There are 53 banks operating in Sydney alone with most of them offering home loan deals for first-time homeowners. On top of that, there are also non-bank lenders who are offering attractive deals. So even if you shortlist your options to just ten or twenty lenders, you still need criteria to guide you which one to pick. You need to look for the following:
The Australian Government is continuously encouraging people to buy their first home through the First Home Loan Deposit Scheme. In this government initiative, a percentage of your home loan will be guaranteed by the National Housing Finance and Investment Corporation (NHFIC) as long as you are eligible, and your chosen lender is part of the scheme. This financial year, NHFIC opened 10,000 slots for first-time buyers and another 10,000 slots will be available in July 2020.
Hunting for your first home is exciting but it can be nerve-wracking, too. You might be overwhelmed with information; there’s a lot to understand and so many available options to consider. So, it can be a good idea to work with a mortgage broker who can save you time, and guide you through the process. Remember, this is your first home, so it is important that you get it right. For inquiries, please call us on 1 300 256 081 or send us an email