deposit required depends largely on the type of home loan most lenders will want you to show 6 months’ regular savings history before they’ll approve your loan application. As a general rule, you need at least 5% of the property value for a deposit if you are an owner-occupier. If you are an investor, you will require 5-10% of the purchase price. With the cost of real estate these days some lenders will accept as little as 0% deposit, however this usually incurs a much higher interest rate. If you can save some deposit, you can finance up to 95% of the property value from a lender on their normal competitive terms. Some may then offer to add the mortgage insurance costs to your loan as well, therefore lending you up to 97% of the property value. A HOLA Adviser can help you structure a savings plan for your deposit, and help you access the government’s First Home Owner Grant to put towards your deposit.

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What do I need to do now?

Request an obligation-free appointment with one of our HOLA Advisers or call 1300 720 693. We’ll come to you when it’s convenient and help you get ready to buy.

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What happens at an appointment?

Read on to see what happens at an appointment.

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