First Home Buyers

There are many things to consider when purchasing your first home. The experience can be very daunting, however with a smart approach and using the right people to assist, you can make buying your first home purchase very pleasurable.

Some points you should know are:


When purchasing a home for owner occupation, the lender will require you to provide a deposit. This amount is usually a minimum of 5%. Your contribution is required to establish some equity and also allow the lender to reduce their exposure in the event of a repayment default.

When purchasing a property the real estate agent will usually ask for approx $1000 as a holding deposit.

Genuine Savings

Most first home buyers have a 5-10% deposit. When applying for a home loan, the lender will require evidence that your deposit has been saved over a period of at least three months. To evidence this, you must show your bank account statements to verify your savings pattern. This is required to satisfy a 'Mortgage Insurer'. This requirement can be strict and can be different depending on the lender. In some cases, the assistance of family members by way of guarantees may waive the deposit requirement.

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Broome: 08 9193 5555 | Perth: 0438 921 081 (Bill)

Karratha: 08 9144 2375 (Belinda) | Kununurra: 08 9169 3265 (Brad)

First Home Owners Grant (FHOG)

The Commonwealth Government is currently providing incentives for first home buyers to purchase property. To be eligible none of the applicants can have previously owned a home anywhere in Australia. If an applicant's spouse or de facto has previously owned a home, no grant will be available. At this stage, the scheme is not means tested either by income, assets or property valuation.

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Most Lenders are now agents for the FHOG and can take your application along with your home loan application.

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