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 our handy 25 page
home buyers guide.
Buying your first home can be stressful and if you’re not fully prepared, it can prove to be a time of great confusion, indecision and hard work- especially when it comes to finance.
Our free home buyers guide arms you with essential know-how and techniques to ensure you avoid the common pitfalls of financing a property. Get the practical advice you need to steer you through the whole process- from researching the market, negotiating your property to final settlement.
Why work with us?
We will help you understand all the cost involved in buying and maintaining a mortgage.
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.
We will find the best loan solution for you.
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. Plus we will access 30+ lenders and find the most competitive rate for you.
We do not charge a fee for our service?
We take the time to help you with all your questions, and make the process simple and seamless.
Plus, we don’t charge a fee for our services, think of us like your personal relationship manager to the banks.
Hear from our happy home buyers
"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".
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.
First home buyers assistance scheme and am I eligible?
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.