We start with the real number
Lenders work out a maximum based on your income, your debts and your living costs. That number is a ceiling, not advice. What you can comfortably repay is usually lower. We work out both, then talk honestly about the gap between them so you are not stretched the day you move in.
The deposit question
Most first home buyers think they need twenty percent. Often you do not. With a smaller deposit you may pay Lenders Mortgage Insurance (LMI), a one off cost that protects the lender, not you. Some buyers avoid it entirely through a government scheme. We map your real deposit position before you fall in love with a place.
Schemes you might qualify for
There is real help for first home buyers, and it changes often, so I will not quote a figure that might be out of date. As a guide, the First Home Owner Grant can apply to some new homes, the First Home Guarantee can let eligible buyers in with a five percent deposit and no Lenders Mortgage Insurance, the Family Home Guarantee can help eligible single parents with as little as two percent, and first home buyer stamp duty concessions can remove or reduce a big upfront cost. I will tell you which ones actually apply to you.
Good questions, straight answers.
How much can I actually borrow?+
A lender sets a maximum from your income, debts and living costs. That is a ceiling. What you can comfortably repay is usually lower. We work out both and talk about the gap.
What is LMI?+
LMI stands for Lenders Mortgage Insurance. It is a one off cost that usually applies when your deposit is under twenty percent. It protects the lender, not you. There are ways to reduce or avoid it, and we go through those.
How big a deposit do I really need?+
It depends on the price, the lender and whether you qualify for a scheme. Some buyers get in with five percent and no Lenders Mortgage Insurance. We work out your real position first.
Do the grants and schemes apply to me?+
Maybe. Eligibility and figures change, so I check what currently applies to your situation rather than quoting an old number. Book a call and I will walk you through it.
Not quite your situation?
Ready when you are
Pick a time that suits you. We talk through where you are and what is possible. No cost, and no pressure after it.