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First Home Buyer Coaching

Whilst the process can be challenging, and at times seem unachievable, the decision to buy your first home is one that will set you up for the future.  The important thing to remember is you don’t have to navigate the uncharted territory on your own.

Don’t let yourself be overwhelmed by the experience of buying your first home.  The process can be stress free and enjoyable if you tackle it in individual stages. From making the decision to purchase, saving for your deposit, choosing the right loan and finding & securing the perfect home.  Step by step you can achieve your dream of home ownership.  Our first home buyers guide provides you with some valuable information to guide you through the process.

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“Miss Mortgage has given us not only a loan but also held our hand through the stressful process of buying our first house. She answered all our queries, repetitive as they were, and shared her knowledge with us, saving us both time and money, and most of all, she helped us avoid huge mistakes.
We would highly recommend Hilary to anyone who is looking to buy, as we truly felt her genuine care and support. A very warm thank you from Mio & Etay!”
— Etay Pitkovski & Mio Shimomura
 
 
 

First Home Buyers Guide

 
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Help is out there!

Grants

You may be eligible for the First Home Owners Grant (FHOG), the REBA Grant or other incentives such as a stamp duty concession.

Guarantors

With the help of a guarantor, a loan can be secured without a deposit.

When you are desperately trying to save up a deposit for a home and just see the prices of property climbing and climbing, it is difficult to remain patient.  There is another way, a guarantor can help. 

If you don’t have a substantial deposit for a home loan, there are still a number of ways to obtain credit. These are known as family pledges and there are two types available to borrowers, service guarantees and security guarantees.

Service guarantees are less common than security guarantees.  These involve a family member guaranteeing all the repayments on a loan, as well as being named on the property title.  A drawback of this approach is that it usually means first home buyers are not entitled to any government grants. 

A more popular option is a security guarantee. Borrowers who have a limited deposit sometimes use this strategy.

In this situation, a relative or friend (usually a borrower’s parent or parents) is prepared to use the equity in his, or her, own home to guarantee the deposit of the borrower. For example, for a total loan amount of $600,000, in a security guarantor situation the borrower/s would take on the debt of 80% of the value of their loan, which would be $480,000, in their own name/s. 

The loan for the balance ($120,000) is guaranteed by the guarantor/s and borrower/s, limiting the guarantor’s liability while providing security for the lender. This means no lender’s mortgage insurance is payable, saving you thousands of dollars! 

This can be a very good way for first home buyers to enter the property market.  It works well when borrowers don’t have a substantial deposit, but their parents own their own home.  It’s a great option provided the parents are comfortable with their child’s ability to pay back the loan. 

To find a solution that will help you own your own home sooner, contact Miss Mortgage & Associates to discuss your options.

Interested in buying your first home?

Let’s chat!

 
 
 

What our first home buyers are saying

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“I recently purchased my first home. Although it was established, which didn’t entitle me to the FHB grant, what should usually be a fairly straight forward process inevitably became quite a challenge.

I have to say, I couldn’t have done it without Miss Mortgage! They went above and beyond to assist me in accessing the First Home Loan Deposit Scheme (FHLDS) which saved me a huge amount in Lenders Mortgage Insurance (LMI).

Hilary and Maria were both extremely professional and are absolute superstars at what they do. No question (of which there were many) ever went unanswered, even at times I expected the answer the next day!

You guys were absolutely amazing and I will always highly recommend you!”
— Simone Chappell
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“Hilary was so helpful and took me step by step through the process. As a first time buyer I was so nervous and she was able to explain everything in lay persons terms.
I was able to get a fabulous mortgage rate and will definitely be going back to her to refinance.
Thank you Hilary for your professionalism and for making it so easy. ”
— Frankie Murphy
 

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