First time Buyers
Becoming a homeowner has been the dream of most Australians for generations.
Today’s first homebuyers not only have access to more information and expertise but also to a variety of different loan products to help them achieve that dream.
Plus, more and more first-time buyers are becoming investors before they own a home.
First homebuyers are a vital cog in the real estate wheel and they can become property owners with the right advice and expert assistance.
Residential Property Loans
At Connolly Finance, we have access to a range of home loan products – whether you are a first home buyer, upsizing or downsizing, looking to invest, or simply wanting to refinance, we can help find a loan to suit your needs.
Mortgage loans can vary considerably, such as the size of the loan, maturity of the loan, interest rate and method of paying off the loan, so it’s always a good idea to speak with a mortgage broking professional to determine the loan that is right for you. We have access to over 25 lenders which means that we can help find the most appropriate loan, with the right features for your particular needs
To see how we can help, give us a call on 03 9591 8000 today!
Whilst there are a myriad of loans available for consideration, here are some that are of the most relevance to a First Home Buyer:
- Basic Variable Rate Home Loan
- Fixed Rate Home Loan
- Introductory or Honeymoon Rate Loan
- Offset
- Split Loan
- Standard Variable Rate Home Loan
A new first-time buyer investment strategy is the concept of rentvesting.
Rent-vesting involves buying an investment property but continuing to rent in the location of your choice.
This strategy has a number of positives, including investing sooner rather than later; renting in locations that first-time buyers probably can’t afford to buy; and growing equity in income-producing assets which can be used to invest again or to buy a home down the line.
By adopting a rent-vesting strategy, first-time buyers can start their property investment journey sooner, which will have long-term financial benefits for them.
One of the most popular first-time buyer home loan products is a guarantor loan.
The reason for their popularity is simple – saving a deposit for your first property has always been difficult.
However, as the name suggests, this type of loan uses a guarantee from another party – usually mum and dad – that acts as the deposit.
Parents often use equity from their own homes or portfolios to guarantee the entire, or a percentage, of the deposit for their children.
That way, first-time buyers can not only purchase a property more quickly, they may also avoid Lenders Mortgage Insurance too.
Are you eligible for the FHOG?
If you are buying or building a new home, you may be eligible for the FHOG ($10,000) if you signed your contract on or after 1 July 2013.
We can help you through all the jargon and see if you are eligible. You can also: https://www.sro.vic.gov.au/first-home-owner