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Let's say you find your dream home and want to buy it, but you haven't sold your current property yet. You can apply for a bridging loan to cover the purchase price of the new property until you sell your existing property.

Interest rates play a crucial role in determining the cost of borrowing and ultimately impact mortgage repayments for homeowners. Whether you're a first-time buyer, a property investor, or considering refinancing, understanding how interest rates affect your mortgage is essential. In this article, we'll delve into the mechanics of interest rates and their impact on mortgage repayments.

As a first home buyer in Australia, navigating the property market can be a daunting experience. However, the government offers various grants and schemes designed to ease the financial burden and make home ownership more accessible. By leveraging these opportunities, first home buyers can significantly reduce their upfront costs, secure more favourable loan terms, and expedite their journey towards owning a home. Understanding and utilising these government initiatives can provide substantial financial relief and make the dream of home ownership a reality!

Deciding on the perfect suburb to call home is one of the most important decisions you'll make as a first home buyer in Australia, after all, it could be your forever home! This choice goes beyond finding a house within your budget; it’s important to consider your lifestyle, convenient amenities, safety, and potential for future growth. Navigating the Australian property market doesn’t need to be difficult, so we’ve compiled a comprehensive guide on how to find a place where you can truly feel at home.

A pre-approval is an important first step for first home buyers. It helps provide you with confidence and a clear indication of how much you can borrow based on your financial situation. By understanding your borrowing capacity you’ll also position yourself as a serious buyer in the eyes of real estate agents and streamline the buying process once you’ve found a property you’d like to purchase. A pre-approval helps make the journey to owning your first home smoother and less stressful.

Buying your first home is an exciting milestone, but figuring out how much you can borrow can be daunting. Understanding your borrowing capacity involves several factors, including your income, expenses, and existing debts. There are also various factors lenders utilise to ensure you will be able to meet your repayments including: household expenditure measure (HEM) and assessment rates. There are many online calculators to assist you in determining your borrowing capacity, however, it’s important to note that these additional factors may not be applied, giving you an inaccurate representation.

Buying your first home is a significant milestone, but it’s important to remember that the purchase price is not the only cost. In addition to the property price, you’ll need to budget for several upfront costs that can quickly add up. Let’s take a detailed look at the most common upfront expenses involved in purchasing your first home in Australia.

Choosing the right loan for your financial situation can be a daunting task. While a mortgage broker will make personalised recommendations, it's important to understand the key features of different loan options and their respective pros and cons. We will walk you through various aspects to consider, including principal and interest vs interest only, fixed vs variable interest rates, offset accounts, and redraw facilities, to help you make an informed decision.

When buying a home, many potential homeowners face the challenge of saving for a deposit. In Australia, lenders typically require a 20% or a 5% (if utilising First Home Buyer Schemes) deposit to avoid paying Lender’s Mortgage Insurance (LMI). For some, this amount is hard to achieve, especially with rising property prices. A family guarantee is a financial tool that can help borrowers secure a home loan without a large deposit by having a family member, often a parent, act as a guarantor.