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FIRST HOME BUYERS

Get started buying your first home

WHERE TO START?

Helpful tools for first home buyers

Buying your first home is exciting, but it’s a big step to take and one that comes with many questions and decisions. The first major questions are how much you can borrow and what your likely repayments will be.

Our tools and calculators make it easy to work out how much you can borrow based on your income and expenses, estimate your home loan repayments, and work out how to repay your loan faster.

Loan repayment calculator

Estimate your home loan repayments and work out how to repay it faster.

Borrowing power calculator

Use your details to estimate how much you could borrow.

Tips & Guides

First Home Buyers Grant Eligibility

Because you’re a first home buyer, you may be eligible for a first home buyer grant. This grant may be available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. 

As grant conditions vary from state to state, click on your state to find out more about eligibility requirements and how much grant money you could receive.

australia-map
ACT
NSW
NT
QLD
SA
TAS
VIC
WA

LEARN MORE

First Home Buyers FAQ

Check out our First Home Buyers FAQs which can assist you with questions relating to the amount you can borrow, choosing the right home loan, repayment amounts, additional fees/costs, and more.

How much money can I borrow?

We’re all unique when it comes to our finances and borrowing needs. Contact us today, we can help with calculations based on your circumstances.

We’re all unique when it comes to our finances and borrowing needs. Our borrowing power calculator is a great place to start to work out how much you can borrow. Check it out and then get in touch with an AFG broker so we can help with calculations based on your circumstances.

How do I choose a loan that’s right for me?

Our guides to loan types and features will help you learn about the main options available.

How much will regular repayments be?

Go to our Repayment Calculator for an estimate. Because there are so many loan products, some with lower introductory rates, talk to us today about the deals currently available, we’ll work with you to find a loan set-up that’s right for you.

How often do I make home loan repayments — weekly, fortnightly or monthly?

Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.

What is the First Home Owner Grant and can I get one?

This is a grant available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. Check out the links above in the First Home Buyers eligibility map and select the state that applies to you.

What fees/costs should I budget for?

There are a number of fees and costs involved when buying a property. To help avoid any surprises, the list below sets out many of the usual costs:

  • Stamp duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To estimate your possible stamp duty charge, visit our Stamp Duty Calculator.
  • Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
  • Building inspection — This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost as much as $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
  • Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. It may cost as much as $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
  • Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow $600 to $800.
  • Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
  • Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you may also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.
  • Ongoing costs — You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.

By the time we save for our first home, upgrade to a bigger or better one, earn enough money to pay the mortgage and bills and live life in between, it’s not surprising many of u

WE CAN HELP

Get in touch with your local broker

We offer our loans exclusively through experienced AFG brokers via our broker network, making sure you receive a loan that meets your individual needs.

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