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First Home Buyer Loans

If you are a first home buyer then it pays to work with an experienced team that can help you navigate the complexities of the mortgage industry and help you with personalised solutions specific to first home buyers needs.

This is where Reventon Finance can help. From pre-approval to settlement, we will work closely with you to ensure a smooth and successful transaction as you take the first steps towards home ownership.

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First Home Buyer Loans Explained

A first home buyer loan, like a standard home loan, is a type of mortgage loan that allows an individual/couple to access funds to purchase a home.

The key difference with a first home buyer loan is that these are typically designed for people who are “buying their first home”. They may have special features such as government assistance, e.g. the Victorian First Home Owner Grant, or stamp duty concessions.

In some instances, financial institutions will have more favorable product terms for first home buyers, such as lower interest rates. It is always a good idea to consult a mortgage broker to find the right loan for your individual needs.

There are many reasons a first home buyer would choose to use a mortgage broker including:

  • Expertise: Mortgage brokers are experts in the home loan industry and can help you navigate the complexities of the mortgage process and find the best loan option for your specific needs. At Reventon Finance, our mortgage brokers have a wealth of knowledge about the different types of loans available, as well as the qualifications and requirements for each. Along with access to a panel of over 30 lenders, we can definitely recommend a lender tailored to you.
  • Pre-approval: When you are working with a mortgage broker, they can help you get pre-approved for a loan before you actually start looking for a home. This can give you an idea of how much you can afford to spend and can make the home-buying process faster.
  • Time-saving: Reventon mortgage broker’s will take care of all the paperwork, documentation and negotiations with your chosen lender. We will handle all the legwork, so you don’t have to. Saving you time and headaches along the way.
  • Cost-effective: As mortgage brokers are usually paid by the lender and not by the borrower, their services are usually free of charge to the client(i.e. you).

 

Overall, using a mortgage broker can help you as a first-time home buyers save time, money, and stress in the home buying process. Contact the Reventon Finance team today.

Land transfer (stamp} duty refers to the tax levied by state/territory governments on certain purchases, including buying a home, land, or investment property.

Depending on your state or territory, you may be eligible for concessions as a first home buyer.

In Victoria, you can access the following tool for calculating payable stamp duty.

The process we use for first home buyer finance is altered on a case-by-case basis based on individual circumstances and requirements and current market and lending conditions. To generalize, our process works as follows:

  1. Make an enquiry - To start your first home buyer loan application with us, call us on 1300 039 376 or alternatively submit an enquiry form on our website and we will contact you. 
  2. Obligation Free chat - A friendly Reventon team member will have a brief chat to you about your current situation and financial goals. They will want to understand your current income situation, desired property purchase type and location as well as whether or not you’ve already started looking, amongst other things. After this, you will be assigned a mortgage broker.
  3. Appointment with Reventon Finance - As we do need to physically sight clients, your appointment with a finance specialist would either be via a video call or office appointment, dependant on your location. During this meeting, your experienced mortgage broker will have a more in-depth discussion about your first home buyer loan needs and will request documents such as identification, pay slips and bank statements. 
  4. Explore personalised lender and product options – Depending on your situation, you will likely be provided with a list of no less than 3 loans options, personalised to your needs. Your finance consultant will explain each option to you. You should carefully consider all available loan options, including interest rates, additional features, costs and aim to match your financial goals. You can then decide as to which product you would like to go ahead with that will best suit your goals and situation. 
  5. Application paperwork - Our team will thoroughly check all your documents and will send through application and compliance paperwork for signing. Depending on the lender, more paperwork may be required, which will be advised at this stage. 
  6. Submission to Lender - Loan application submitted to lender. It will generally take between 1 – 10 days to receive an outcome depending on the chosen lender. We will always keep you updated on this. 
  7. Conditional Approval - If you are issued a conditional approval this means that the lender requires more documents/information to support your application. 
  8. Unconditional Approval - This means your loan has been fully approved by the lender. It indicates that your application is not subject to any conditions by the lender 
  9. Mortgage documents issued - Your mortgage documents will be issued either electronically or paper copy dependant on lender and our finance team will double check everything before you sign the documents. If you need help with completion our friendly team will only be too happy to assist. 
  10. Prepare for loan settlement - We will organise conveyancing and legal paperwork as required for your loan settlement.
  11. Settlement - Depending on your property purchase type, we will organise progress as well as final payments for you first home. Congratulations you’re now a new homeowner.
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