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FIRST HOME BUYER QLD

The joy of buying your first home in Queensland

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First Home Buyers Queensland

Choosing a home loan can be a daunting process for anyone, especially for a First Home Buyer in QLD. This is why using a home loan mortgage broker is so important to help you make the right decision. When you use a Coronis Mortgage Broker, they will negotiate a personalised rate with the lender that meets your needs.

We often say that choosing a home loan isn’t always about the lowest interest rate – it’s also about what services the home loan lender offers, the facilities available on the loan and the fees associated with those facilities. It can be a complicated process, which is why you want an expert walking you through all the options step-by-step and answering all your questions objectively. What’s even better is that using a Coronis Finance mortgage broker in QLD costs the client nothing.

How Do I Apply For A First Home Buyer Loan?

Let us take the stress out of buying your first home by finding you the right First Home Buyer Loan, with the right lender, with the right services. As a leading Finance Broker in Lutwyche, QLD, we guarantee to walk you through all the options and guide you through your contract to ensure your pre-approval or financing is available as quickly as possible.

We’ll happily answer all your questions and we’ll be available to smooth over any potential roadblocks that your application may encounter. We’re committed to helping first home buyers in QLD gain home loan approval with minimal stress.

How Can A Mortgage Broker Assist A First Home Buyer in QLD?

As a first-time home buyer in QLD, it’s natural that you may feel a little unsure about where to get started. While family, friends or colleagues can provide you with well-meaning advice, the right option for their home loan isn’t necessarily going to be the right solution for you. This is why it’s such a great idea to start by talking to an experienced mortgage broker at Coronis Finance. We can offer free, impartial and professional advice on the various home loan products available. Additionally, when you partner with a mortgage broker, you’ll get access to a great range of benefits, including:

 

  • An advocate who is supporting your first home buyer goals while also working in your best interests. Unlike a bank, mortgage brokers are governed by ‘Best Interests Duty’ legislation, meaning you can trust the advice we give without suspecting an ulterior motive. 
  • The widest possible range of home loans that are available to first home buyers. Rather than just being offered the best product from one lender, we can search all of the products on offer from many different lenders, to ensure you end up with the right loan. 
  • Someone to handle all the complicated and stressful bits – we can submit your application, decipher the fine print, liaise with lenders and deal with any issues that could otherwise result in lengthy delays. We’ll be there to help you from day one, right through until after settlement.

Queensland First Home Owners Grant

Being a QLD first home buyer you might be thinking, “How much is the First Home Owners Grant in QLD?” The Queensland First Home Owner’s Grant of $20,000 is available to first home buyers buying or building a new home up to the value of $750,000. All grant applicants must live in the home continuously for at least six months.

Queensland First home owners can also claim a first home exemption on transfer duty for homes valued at less than $550,000 as well as land valued at less than $400,000. However, the government also offers a duty concession for homes valued over this amount and has created a handy table to explain the differences.

More Information:

https://www.qld.gov.au/housing/buying-owning-home/first-home-concession

Frequently Asked Questions by First Home Buyers in QLD

First home buyers in Queensland aren’t all the same – you’ll have different financial situations, different employment histories and different goals. So, it’s no surprise that you often have different questions that are unique to your circumstances. And while we’re happy to answer all questions (no matter how unusual they may be!), there are also some questions that are pretty common amongst first home buyers. We’ve put together a list of some of these common questions and have done our best to give you a simple answer for each:

How will my employment situation affect my application as a first home buyer?

Most lenders will be wary if you’ve been at your current job for less than three months (as employers often stipulate an initial trial period of three months). If you can wait until you’ve been with the same employer for at least six months then this will look even better on your home loan application form. However, if you’re self-employed then lenders will usually prefer it if you’ve been in that position for a minimum of two years.

How can I improve my credit rating?

This is a question every prospective first home buyer should be asking – because it’s really simple to do and can make a big difference! Start by checking your current credit score (you can do this online for free) and assessing whether there are any potential issues (red flags that could scare off a lender). Then, start making plans for improvement. Little things like paying your bills on time and paying off a credit card in full each month can go a long way towards improving your credit score.

What kind of Government grants will I be eligible for?

There are a few Government incentives programs that are currently aimed at first home buyers. You may be eligible for the First Home Concession (which reduces the amount of stamp duty you need to pay), the First Home Loan Deposit Scheme (supporting first home buyers with a deposit of less than 20%) and the Queensland First Home Owners’ Grant (a $15,000 cash grant). Eligibility criteria does apply, so be sure to check official Government websites for more details.

How big does my deposit need to be as a first home buyer in QLD?

Most lenders will prefer for first home buyers to have a deposit of between 5% and 20% of the total purchase price. However, anything less than 20% will likely incur Lender’s Mortgage Insurance (an insurance policy that protects the lender in case you default on your mortgage). To avoid paying LMI you can apply with a guarantor (someone who is willing to offer the equity in their home as security against your loan). Alternatively, if you meet eligibility requirements you can apply for a place in the First Home Loan Deposit Scheme, which would enable you to apply for a home loan with just a 5% deposit (and no need to pay for LMI).

How much can I afford to borrow?

The answer to this question will have a big impact on your eventual purchase, so it helps to find out how much you can borrow as early as possible. Your borrowing potential will be impacted by how much personal debt you have (such as car loans or credit cards), how much you earn and how much of a deposit you have saved. To get a basic idea of your borrowing potential, try using our free online calculators. For a more detailed assessment, make an appointment to speak with a Coronis Finance mortgage broker.

Home Loan Guides

First Home Buyers Guide

Buying your first home is a really exciting goal to have achieved. Here’s a complete guide to buying your first house.

Book a time to speak with our first home mortgage broker in Queensland. We’ll get right back to you.

First Home Buyers Guide

Everything you need to know when buying a property in QLD with an easy first home buyer guide. This guide is packed full of checklists and tools to help you make the right choice for first-home buyers loan.