Taking the stress out of your first home loan

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May 22, 2011

Use these handy tips to take the legwork out of owning your first home

Get help
Look for a lender who can come to you if you’re too busy to get to a loan appointment during business hours. They can help you fast track your way through the application. Also, ask them if they are able to lodge your First Home Owner Grant application on your behalf.

Get tailored
Many lenders have loan packages specifically tailored for first timers, but make sure you ask what features and fees are included. Would you be better off with a loan package that entitles you to a discount over the life of your loan?

Use online calculators every step of the way

  • Saving your deposit: using online budget and personal finance calculators can help you get where you want to be faster. They can also give you a clear picture of how long it will take to save the money.


  • Where can I afford to buy: Can you afford an apartment in the city or a three-bedroom with a pool in the suburbs? These handy online tools will help you figure it out by calculating the median prices of suburbs against your borrowing power.



  • Borrowing power: Work out how much you can borrow factoring in all income, expenditure and your credit history. There are also home loan calculators that will work out what your repayments will be for any given loan amount.





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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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