GET THE RIGHT FINANCE ADVICE BEFORE YOU BUY YOUR FIRST HOME
What’s the best loan type for me?
Everyone is different. To help identify the best loan type for you, we will start with an initial planning session to understand your current situation and future goals.
How much do I need and what’s my ongoing cost?
To help you understand the numbers involved in buying and maintaining a mortgage, we will provide you with a cashflow report. This will give you a clear idea on your initial cost and expected ongoing repayments each month.
Why work with a mortgage broker?
Think of us like your personal relationship manager to the banks. We will find you the best loan products, by comparing 100s of options from 30+ lenders and manage the whole application process from start to end.
Are online lenders a good option for me?
Online lenders will often attract you with low introductory rates, but you need to be extra careful as they often raise it shortly afterwards. To find out the best lenders, speak to us as we have access to 30+ lenders and know all the special promotions available in the market which are applicable to you.
Why work with
Simple Easy Finance?
We take the time to help you with all your questions, and make the process simple and seamless. Plus, did we mention we don’t charge a fee for our services.
Richard and his team made it easy for us to purchase our first home, as we were new to the whole process. He was always available and willing to help us along the journey answering any questions we had. Would recommend to anyone looking to purchase their first home.
I was fortunate enough to come across Richard after a bad experience with a different broker. I would not be able to get the loan amount that I did without Richard’s help. I am grateful for his support and guidance, no matter how many silly questions I had or how many times I ended up asking him the same question. He made the whole process for a first home buyer simple and manageable.
Highly recommded speaking with Richard. Was with us every step of the way and there was never a call too late to make. If you are looking for the best advice, look no futher! 100 stars!
Do you have a pre-approval?
We’ve all heard of the heartbreaks where someone puts down a house deposit, but was not able to get the loan to finalise their purchase. To avoid any disappointment, get a pre-approval before you start searching for a property.
Pre-approval is valid for 3-6 months and we can help you apply.
Get your free home buyers guide
Helpful information for first home buyers
Help from the government
The First Home Buyers Assistance scheme is a NSW Government initiative which provides exemptions or concessions on transfer duty for eligible NSW first home buyers. This includes vacant land on which you intend to build your first home. The First Home Buyers Assistance scheme provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000. Find out more information here.
What is LMI and do i need it?
LMI is an insurance for the lender in case you default against your loan. The insurance actually doesn't cover yourself if you default so be careful not to confuse this with mortgage insurance. LMI usually applies when you need to borrow more than 80% of the value of the property. The higher the percentage you borrow, the higher the insurance amount will be. While LMI can scare some people off buying a property as they want to avoid paying this fee, there are situations where it can be worthwhile.
An example of this is buying a median house in Liverpool back in 2014 which would have set you back $580k. If you were only able to save 10% and there were no other options for the other 10%, then the LMI would have been approximately $15k. Now fast forward to 2016 and the median price is now $706k. So instead of needing another year or two to save for that 20% deposit and trying to buy a place at $706k, you were able to buy the place for a total $595k (580k purchase price + 15k LMI) and seen your equity grow by more than $100k.
How to avoid LMI if I don't have 20% deposit?
If you have a 5% deposit and need another 15% to avoid LMI, one option is to use a guarantor. This is where another party (usually parents) offers their property as security in case you are unable to repay your loan. While there is definitely a risk for the guarantor as they would be liable for your home loan as well. Part of the lenders requirements are to have the guarantors seek independent legal and financial advice before becoming a guarantor. Lenders will also normally exhaust all other avenues before going down the path of recouping funds from the guarantor.