First Home Buyers

Buying your first home is an exciting milestone and one of the most significant financial decisions you will ever make. At Savvy Home Loans, we understand the unique challenges that first home buyers face. We are committed to helping clients in Brisbane and across Australia access Home Loan options from banks and lenders nationwide. Our expertise extends beyond merely finding the right loan; we guide you through every step, ensuring a smooth journey to buying your first home.

For first home buyers, understanding your financial situation is crucial. Determining your borrowing capacity is the first step. This involves evaluating your income, expenses, and any existing debts. Your credit history plays a significant role here, influencing both the loan amount you may qualify for and the interest rate you'll be offered. Our team works with various banks and lenders to assess your credit history and identify potential interest rate discounts tailored to your situation.

Once you know how much you can borrow, it’s time to consider the types of loans available. First home buyers can choose between variable interest rates and fixed interest rates. A variable interest rate can fluctuate over time, potentially offering lower payments when rates decrease. On the other hand, a fixed interest rate provides stability, with consistent payments over the loan term. Our advisors can help you weigh the pros and cons of each option to find what best suits your needs.

An important consideration for first home buyers is the loan to value ratio (LVR), which compares the loan amount to the property's value. A lower LVR can result in more favourable loan terms. Additionally, it’s vital to check your eligibility for lenders mortgage insurance (LMI) waivers, which can reduce costs considerably. First home owner grants (FHOG) are also available to eligible buyers, offering financial assistance that can ease the burden of buying a home. Understanding these elements can make the application process more manageable.

Applying for a home loan involves several steps, including obtaining bank statements and preparing for an investment loan application if applicable. Savvy Home Loans offers a streamlined application process, ensuring all documentation is handled efficiently. Getting pre-approved for your first Home Loan gives you a clearer picture of your budget, enhancing your confidence when making offers on properties.

Stamp duty is another factor that first home buyers must account for in their financial planning. This government tax varies by state but can represent a substantial cost when buying a home. Our team can provide guidance on potential exemptions or concessions available within Queensland and beyond.

For those considering property investment alongside buying a home, understanding investment loan options is crucial. Whether you aim to purchase your first investment property or explore further opportunities, our experts ensure you have access to banks and lenders nationwide who can provide competitive terms.

Buying your first home can be complex, but with Savvy Home Loans by your side, it becomes a rewarding experience. We offer personalised advice and access to Home Loan options from banks and lenders across Australia. As you prepare to apply for a home loan, consider the benefits of an offset account, which can reduce interest payments over time by using your savings balance to offset the loan balance.

We invite you to get in touch with Savvy Home Loans today for expert guidance tailored to first home buyers and ask us about our Home Ownership plans. Whether you're in Brisbane or elsewhere in Australia, our dedicated team is ready to assist you every step of the way in buying your first home. Let us help you achieve your dream of homeownership with confidence and clarity.

1. Understanding Your Needs & Getting Ready

Your mortgage journey begins with a detailed consultation where your Finance & Mortgage Broker listens to your property goals—whether you're buying a home, investing, or seeking a commercial loan. They assess your financial situation, including income, savings, liabilities, and credit history, to provide tailored loan advice.

To maximise our meeting, we need key documents:

• Completed Fact Find (employment history, assets and liabilities)

• 2 Most recent payslips or proof of income

• ID documents (Driver's license)

2. Financial Positioning & Document Review

Our team reviews your information to understand your financial position, calculate borrowing capacity, and identify the best loan structure for your goals. Your broker requests additional documentation—bank statements, tax returns, and evidence of assets and liabilities—to determine your borrowing capacity. They calculate how much you can afford, considering LVR, potential LMI, and interest rates.

Additional documents may include:

• Bank Statements – to verify living expenses and liabilities

• Additional ID – Passport and Medicare card

• Council Rates Notice – for properties you own

• HECS/HELP Statement – if applicable

• Rental Income Verification – lease agreement or rental statement

3. Comparing Loan Options & Strategy Development

Your broker compares loan products from lenders across Australia, helping you weigh fixed versus variable interest rates, exploring offset accounts and interest rate discounts. They explain loan features, fees, and considerations like future rate changes or LVR adjustments.

We'll provide your personalised loan strategy including:

• Tailored lender recommendation

• Estimated loan repayments

• Competitive interest rates

• Loan structure options suited to your situation

4. Pre-Approval Process & Strategy Confirmation

Pre-approval is crucial in the property buying process. With pre-approval, you'll have a clear idea of your loan amount, strengthening your position in the property market. Your broker helps gather necessary documents and submits them for pre-approval, ensuring a quick and straightforward process.

We'll send your personalised loan strategy and lender recommendation for your review and confirmation.

5. Submitting the Loan Application

Once pre-approval is secured and you've confirmed your strategy, your broker helps complete the loan application. They guide you through submitting all necessary paperwork—bank statements, proof of income, and liability details.

We'll send application documents for electronic signing, then submit your application to the lender. Your broker communicates directly with the lender to ensure quick processing and avoid delays.

6. Loan Approval & Assessment

Your loan application is officially submitted to the lender. The lender conducts their initial review, and we notify you upon receiving conditional approval or if they request further information. Most lenders provide their initial assessment within 5 business days.

Once your loan is approved, your broker reviews the final loan offer and helps arrange necessary insurance. They ensure you understand the loan terms and guide you through the settlement process.

7. Settlement & Finalising Ownership

Your formal mortgage documents are issued by the lender and must be signed before settlement. We coordinate with your lender/solicitor/conveyancer to ensure everything is in order.

Your settlement is officially booked, meaning everything is in place for the day when your loan is finalised and funds are released. Your broker coordinates with the lender and conveyancer to ensure a smooth transfer. Once settlement is complete, you officially become the property owner, and your Finance & Mortgage Broker remains available to help you manage your loan and stay on track with repayments.