Home Loans

Home Loans

Buying your first home is one of life’s major milestones – no more landlord, no more property manager, no more rent rises. You get to move in and stay put! It’s a fantastic feeling and a major responsibility.

Buying your new home will firstly consist of the deposit you have available. This is ideally 20% or more, although it’s also possible to buy with a lower deposit that starting from 5%-10% deposit itself, depending on your circumstances. You pay the vendor (seller) some of this money when you reach an unconditional agreement for sale (via your lawyer).

Secondly, you’ll need to be approved for a home loan (mortgage) for the remaining cost of the house – remember, the bigger your deposit, the smaller the loan, and vice versa. You ‘service’ your loan regularly, paying it back over a number of years. The bank looks carefully at what you earn and spend when we calculate how much you can borrow.