FIRST HOME BUYERS
First home.
Plenty of questions.
You don't need to know the language of lending to start planning your first home.
Bring your questions. Sam can help you understand the finance process and what comes next.
Finance solutions providedthrough BMoney Group.
A next step to take.
YOUR FIRST KEYS
There's no question too early to ask.
You may be saving, browsing listings or getting ready to make a purchase. A conversation can help you organise the questions around your deposit, purchase budget and loan application without trying to solve everything at once.
Preparing to buy? Read the first home buyer guide for the Southern Highlands for deposits, buying costs, assistance and pre-approval.
Plan beyond the deposit
Your purchase budget also needs room for legal or conveyancing fees, property inspections, any applicable transfer duty (stamp duty), lender fees and other transaction costs. Keep some breathing room for moving and ongoing ownership costs too.
What Sam can help you work through
- Understand the stages of the lending process in plain language.
- Talk about your savings, commitments and purchase plans.
- Find out what information needs to be reviewed before loan options can be discussed.
YOUR QUESTIONS
Before we talk.
Is it too early if I'm still saving?
No. Tell Sam you're at the planning stage. The first conversation can focus on your questions and what to prepare.
Do I need a particular deposit amount before enquiring?
You don't need to meet a website deposit threshold to start a conversation. Your circumstances and relevant lender requirements would need to be assessed before any option is arranged.
How do deposit, LVR and mortgage insurance fit together?
Your deposit is the money you contribute towards the purchase. Loan-to-value ratio (LVR) is the loan amount as a percentage of the lender’s assessed property value. A smaller deposit usually means a higher LVR.
Lenders mortgage insurance (LMI) may be required with a smaller deposit. It protects the lender, not you, and can add to your costs. Requirements and exemptions vary. Sam can help you understand what needs checking for your situation. ASIC Moneysmart explains deposits, LVR and LMI.
What is the difference between first home buyer assistance schemes?
They help in different ways and each has its own conditions:
- NSW First Home Buyers Assistance Scheme: a transfer-duty exemption or concession for eligible purchases.
- NSW First Home Owner (New Homes) Grant: a grant for eligible new-home purchases or builds, not established homes.
- Australian Government 5% Deposit Scheme: a guarantee to a participating lender that may help eligible buyers purchase with a smaller deposit without LMI. It is not a cash grant or money paid towards your deposit.
Eligibility, property limits and ongoing conditions must be checked. You remain responsible for the loan and costs, and lender approval is still required. For property outside NSW, check that state or territory’s official assistance information.
What does pre-approval actually mean?
Pre-approval is conditional, not a promise of final finance. The lender still needs to assess the property and confirm its requirements are met. Discuss the conditions and any expiry date before relying on it when making a purchase decision.
What should I tell Sam when I first enquire?
Tell Sam where you are in the process and the best way to contact you. A short outline and your main question are enough. Save detailed financial information for the later conversation, and keep identification and financial documents out of this form.
LET’S TALK
Where are you up to with your first home?
Share your plans and the best way to reach you.
Sam can discuss your needs and explain the next steps. This is an enquiry, not a loan application.