First Home Buyers

Are you a first home buyer?

Advanced Finance Solutions are a team of professional mortgage planners.

We help you find a solution using the latest research and technology.

Solutions right for you

You can choose from the major banks and many other leading mortgage providers.

We can compare loans with you so that you can see the results for yourself.

We offer flexible solutions. You may be surprised at some of the innovative ways in which we can structure loans to help meet your lifestyle and financial needs.

Advanced Finance Solutions - First Home Buyers loans

Frequently Asked Questions

What are the steps involved from applying for a home loan to getting an answer?

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How much work will be involved in buying a home? How much time will I need to commit to the process?

For the finance side of things most clients need 4 appointments with us as follows:

  • initial consultation to check if you qualify, work out your borrowing capacity, what the repayments would be and work out if you want to go ahead, come up with a plan etc
  • pre-approval takes around an hour
  • loan appointment to sign the loan documents (about 45 mins)
  • once the loan settles we help you set up your payments, budget etc – that is usually another hour roughly.
Can I find out how much my repayments would be so I can decide if I will go for a loan or not?

We offer an obligation free consultation where we work out your borrowing capacity, what the repayments would be etc.

If you would prefer to work this out you urself we have a handy loan repayment calculator on our website which gives you a rough idea

How much will it cost me to apply for a home loan?

Nothing 🙂

What sort of ongoing costs will I need to cover once I own a home?

The home loan payments, council rates on the home, water rates on the home, insurance and general maintenance of the property.

Are there any hidden costs I should know about in the home loan process?

There are often unexpected expenses when you are purchasing a property so we always suggest to our clients to allow up to $1500 in unexpected expenses. This more than covers everything.

What if I buy the wrong property?

This can happen so what we suggest is:-

  • you do plenty of r research into the area you want to buy
  • do plenty of research into the price of homes in that area so you can recognise a good buy
  • get a pest and building inspection done once you find the property you want to buy
What sort of dwellings are the banks willing to loan money for?

Most residential properties are acceptable for the lenders including

  • houses
  • duplex
  • townhouses
  • units

If you are buying a unit in a holiday complex where you cannot live they may restrict the % they will lend against the property.

You must have land attached to the home so for example a house in a mobile caravan village is not usually acceptable security for the bank

What if I lost my job or got sick for an extended period after I purchased a property? Will I lose my home?

It’s really important to keep the bank informed if unforeseen difficult conditions arise as all of the lenders have “hardship” policies that allow for lower repayments to be made in difficult times.

It could also be a good time to review your existing income protection and life insurances.

What if I buy a home with my partner and then we split up/get divorced?

There are a few options available as follows

  • one of you can buy the other party out of the home and get the loan in your name only
  • the home can be sold to pay out the debt and divide the remaining funds between you (at the advice of your solicitor)
  • some couples choose to have one of the parties remaining in the home and the home is kept in joint names
  • one party lives in the property and the other keeps their name on the title for investment purposes. Once again this needs to be done with the advice of your solicitor.
What happens if I go for a home loan and I get rejected?

Unfortunately these things happen from time to time.

We make sure we are confident the loan would get approved before we submit an application however from time to time they are declined for unforeseen reasons.

In these situations the lender will tell us what you need to do to get into a position to be approved in the future so that you can put a plan into place.

Is there a first home owners grant still available when purchasing your first home and how much is it?

In NSW there are grants available for brand new properties (never lived in) or for when you are buying land and building.

In both of those cases you get an exemption from stamp duty and $10k towards the purchase so it’s a great saving.

When you are buying brand new the banks only require you to have 5% saving instead of 10% because of the reduced fees to get into the property ( or no deposit if you have a guarantor).

What do I need to show a bank that I can pay a loan back? Eg.. stable consistent savings? And for how long? 3 months, 6 months longer?

The banks like to see

  • 3 months savings without tapping into the savings for spending
  • good rental history in your existing property. If you have a rental ledger for 6 months that’s a valuable asset to provide the bank when applying g for the loan
What about my credit history? What if I defaulted in the past?

Its a good idea to get a copy of your credit rating to check.

Most defaults remain on your credit rating for 5 years and they can affect your application especially if it was a large amount.

It is best to get a copy of the credit report so we can consider this when working out which lender might best suit you as some lenders look more favourable on a poor credit history than others.