Looking for your first home? What an exciting time. But have you thought about finance? Do you know how much you need or where to turn for the right deal? My name is Mike Mackenzie and I make the process easier for you with quicker finance approvals, lower interest rates, and reduced fees*.
* Compared with going directly to a lender.
Buying your first home is an exciting experience. But it can also be terrifying. If you don’t understand the finance market, you could end up making a decision that costs you thousands over the life of your loan.
With years of experience as a mortgage broker, I know finance. I understand the lenders, their policies, and their interest rates and can help you find the right finance deal to save you money.
As a first home buyer seeking finance, the amount you can borrow depends on a number of factors, with every lender having different eligibility criteria. This could mean your loan application is approved by one bank but rejected by another, simply because you did not match their policies.
The banks don’t want you to save money but I do! I can help you navigate the finance market to find the right deal for your situation. For an understanding of your borrowing capacity and Stamp Duty as a first home buyer in Perth, have a look at my first home buyer calculator.
Long-term outcomes to reduce your financial stress.
Easing the financial burden for you and your family.
Educating you to make informed financial decisions.
Saving you valuable time negotiating with lenders.
Simplifying your finances to help you get ahead.
Tailored finance for today and tomorrow.
Are You Looking for First Home Buyer Finance? Get in Touch Today!
There’s nothing like the feeling of building your own home. Your own design, your own colours and materials, everything just the way you want it. If you are looking to build a new house, I can help you find the right finance deal, the right builder, and the perfect block.
I have access to a wide range of lenders and builders. I can help get your finance sooner and have you in your new home in the shortest time possible.
If you have been house hunting for a while, you know how frustrating established homes can be. You’re in someone else’s home, with their layout and their décor. It never feels quite like you. While building a new home seems daunting, you can save thousands compared with buying established.
For example, if you purchase a house and land package for $500,000 and the block is under $300,000, you pay no Stamp Duty and could be entitled to a $10,000 First Home Owner Grant. This means you could be around $25,000 better off building your first home over buying an established home.
As a first home buyer in Perth, there are additional costs you will incur on top of the purchase price, some of which are outlined below. Get in touch with me to discuss the fees and charges applicable to your situation.
Benjamin Franklin famously said there are two things certain in this life, one of which is taxes. Stamp Duty, also known as Transfer Duty, is a tax applied to the purchase of residential properties in Western Australia.
When buying your home, you need to consider the cost of Stamp Duty and any other applicable fees when seeking finance for your purchase.
Registration fees
If you are a first home buyer borrowing money to purchase your new home, the State Government charges a small administration fee of around $200 to register your mortgage and change the name on the title of the property.
Conveyancing / legal fees
A Conveyancer, or Settlement Agent, oversees the financial and administrative processes in the purchase of your new home. Fees vary between Conveyancers, so I recommend getting in touch with me to discuss your options.
Lender fees
For first home buyers seeking a loan in Perth, most lenders will charge a fee to access their finance. As the fees vary between lenders, it’s best to get in touch with me to help you find the right solution for your situation.
Lenders Mortgage Insurance (LMI)
If you have less than 20 percent deposit, most lenders insist you pay a fee for Lenders Mortgage Insurance (LMI). This is to protect the lender if you default on your loan repayments. The cost can be more manageable if you spread your LMI fee over monthly repayments. However, LMI can be avoided altogether if you have a guarantor over your loan or if you are eligible for the First Home Loan Deposit Scheme.
If you are building a new home as a first home buyer in Perth, you could be eligible for a State Government First Home Owner Grant (FHOG).
This is a one-off payment of $10,000 to assist you in building your first home, if used as your principal place of residence.
If you need additional help financing your first home, you could consider a guarantor loan. This is a special type of loan where someone else, usually a family member, provides a “guarantee” on your mortgage. You could save tens of thousands of dollars over the life of your loan.
The Western Australian Government’s Keystart initiative provides low deposit home loans to those who may not meet the minimum deposit requirements of the big banks.
Keystart loans require no Lenders Mortgage Insurance, so you can get into your new home sooner with a lower deposit than you would normally need to pay.
Are you struggling to save a deposit for your first home? The Australian Government’s National Housing Finance and Investment Corporation (NHFIC) offers the First Home Loan Deposit Scheme to eligible first home buyers.
If you are eligible, the NHFIC acts as guarantor over your loan, meaning you can purchase a home with a deposit as little as 5 percent.
Do You Need Help With First Home Buyer Finance?
Get in Touch Today!
…the first cheque you write is for the mortgage, but the second is for the insurance…”
– Sandra Bullock as Leigh Anne Touhy, The Blind Side
You insure your home, your contents, and your car. But what about your mortgage? An ALI Group My Protection Plan covers you financially in the event of serious illness, specified injury, or death.
Your My Protection Plan gives you peace of mind that you, your family, and your home will be protected from financial hardship.
If you are a first home buyer applying for finance, you may be eligible for the First Home Loan Deposit Scheme. The NHFIC guarantees up to 15 percent of the value of your first home when financed through a participating lender. This can save you the expense of Lenders Mortgage Insurance, which usually applies to first home buyers with a deposit of less than 20 percent.
The best news is, if you are eligible for the First Home Loan Deposit Scheme, you can still apply for other Government assistance schemes, such as the First Home Owner Grant and First Home Owner Rate of Duty.
The interest rate on Keystart loans is based on the average standard variable home loan rate of the four major banks, which is currently around 4.54 percent.
The maximum purchase price for a home funded with a Keystart loan varies between $480,000 to $650,000, depending on whether you are in a metropolitan or regional area. The required deposit also differs based on your location.
There are also income limits applied to your eligibility for a Keystart loan, which vary between $105,000 and $200,000 annually. This depends on your location (metro or regional) and whether you are single, a couple, or a family.
As a guarantor, you can help your loved ones into their own home sooner, without any financial outlay on your part. Your loved ones may not need a deposit or LMI so you could also save them many thousands of dollars on their mortgage.
Some lenders allow you to choose how much of the loan you wish to guarantee. So, for example, if you choose to guarantee 20 percent of a $400,000 loan, you will only need to guarantee $80,000. If the loan defaults and the lender sells the house at a loss, you would only be required to pay the guaranteed amount, not a cent more – you WON’T lose your home if the worst happens.
Once your loved ones have accrued enough equity in their home, you can be removed from the loan and your obligation as guarantor will end.
I am aligned with multiple lenders, which gives me access to a wider selection of loan options and more competitive rates for you.
Please fill out the contact form and I will get back to you to discuss how the right finance can help you achieve your goals.
