The journey to first home ownership is an exciting time and it’s important to get the right team of people behind you to help guide you through the process.

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Build, buy or renovate?

B&E’s home finance specialists are on hand to help and we recommend having a chat early on to ensure you have a good guide as to how much you can afford to borrow, how much deposit you will need and what your loan options are.

With this information on hand, you’ll then be well placed to start making decisions about which area to live in and whether to build, buy or renovate – the exciting part!

The fundamentals

  • Borrowing power: Your borrowing power will set the scene for the type of property you can consider purchasing, so the sooner you confirm this, the better. Factors such as your salary and existing savings, along with current assets and liabilities, are all taken into account.
  • First Home Owner Grant: If you’re an eligible first home buyer, you may be entitled to a government grant if you are buying or building.
  • Your deposit: As a guide, the bigger your deposit, the better – if you aim to save at least a 20% deposit, you will not be required to take out Lenders’ Mortgage Insurance (LMI), thereby reducing your overall costs.
  • Additional costs: As a guide, set aside about 5% of the property purchase price for additional costs such as stamp duty, mortgage registration fees, pro-rata council rates and legal conveyancing fees.

Home loan options

Once you’re clear on the fundamentals, you can then start to consider your home loan options.

The first golden rule – do not get swept off your feet by the lowest interest rate. Carefully consider the features and benefits of different home loans (such as extra repayment options), along with associated fees and charges (such as monthly fees and annual package fees).

 As a guide, there are three choices when it comes to interest rates:

  • Variable rate: As the interest rate varies, so to will your loan repayments. You also have the option of making additional repayments, along with the ability to redraw.
  • Fixed rate: The interest rate remains fixed for a set period, ensuring your repayments remain exactly the same each month (great for budgeting).
  • Split rate: As the name suggests, you can split your loan between fixed and variable.

Home loans to consider:

Topline FlexiChoice FlexiDiscount

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