Higher Borrowing Capacity
Bigger House, Better Suburb, More Options
Better Interest Rates
Exclusive Access to ‘Doctors Only‘ Rates
Waived LMI for Doctors
Save $50,000 or More in LMI costs
First home buyer for medical professional
Second Home
Refinance Doctor Loan
Investment For Medicos
Becoming a first-time homeowner is an exhilarating milestone, and at Trusted Finance Solutions, we’re here to guide you through the journey. Our commitment to helping you secure your dream home is unwavering. With our expertise in first home buyer home loans, we’re dedicated to making your homeownership dreams a reality.
For many, owning a home is more than just an investment – it’s a significant step towards financial stability and personal achievement. At Trusted Finance Solutions, we understand the importance of this journey, and we’re here to provide you with tailored solutions that address the unique challenges and aspirations of first home buyers in Melbourne.
With Trusted Finance Solutions, we offer you a suite of exceptional benefits:
Entering the property market as a first home buyer can be overwhelming, especially considering the complex landscape of home loans, interest rates, and repayment options. Our team of experienced professionals specialises in assisting first home buyers in Melbourne, offering you invaluable guidance every step of the way.
Home Loans Designed for You.
We recognise that no two first home buyers are alike. That’s why we offer a range of home loan options tailored to meet your specific needs and financial circumstances. Our goal is to simplify the process for you, ensuring that you understand the details of each loan option and can make informed decisions confidently.
Partnering with You
As your trusted partner, we’re not just mortgage brokers – we’re your advocates throughout the entire home buying process. We’re here to answer your questions, provide expert advice, and ensure that you secure the most suitable home loan for your first home
Why choose us?
- Expert Knowledge of Melbourne’s Property Market. Our team possesses in-depth knowledge of the Melbourne property market. We’re attuned to the local trends, neighborhood dynamics, and property values that play a pivotal role in your decision-making process.
- Tailored Guidance for First Home Buyers. We understand that first home buyers have unique concerns and questions. Our approach is personalised to address your specific needs, offering guidance that’s both relevant and empowering.
- Access to Diverse Home Loan Options. From fixed-rate to variable-rate loans, we provide you with a wide array of home loan options. Our goal is to ensure that you secure a loan that aligns perfectly with your financial goals and preferences.
- Seamless Application Process. Navigating the application process can be complex, but with us, it’s seamless. We’re here to assist you with every detail, ensuring that your application is submitted accurately and efficiently.
- Connecting with First Home Buyer Grants and Incentives. As first home buyers in Melbourne, you may be eligible for government grants and incentives. We’re well-versed in these programs and can guide you through the process of accessing potential financial support.
- Guidance Beyond the Loan. Our commitment doesn’t end with securing your home loan. We’re here to provide ongoing support, answer your questions, and assist you in achieving your long-term financial goals.
Get in touch or call 0383710027 today to discuss your project.
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Your First Home Purchase with Expert Mortgage Brokerage in Melbourne
Embarking on the adventure of buying your first home is a momentous occasion. At Trusted Finance Solutions, our role is not just to facilitate a transaction; it’s to craft a journey that resonates with your aspirations. As your dedicated first-time home buyer mortgage broker, we pair the excitement of this significant life event with the wisdom and detailed attention you require to navigate Melbourne’s property landscape.
Laying the Foundation for Your Property Success
Buying your first home is a significant life event, marked by a mix of anticipation and apprehension. Our role is to turn your concerns into confidence with a proactive strategy and supportive advice. We don’t just facilitate a transaction; we lay the foundation for your property success. With Trusted Finance Solutions, you’re not just making a purchase; you’re crafting a future that resonates with stability, growth, and happiness in your new Melbourne home.
Unmatched Mortgages for First Time Home Buyers
Understanding that the path to homeownership is unique, Trusted Finance Solutions is proud to offer unmatched mortgage options for first-time home buyers. We ensure that each financial product aligns with your personal circumstances in Melbourne, delving deep into the terms, rates, and benefits to equip you with the best solution.
Maximising Grants and Schemes for First Home Buyers
In the vibrant Melbourne property market, leveraging grants and concessions can provide a crucial advantage. We guide you through the intricacies of financial support systems like the First Home Owner Grant and stamp duty reductions, enhancing your buying power from the outset.
Crafting Your Personal Roadmap to Homeownership
We believe your journey to homeownership should be as cost-effective as it is exciting. Committed to connecting you with every opportunity, including government incentives and family guarantees, we help you navigate these options, ensuring the dream of owning your ideal home in Melbourne is within your grasp.
What to Ask Your Mortgage Broker When Buying Your First Home
Knowledge is power, especially for a first-time home buyer. Asking the right questions is key to defining your future satisfaction:
- Can you outline the types of loans that fit my situation and why?
- How do the interest rates translate into monthly payments?
- What are the anticipated closing costs, and how will they affect my upfront expenses?
- What minimum down payment will work in my favour without stretching my budget too thin?
- Could I benefit from any first home buyer incentives or grants that I’m not yet aware of?
Dedicated First Home Buyer Mortgage Broker Services
Our dedication to your home buying success extends beyond securing a loan. Trusted Finance Solutions offers continuous support, adapting our services as the Melbourne market evolves and as your life changes.
Ready to Take the Next Step?
Our commitment is as robust as your dream to own a home. Reach out to your Trusted Finance Solutions team and let’s discuss how our first-time home buyer mortgage broker services can open doors for you in Melbourne.
Government Grants and Schemes: Advice from Your Mortgage Broker for First Home Buyers
Getting a first time buyers mortgage is about more than just carefully exploring your options for first time buyer home loans and finding the one that best fits your goals; it’s also about taking advantage of the grants available to significantly reduce your financial barrier to homeownership.
As a mortgage broker and first home buyer expert, we provide you with guidance beyond how to get a first home buyers loan. Below, we share essential information on the Victorian First Home Owner Grant (FHOG) and duty concessions – these enhance your buying power, making owning a house more feasible for you.
Accessing a First Home Buyers Grant in Melbourne
If you live in Melbourne, you can enjoy grants for first time home buyers in Victoria, such as the First Home Owner Grant (FHOG) and duty concessions. Here’s what you need to know about these schemes:
First Home Owner Grant (FHOG)
- Grant Amount: You can receive $10,000.
- Eligibility Criteria: You must be buying or constructing a new home valued at up to $750,000. The property should not have been previously sold or occupied as a residence.
- Residency Requirements: You, or at least one applicant – your spouse/partner – must occupy the home as your principal place of residence (PPR) for at least 12 months, beginning within 12 months of settlement or construction completion.
- Additional Requirements: You or your spouse/partner should not have previously received the FHOG anywhere in Australia or owned a home in Australia before 1 July 2000.
Feel free to consult with us at Trusted Finance Solutions to keep yourself updated with the eligibility requirements for the first home buyers grant in VIC and any concessions or exemptions.
Duty Concessions and Exemptions
- First Home Buyer Duty Exemption/Concession: As a first home buyer, you might not have to pay duty on a PPR valued up to $600,000 (exemption), or you can receive a concession on a PPR valued between $600,001 and $750,000.
- Off-the-Plan Concession: This applies if you buy a property on a plan that involves a land and building package, or a refurbished lot. The concession is calculated by deducting construction or refurbishment costs post-contract date from the contract price.
- Young Farmer’s Exemption/Concession: If you are under 35 and buying your first farmland valued up to $750,000, you could be exempt from duty on the first $300,000 or receive a concession.
- Pensioner Concession: If you are a pensioner, you may qualify for an exemption or concession when purchasing a new or established home valued up to $750,000.
Conditions to Note
- Application Process: The application for the FHOG and most duty exemptions or concessions can usually be handled by your bank or credit union. If they are not handling it, you can apply online through the official channels, ensuring you include all necessary documentation.
- Time of Application: Applications for the FHOG or any concessions must be lodged after the completion of your property transaction.
- Compliance: Ensure all the information provided in your application is accurate. Misleading information can lead to penalties, and you may have to repay the grant and any duty benefits received.
Maximising Your Opportunities to Get a First Home Buyers Loan
To find the best loan for a first time home buyer, consider consulting with a knowledgeable mortgage broker for first home buyers like Trusted Finance Solutions. We can help you determine if you qualify for grants and other benefits, as well as guide you through the application process, ensuring you receive all the financial support you’re entitled to. We can also offer insights into which loans offer the most attractive terms, lowest fees, and best overall value for first time buyers.
Each step of the way, our first home specialists will be here to help you navigate grants, loans, and financial planning so you can confidently approach the property market and secure your dream home in Melbourne.
Trusted Finance Solutions stands as your dedicated partner in making your first home ownership dreams come true. With our expertise, personalised guidance, and commitment to your financial success, we’re here to simplify the process of securing your first home loan. Contact us today and embark on your journey towards homeownership with confidence.
Got a question or ready to apply?
Ready to take the first steps towards owning your dream home as a first-time buyer? Trusted Finance Solutions is here to make your homeownership aspirations a reality.
Connect with us today to schedule a consultation, and let’s embark on this exciting journey together.
Finding the Right Mortgage for First Home Buyers
If you’re entering the Melbourne property market, working with a first home buyer mortgage broker in Melbourne ensures you make informed decisions.
At Trusted Finance Solutions, we understand the challenges and complexities first-time homebuyers face. With rising real estate values, new terminology, and stiff competition from both seasoned property investors and fellow first home buyers in Melbourne, it’s easy to feel a bit daunted. But here’s the good news: We’re committed to helping you confidently navigate this competitive market by guiding you through the various first-time buyer’s mortgage options and how to get a first home buyer’s loan.
When you partner with us, a trusted broker for first home buyers, you’ll work with seasoned professionals who understand your situation and can provide expert advice tailored to your specific needs. Together, we’ll develop a winning strategy that helps you achieve homeownership while living life to the fullest.
We’re With You Every Step of the Way
From the moment of your first inquiry to the final settlement, Trusted Finance Solutions will be by your side. We handle the details, so you can concentrate on finding your dream property.
Our advanced technology allows us to analyse thousands of options for mortgages for first-time home buyers, ensuring you find the best solution for your financial situation.
In addition to this, we provide our clients with a comprehensive property report created by a leading property data provider. We also work with associated legal professionals to offer a complimentary review of your initial contract of sale and other important documents.
What Is the Best Interests Duty?
The Best Interests Duty is a legal obligation for mortgage brokers to act in the best interests of their clients and prioritise their needs when offering credit assistance. This law, effective from 1 January 2021, ensures that mortgage brokers in Australia assess products based on factors such as interest rates, fees, and repayment amounts to recommend what’s truly best for the consumer.
While cost is a critical factor, it’s not the only one mortgage brokers consider when determining the best option for you. The Best Interests Duty ensures that you can have peace of mind, knowing your broker is legally required to act in your best interests.
However, it’s important to note that this duty doesn’t apply to banks. If you approach a bank directly, they may prioritise their own interests over yours, making a mortgage broker for first home buyers a safer choice.
What Are First Home Buyer Loans?
First home buyer loans are specifically designed to assist Australians purchasing their first property. They often include benefits such as lower deposits, reduced interest rates, and access to government initiatives. The primary goal of a first home buyer loan is to reduce financial barriers and make homeownership more achievable for first-time buyers.
Home Loan Options
Selecting the right home loan is essential for managing your finances and gaining long-term stability as a homeowner. By understanding and comparing the different types of home loans and their features, you can select a loan that suits your financial goals and lifestyle.
Loan Types
- Fixed-Rate Loans:
- These loans provide a fixed interest rate for a predetermined period, usually between 1 and 5 years.
- They offer repayment certainty, making them ideal for buyers seeking predictable budgeting.
- At the end of the fixed term, the loan typically reverts to a variable rate unless refinanced or renegotiated.
- Variable-Rate Loans:
- With these loans, interest rates can change based on market conditions and the Reserve Bank of Australia’s cash rate.
- Borrowers benefit from rate decreases but must be prepared for potential increases.
- They often include flexible features such as extra repayments without penalties and access to redraw facilities.
- Split Loans:
- Split loans let you divide your mortgage into fixed and variable components.
- They provide the stability of fixed repayments for a portion of the loan while retaining the flexibility of a variable rate for the remainder.
- This option is ideal for borrowers who want to balance predictability with the potential for savings when rates fall.
Key Features
- Offset Accounts:
- An offset account is a bank or transaction account linked to your loan. The balance in the account reduces the amount of interest calculated on your home loan.
- For example, if your loan balance is $380,000 and your offset account has $20,000, interest is calculated on $360,000.
- This feature can save thousands in interest over the life of your loan and shorten the loan term.
- Redraw Facilities:
- These facilities allow borrowers to access extra repayments made on their mortgage, providing financial flexibility for unexpected expenses.
- Accessing funds via a redraw typically requires prior approval or an online request, depending on the lender’s policies.
- This feature is ideal for disciplined borrowers who want to reduce interest costs while maintaining access to additional funds if needed.
Home Loan Deposit
Saving for a home deposit is a crucial step in your journey to homeownership. It requires careful planning, financial discipline, and awareness of government schemes designed to support first home buyers. Below are key pieces of information to help you efficiently build your deposit and minimise additional borrowing costs.Read More
Recommended Deposit Size
- 20% Deposit Benefits: A deposit of 20% or more is ideal because it eliminates the need for Lender’s Mortgage Insurance (LMI)—an additional cost that protects the lender but not the borrower. This LMI exemption saves you thousands of dollars over the life of the loan and also improves your chances of securing favourable loan terms.
- Low Deposit Options: Many first home buyer schemes allow you to enter the market with as little as a 5% deposit. However, deposits under 20% generally require LMI.
- Considerations for Smaller Deposits: While low-deposit options provide faster access to the property market, they often result in higher loan repayments due to the increased loan amount and LMI.
Strategies to Save
- Set a Budget: Track your earnings and expenses to identify areas where you can cut back and allocate more towards your savings. Setting a clear financial goal for your deposit will help keep you motivated.
- Leverage the First Home Super Saver Scheme (FHSSS): Consider using your voluntary superannuation contributions to save for your deposit, benefiting from lower tax rates and compounding growth. Once eligible, you can withdraw these funds to purchase your first home.
- Set Up Automatic Savings: Automating your savings ensures consistent contributions to your deposit fund. Direct a portion of your income into a high-interest savings account to maximise growth.
- Explore Alternative Sources: If available, consider using an inheritance, gifts from family, or guarantor loans to boost your deposit. Some lenders accept family guarantees to reduce or eliminate the need for LMI.
Government Grants and Schemes for First Home Buyers in Victoria
For first home buyers in Victoria, several government grants and schemes are available to make homeownership more accessible. These programs offer financial assistance, reduced upfront costs, and other benefits, but each has specific eligibility requirements. Understanding these options can help you take full advantage of the support available when buying your first home.
First Home Owner Grant (FHOG)
- Overview: The First Home Owner Grant in Victoria provides a one-off payment of $10,000 to eligible first-time home buyers purchasing or building a new home valued up to $750,000.
- Eligibility Criteria: Applicants must be Australian citizens or permanent residents purchasing a property as their first home. At least one applicant must live in the property for a continuous period of 12 months within the first year of ownership.
- Key Benefit: This grant significantly reduces the upfront cost of purchasing a home.
First Home Guarantee (Previously First Home Loan Deposit Scheme)
- Overview: The First Home Guarantee lets eligible buyers purchase a house with a deposit as low as 5% with the LMI waived. The government acts as a guarantor for up to 15% of the property’s value.
- Eligibility Criteria: To qualify, buyers must have an individual income of up to $125,000 or a combined income of up to $200,000 for couples. Property price caps apply in Victoria, such as $800,000 in Melbourne and Geelong and $650,000 in regional areas.
- Key Benefit: This reduces the burden of saving a large deposit and eliminates the additional cost of LMI, making the property market more accessible.
Stamp Duty Concessions and Exemptions
- Overview: First home buyers in Victoria may be eligible for full or partial exemptions on stamp duty for properties valued up to $600,000. For homes valued between $600,001 and $750,000, a sliding scale determines the stamp duty payable.
- Eligibility Criteria: Buyers must live in the property as their primary residence for at least 12 months, and the purchase must meet the price threshold. Other eligibility requirements include not owning property before and being an Australian citizen or permanent resident.
- Key Benefit: Reducing or eliminating stamp duty significantly lowers the upfront cost of buying a home, leaving more funds available for other expenses.
The First Home Buyer Loan Application Process
Applying for your first home loan might seem complicated, but understanding its steps can make the process smoother and help you move forward with confidence while avoiding delays.
This section outlines the key stages of the application process, from preparation to settlement, ensuring you are well-equipped to secure your loan successfully.
1. Determine Your Borrowing Capacity
- Assess your financial position to understand how much you can afford to borrow.
- Lenders consider factors like your income, expenses, debts, and credit history to determine your borrowing capacity.
- Use online loan calculators as a starting point.
2. Gather Necessary Documentation
- Collect all required documents, such as proof of identity, income statements, and details of existing financial commitments.
- Typically, lenders will ask for payslips, tax returns, bank statements, and evidence of savings or deposits.
- Having these documents ready ensures a smoother application process.
3. Obtain Loan Pre-Approval
- Pre-approval, also known as conditional approval, provides an estimate of the amount you can borrow and demonstrates to sellers that you’re a serious buyer.
- It is not a guarantee but helps narrow your property search within your budget.
- Pre-approval usually lasts 3–6 months and can be renewed if necessary.
4. Find a Property and Make an Offer
- Research the property market and look for a home that fits your budget and needs.
- Once you find a property, make an offer or bid at auction, keeping your loan pre-approval limit in mind.
- If your offer is accepted, you will sign a contract of sale, often subject to finance approval.
5. Finalise Your Loan Application
- Submit your full loan application to your chosen lender, including all supporting documents and details of the property.
- The lender will conduct a property valuation to ensure it meets lending criteria.
- Once the application is assessed and approved, you will receive formal approval, also known as unconditional approval.
6. Arrange Insurance and Legal Requirements
- Obtain building and contents insurance for the property, as lenders often require this as a condition of settlement.
- Engage a solicitor or conveyancer to handle legal documents and oversee the settlement process.
- Ensure all conditions in the contract of sale are met before the settlement date.
7. Complete the Settlement
- During settlement, funds are transferred from your lender to the seller, and the ownership of the property is legally transferred to you.
- Your solicitor or conveyancer will coordinate with all parties to finalise the process.
- Once settlement is complete, you’ll get the keys to your new home.
Questions to Ask Your Mortgage Broker
Collaborating with a mortgage broker for first home buyers is an essential step towards achieving your homeownership goals, as this helps ensure you’ll meet all requirements and secure the best loan for your needs.
To make the most of this relationship, prepare a list of questions to ask your mortgage broker as a first-time home buyer. Some example questions are:
- What are the first home buyers grant eligibility criteria in Vic?
- How can I maximise the benefits of first-time buyer home loans?
- What’s the process for securing the best loan for a first-time home buyer?
Trusted Finance Solutions’ team of first home specialists is ready to guide you through every question and concern, ensuring a seamless experience.Read Less
Why Use Our Brokers Instead of Going Directly to Your Bank?
Choose Trusted Finance Solutions to receive a tailored loan that aligns perfectly with your current and future financial goals, thanks to our personalised assessment and expertise. Unlike banks, we prioritise your financial well-being and navigate the complexities to ensure you get the best deal available.
Choose Trusted Finance Solutions to receive a tailored loan that aligns perfectly with your current and future financial goals, thanks to our personalised assessment and expertise. Unlike banks, we prioritise your financial well-being and navigate the complexities to ensure you get the best deal available.
With Trusted Finance Solutions
- Thorough Assessment: We thoroughly assess your situation to provide a comprehensive lending solution.
- Future Consideration: Our brokers consider both your current needs and future goals.
- Best Possible Loan: We ensure you receive the best possible loan tailored to your unique requirements.
- Personal Representation: Brokers work on your behalf to arrange a home loan through a bank or lender.
- Policy Navigation: They navigate the different policies and loan requirements of Australian banks and lenders.
- Tailored Solutions: Brokers find the loan that best fits your individual situation.
Applying directly to a lender:
- Quantity Over Quality: Many banks prioritise meeting quotas over your financial future.
- Limited Options: Lenders can only offer a limited range of loan products.
- Complex Policies: The complexity of mortgage applications means even bank staff may not fully understand their own policies, leading to delays or unnecessary declines.
Your First Home Buyer Questions Answered
More Reasons Why Work With Us
✔️ Expertise That Matters: Our team comprises seasoned mortgage brokers in Melbourne who have a deep understanding of the ever-changing finance industry. We stay up-to-date with the latest market trends and lending practices, ensuring you receive the most current and relevant advice.
✔️ Unbiased Guidance: As independent mortgage brokers, our loyalty lies with you, the client. We are not affiliated with any specific lender, which means our recommendations are unbiased and solely focused on what suits your needs.
✔️ Seamless Process: Navigating the world of mortgages and finance can be complex, but we make it easy for you. From the initial consultation to the final settlement, we guide you through each step, clarifying any queries you might have along the way.
✔️ Extensive Network: With years of experience as finance brokers in Melbourne, we have built strong relationships with lenders, banks, and financial institutions. This network allows us to negotiate competitive rates and terms on your behalf.
