Home Loan FAQ

The deposit required for your first home can vary, but typically, lenders may require a deposit of at least 5% to 20% of the property's purchase price. However, there are options available, such as low deposit home loans, which allow you to put down a smaller deposit.

Pre-approval involves a lender reviewing your financial situation and determining the maximum loan amount they are willing to lend you. To get pre-approved, you'll typically need to provide details about your income, expenses, assets, and liabilities. It's a helpful step to understand your budget and demonstrate to sellers that you are a serious buyer.

In addition to the purchase price, you should budget for other costs such as stamp duty (a tax on property purchases), legal fees, inspection costs, mortgage insurance (if applicable), and moving expenses. It's important to factor in these costs to ensure you have a comprehensive budget for your home purchase.

he First Home Owner Grant is a government incentive aimed at assisting first-time home buyers. Eligibility criteria and grant amounts vary between states and territories. Generally, it provides a one-time financial grant that can be put towards the purchase of your first home. Be sure to check the specific details and requirements in your area.