Your First Home,
Within Reach
Embarking on the journey to your first home? Whether you’re just starting to save or ready to dive into the market, we’re here to guide you through every step.
Early Planning for Success
Buying your first home is a significant milestone, but it doesn’t have to be overwhelming. Early planning is key to securing the best outcomes, whether you’ve already saved for a deposit or are just starting. We’ll help you understand your financial options and determine the best path forward.
- We’ll help you explore deposit and equity schemes that may boost your borrowing capacity.
- We’ll be with you every step of the way – ensuring your first home journey is stress free.
- Should you buy a home to live in or an investment? We’ll help weigh the pros and cons.
Useful Resources
Why Partner With Us for Your First Home?
Comprehensive Guidance
We understand the challenges and joys that come with buying your first home, and we're committed to making the process as smooth and understandable as possible.
Tailored Solutions
Our team is committed to helping you achieve your property goals, no matter how complex your situation might be.
Wide Range of Lenders
With our extensive industry knowledge and broad connections with various lenders, we offer first home buyers access to innovative solutions that go beyond the standard offerings.
Finance advice centered around your needs
Ready to achieve your property and investment dreams? Affinitas Finance is here to help! With over 20 years of experience, our mortgage brokers apply our passion and expertise to find tailored finance solutions that perfectly match your goals and suit your lifestyle. Our mission: secure the best possible outcomes for our clients through strategic planning and hands-on support throughout your finance journey.
Are You a High-Income Earner?
Not all first home buyers fit the stereotype, and that’s okay.
Many of our clients have focussed on building careers or businesses before buying. If you’re a high-income earner or if you’re looking to buy a higher price point home, you likely won’t qualify for the various government grants, schemes or concessions. You may also be facing the challenge of paying substantial rent to live close to the city, which can make saving for a large deposit difficult despite a strong salary.
There are alternative solutions that can help you secure your dream home.
From matched deposit schemes, where niche providers partner with home loan lenders to increase your buying power, to equity-based solutions that boost your deposit in exchange for a share in the future growth of the property, we’ve got you covered. We’ll guide you through these options to ensure you’re making informed decisions
Essential Resources for Your First Home Journey
Start Your Homeownership Journey Today
Are you ready to take the first step towards your new home with expert guidance at your side?
Questions?
We’ve got the answers
The First Home Owner Grant (FHOG) is a scheme funded by the states and territories of Australia, designed to help first home buyers purchase their first home. Eligibility criteria and grant amounts vary between states, typically requiring the property to be a new or substantially renovated home.
Many Australian states offer stamp duty concessions or exemptions for first home buyers, which can significantly reduce the cost of purchasing a home. These concessions are often structured based on the purchase price of the property, with full or partial reductions available.
Shared equity schemes involve a partnership, typically with the government or a private funder, where the funder contributes a percentage of the home’s purchase price. In return, they hold an equivalent equity share in the property, or the right to share in a % of the future growth in value of the property. This can make homeownership more accessible by reducing the initial deposit and loan amount needed.
For those without a large deposit, options include the First Home Guarantee Scheme which allows first home buyers to purchase a home with as little as a 5% deposit (or as little as 2% for single parents) without paying Lenders Mortgage Insurance (LMI). Other options include Family Guarantee Loans, Deposit Boost loans for qualifying borrowers and the option to pay Lender’s Mortgage Insurance.
A family guarantee involves a family member using their own home’s equity as security for a portion of your loan amount. This can help you meet lender requirements without the need for a large deposit and save you $$ on both interest and Lenders Mortgage Insurance (LMI).
Lenders Mortgage Insurance (LMI) is a one-time insurance payment that protects the lender if you default on your loan. It’s typically required if you borrow more than 80% of the property’s value although some lenders offer up to 85% with no mortgage insurance.
The LMI premium is added to the loan amount and paid off over time, so you don’t have to come up with the funds to cover this upfront.
A fully assessed pre-approval gives you certainty of how much you can borrow and shows sellers that you are serious about buying. Not all pre-approvals are created equal as some are system generated and not verified meaning that there could be questions or issues when you sign a contract.
Interest rates can vary based on whether you qualify for first home buyer incentives like the First Home Guarantee or if you’re subject to rates for loans with Lenders Mortgage Insurance. Shopping around for the best rates and terms, or capitalising on the benefits of using a mortgage broker, can help secure the most advantageous deal. Working with a broker can help protect your credit score by getting us to do the shopping around for you.