Attention first home buyers! Looking for a first home buyer loan in Brisbane? When you’re thinking of buying your first home, it’s natural for you to find yourself a little overwhelmed with where to start. This is an exciting milestone – however, without the right advice from an experienced mortgage broker, it can also be a daunting process. This is where our experienced team of expert mortgage brokers can help!
First House Buyers Guide:
Advice for Buying Your First Home
When purchasing your first home, it’s crucial to minimise your debt. We advise against borrowing to fund a deposit unless you have a substantial income and ample monthly surplus to handle all repayments. This should also account for potential interest rate increases.
Typically, lenders require evidence of 5% genuine savings over a three-month period. This demonstrates your ability to save, contribute to the proposed home loan, and manage ongoing repayments from the settlement date.
There are additional expenses tied to the purchase, such as Lenders Mortgage Insurance (LMI). These costs can differ based on the lender. If you’re unable to cover the LMI expense upfront, inquire with your lender about the possibility of adding the LMI to your loan. Some lenders might consider your 12-month rental history as a testament to your loan repayment capability. A consistent rental record, free of arrears, can serve as an alternative to genuine savings.
To bypass the LMI premium, focus on enhancing your interest rate first. If you have family members, like parents, willing to let you leverage the equity in their property, it’s a bonus. Such family guarantees can be highly beneficial.
Every homebuyer’s situation is unique, and solutions should be customised accordingly. That’s where the mortgage brokers in North Brisbane Home Loans step in to assist.
Benefits of Using a Mortgage Broker for
First Home Buyers
As a first home buyer in Brisbane, it’s natural to consider approaching your local bank for a first-time home buyer’s loan. Many first-time buyers do this, especially when they’re unfamiliar with the role of a mortgage broker. However, partnering with a mortgage broker first home buyers and potential homeowners can trust, numerous advantages come to light. These can make your home-buying journey smoother and more cost-effective. Here’s why a first home mortgage broker can be an invaluable ally:
- 1. Be able to offer a great range of home loan products
- 2. Work for you, not the lenders
- 3. Help you smooth over any potential issues
- 4. Give you access to home loan comparison technology
- 5. Save you a great deal of time and money
- 6. Access to Expertise and Knowledge
- 7. Easy Access to a Wide Range of Lenders
- 8. Time-Saving Methodologies
- 9. Cost-Effective Strategies
- 10. Stress Reducing Assistance
- 11. Provides Long-Term Support
- 12. Gives You Personalised Service
- 13. No Hidden Costs
A bank is limited in the first time home buyer loans they can offer, because (understandably) they’re not going to show you what the competition has available. Going directly to a bank for a first home loan is like going to a car dealership that only offers one brand of car – you’ll probably find something you like, but you won’t necessarily be getting the best car to suit your needs and budget. In contrast, a mortgage broker Brisbane has access to a wide range of lenders and can help you to determine which home loan product is going to work the best for you.
A mortgage broker acts as an impartial agent committed to finding the best possible outcome for you. Brokers aren’t constrained by co-dependent relationships with lenders, so you can feel reassured that they are always acting in your best interests. This means that they won’t just show you the lowest interest rate or the best short-lived “honeymoon” incentives – they’ll review all the terms and conditions and then help you to choose a first home buyer mortgage that will be beneficial for you, both now and in the future.
Did you know that different lenders will view the same application in very different ways? For example, one lender may be put off by the fact that you’re self-employed, whereas another would see that all your financial records are in order and happily accept your application. An experienced mortgage broker will know which lenders are most likely to accept your application, will help you anticipate potential hiccups, and then advise you on the best way to deal with them.
There are literally hundreds of home loan products currently available to Brisbane first home buyers, from scores of different lenders. Trawling through all available mortgages without the use of technology is a formidable task for anyone – never mind a first home buyer who’s new to the world of lending! Working with a savvy mortgage broker will give you access to the latest home loan comparison software. This technology has been designed to match potential borrowers with a shortlist of the most suitable home loan products offering the most competitive rates and best range of features.
Without a mortgage broker, comparing home loans can be a confusing and time-consuming process. You’ll fill out reams of paperwork, could spend hours on hold with lenders and at the end of it all, you may not even have your first time home owners loan application approved. A mortgage broker saves you time by doing a thorough comparison on your behalf, finding the answers to all your questions, and then submitting the necessary paperwork. And a mortgage broker will save you money by finding the loan that best suits your circumstances and then negotiating with the lender to ensure you receive the lowest possible rate. A mortgage broker will also confirm that all fees are disclosed upfront, so you won’t have to worry about unexpected costs cropping up in the future.
Mortgage brokers possess a comprehensive understanding of the housing market, loan structures, and the latest industry trends. Their expertise ensures that you're not just getting a loan, but the right loan. They stay updated with changing regulations, lending criteria, and market conditions, ensuring you're always getting advice based on the most current information.
Banks typically promote their own set of products. In contrast, mortgage brokers have connections with multiple lenders, from major banks to smaller credit unions. This extensive network means you're presented with a diverse range of loan options, ensuring a first home buyer mortgage that's right for your specific circumstances.
The process of loan hunting can be daunting. From researching various lenders to understanding the nuances of each loan product, it's a time-intensive task. Mortgage brokers streamline this process. They quickly compare rates, terms, and conditions from a multitude of lenders, presenting you with the best options and saving you countless hours.
Mortgage brokers leverage their industry relationships and negotiation prowess to secure favourable interest rates and terms. This expertise often translates to better deals than if you approached lenders directly. Over the lifespan of a loan, even a slightly lower interest rate can result in significant savings.
Navigating the maze of home loans, especially as a first-time buyer, can be stressful. Mortgage brokers act as your personal guide, simplifying complex terms, ensuring all documentation is correctly filed, and preemptively addressing potential hurdles. Their support transforms a potentially overwhelming process into a manageable one.
The relationship with a mortgage broker doesn't end once you secure a loan. They offer continuous support, keeping you informed about potential refinancing opportunities, market shifts, or any other changes that might benefit you. Their ongoing advice ensures you remain in a favorable position throughout your loan's duration.
Every home buyer's financial situation and goals are unique. Mortgage brokers invest time in understanding your specific needs, aspirations, and concerns. This personalized approach ensures the loan products they recommend align seamlessly with your long-term financial strategy.
Transparency is a cornerstone of a mortgage broker's service. They're typically compensated via commissions from lenders, not from the borrowers. This setup means you receive expert guidance without worrying about unexpected fees or charges.
First Home Loan Grants in Queensland: A Comprehensive Guide
Purchasing your first home is a significant milestone, and for many, it can be a daunting task, especially when considering the financial implications. However, first-time home buyers in Australia, particularly in Queensland, have a distinct advantage when it comes to getting help in buying a first home. The government has initiated several programs aimed at assisting and encouraging new homeowners.
Purchasing your first home is a significant milestone, and for many, it can be a daunting task, especially when considering the financial implications. However, first-time home buyers in Australia, particularly in Queensland, have a distinct advantage when it comes to getting help in buying a first home. The government has initiated several programs aimed at assisting and encouraging new homeowners.
Why Consider First Home Loan Grants?
The primary objective of these grants is to alleviate some of the financial burdens associated with buying a home. They can significantly reduce upfront costs, making the dream of owning a home more attainable for many Australians. Moreover, these grants are designed to stimulate the housing market and support the construction industry, leading to broader economic benefits.
Who Can Benefit?
If you’re a resident of Queensland and are considering buying your first home, a first home buyers grant might be especially relevant to you. These cater to a range of individuals, from those looking to buy an existing home to those hoping to build a new one.
Available Grants in Queensland:
While there are several grants available Australia-wide, Queensland has its specific set tailored to the needs and challenges of its residents. If you’re embarking on the journey of homeownership in this region, it’s worth exploring the following grants and incentives that could provide substantial financial relief:
- First Home Guarantee (FHBG)
- Regional First Home Buyer Guarantee (RFHBG)
- Family Home Guarantee (FHG)
- First Home Owners' Grant (FHOG)
- First Home Concession
- First Home Owner Super Saver scheme
The First Home Guarantee (FHBG) is one of three types of guarantees under the federal Australian government’s Home Guarantee Scheme (HGS) that is designed to support first home buyers to purchase a home sooner. The FHBG allows first home buyers to buy with a home deposit as little as 5%. For FY2023-24, 35,000 places are available to apply for through the Australian Government. To be eligible for the FHBG, you must be an Australian citizen who is a first home buyer or a previous homeowner who has not owned property in Australia in the past 10 years. This guarantee applies to individual and joint applicants and can be used to purchase a property anywhere in Australia.
The Regional First Home Buyer Guarantee (RFHBG) applies to first home buyers in regional areas in Australia. It is one type of three guarantees under the federal government’s Home Guarantee Scheme (HGS). The RFHBG supports first home buyers in regional areas allowing a deposit as little as 5% of the purchase price. For FY2023-24, 10,000 places are available. To be eligible for the RFHBG, you must be an Australian citizen who is a first home buyer or a previous homeowner who has not owned property in Australia in the past 10 years. This guarantee applies to individual and joint applicants who have lived in a regional area (or adjacent regional area) they are purchasing in for the previous 12-month period before obtaining the home loan.
The Family Home Guarantee (FHG) specifically supports eligible single parents and single legal guardians (at least one dependent) to purchase a home sooner. This guarantee allows a home buyer to purchase a property with as little as 2% deposit and is one of three guarantees under the Australian Government’s Home Guarantee Scheme (HGS). For FY2023-24, 5,000 places are available. The FHG eligibility includes both first home and previous homeowners and can be used to purchase a home anywhere in Australia.
The First Home Owners’ Grant (FHOG) is a Queensland Government initiative and allows first home buyers to receive $15,000 towards buying or building a new house, unit or townhouse as a residence. The purchased property must be valued at less than $750,000. This grant can be applied for within the first year of taking possession of the new home if it is a new home, or within 1 year of your new home being completed if you are building it. There are stipulations that all owners of the home must be included on the application as an applicant and the grant will be paid per new home, not for each applicant.
In Queensland, first home buyers are eligible for a first home concession on transfer duty. To be eligible for the first home concession, home buyers must be purchasing their first home, be at least 18 years of age and must move into the property within one year of purchase settlement.
The first home concession is calculated depending on the value of the home. If the home is valued at $500,000 or less, there is no duty payable. Some duty is payable for homes valued between $500,001 and $534,999.99 (this value range includes a home concession and a first home concession). For properties valued more than $550,000, the first home concession no longer applies, however, first home buyers will still be eligible for the home concession.
The Queensland Government has two resources available to understand the concession rates that will apply on different home purchase values. You can use transfer duty estimator or rates for home concessions to calculate how much duty would be payable as a first home buyer.
The First Home Owner Super Saver scheme is an Australian Government scheme allowing first home buyers to use eligible voluntary super contributions to save money towards buying a first home sooner. Eligible home-buyers can make both before-tax concessional and after-tax non-concessional voluntary contributions to their super fund to have these available for release (up to a limit) for the purchase of a home. In any one financial year, first home buyers can apply to have a maximum of $15,000 of voluntary contributions released under this scheme. Additionally, these funds can be used to purchase a new or existing home in Australia.
Brisbane’s Guide to Home Loans for First-Time Buyers
If you’re a first-time home buyer in Brisbane, you likely have numerous questions. To assist you, we’ve crafted the “First Home Buyer Guide.” This complimentary PDF serves as an in-depth resource for first-time buyers, addressing many frequently asked questions. The guide offers a thorough walkthrough of the entire home-buying journey, from setting your budget to the final property settlement and moving into your new residence.
To access the “First Home Buyers Guide” for Brisbane and gain insights into home loans for first-time buyers, simply click the provided link below.
At North Brisbane Home Loans, we recognise the significance of purchasing your first home. It’s a monumental decision, and we’re committed to guiding you every step of the way. With over a century of collective experience, our team has successfully assisted countless clients in acquiring their first Brisbane homes.
We’re here to offer the advice and support you need to make an informed choice and, ultimately, unlock the door to your inaugural home. Reach out to our dedicated and expert team of first home mortgage brokers in Brisbane, Queensland, for top-tier guidance on mortgages tailored for first-time buyers.
Our First Home Buyers Videos
Grants and how they impact you buying a home
Gifts from Mum & Dad
What is Lender Mortgage Insurance
How much do I need for a deposit?
How does a guarantor work?
Top 8 Tips for First Home Buyers in Brisbane
Embarking on the journey to buy your first home in Brisbane? Securing the best mortgage is crucial. Here are seven essential tips to guide you through this significant milestone:
01
Improve Your Credit Rating
Before diving into the home-buying process, assess your current credit rating. A favorable credit score can significantly influence your mortgage terms. If you’re unsure about your credit status or how to enhance it, consider consulting a financial expert
02
Determine Your Budget
Understanding your financial limits is paramount. First-time home buyers should have a clear grasp of how much they can afford to borrow. This clarity will streamline your property search and prevent potential financial strains down the line.
03
Showcase Job Stability
Lenders often seek assurance that borrowers have a stable income source. If feasible, aim to be in your current job for at least six months before applying for a home loan. This tenure reflects positively on your loan application, signaling reliability to potential lenders.
04
Manage Your Emotions
The emotional rollercoaster of buying your first home is real. While it’s a mix of excitement, anxiety, and anticipation, it’s vital to remain objective. Making decisions based on emotions can lead to regrets, so approach each step with a clear mind.
05
Secure Pre-Approval
While not mandatory in Queensland, pre-approval is a strategic move for first home buyers. It provides a clear picture of what lenders are willing to offer, giving you an edge in the competitive property market.
06
Conduct Preliminary Property Research
While you don’t need to be a real estate guru, a basic understanding of the property landscape is beneficial. Familiarise yourself with market trends, property values, and potential growth areas to ensure you make informed decisions.
07
Partner with a Skilled First Home Mortgage Broker
The home-buying process can seem overwhelming, but with the right guidance, it becomes manageable. The seasoned mortgage brokers at North Brisbane Home Loans are equipped to navigate the intricacies of the market, ensuring you secure the best deal for your dream home.
08
Understand Additional Costs
Beyond the price of the property, there are several additional costs that first-time home buyers often overlook. These can include stamp duty, inspection fees, conveyancing charges, and more. It’s essential to factor in these expenses to avoid any unexpected financial surprises.
NBHL: Best mortgage brokers for first time buyers
How much money can you loan? How much of a deposit do you need? Are you eligible for the first home owners grant? Which lenders have the best rates? At North Brisbane Home Loans, we’ve got the answers for first time home buyer loan. Contact North Brisbane Home Loans expert team of first home mortgage brokers in Brisbane and get the best advice on first home buyer loans today!
Why Choose North Brisbane Home Loans?
5 Star Customer Rating
We put you first and genuinely want to help you achieve your property ownership dreams.
Being a top rated first home buyers mortgage broker in Brisbane we delivered the best home loan for first home buyers. We have hundreds of happy customers, find out what they’ve said about working with North Brisbane Home Loans here.
Experienced Mortgage Brokers
With more than 90 years’ combined experience in the industry, our first home buyer mortgage broker can confidently offer you the best advice when it comes to finding the best value loan for you.
We are a team of experienced mortgage brokers in Brisbane that helps to get the best home loan for first home buyers.
We Work For You – Not The Banks
We don’t charge any fees for our first home owner loan services, our commission comes from the lender.
As a personal first home buyers mortgage broker in Brisbane, we’re by your side every step of the way to ensure you select the best first time home buyer loan product for your individual circumstances.
Exclusive Partner Network
Not only do we provide you with the best advice on first home owners loan needs, but we also introduce clients to our network of trusted partners offering discounted rates.
Save time and money searching for reliable building and pest, real estate agents, solicitors and more.
5.0 STAR REVIEWS
Reviews from First Home Buyers Brisbane, QLD
Easy and stress free . My wife and I have used Patrick a number of times and this time was no different to other experiences with him. He was always on hand to answer any questions and put our minds at ease. Patrick’s technology based approach made getting all our documents from our existing bank accounts into a format required for reviewing was brilliant to use. Anyone considering a new loan I would highly recommend Patrick Cranshaw and his services.
Wonderful experience with Pat, Fiona and the team at NBHL. As a first home buyer, they made it simple for me to understand and were very responsive to my questions and concerns. Thank you!
Pat and his team were a pleasure to work with while we were looking for our first home. I want to pay special thanks to Jake, who truly went above and beyond for us and was always happy to answer our questions (which there were many of)
The team at NBHL have been amazing throughout our whole time with them. As first home buyers they’ve made the process a lot more easier & stress free. Huge thanks to Pat & Fiona!
Thank you Patrick, Di and team. We really appreciate all the help and information you provided us with our first home loan. NBHL made the process simple and easy to go through. You and your team were very quick to answer any queries we had and easy to get in touch with. We will definitely be using the NBHL team again in the future.I recently had the pleasure of working with Patrick again after 3 years for our refinance, and I couldn’t be happier with the experience. Patrick, Jake and the whole team were extremely knowledgeable, professional, and patient as we navigated the whole process. They took the time to understand our needs and preferences, and found us the best suited option. The use of their portals to upload information and documents is a game changer! I would also like to mention the articles in the monthly newsletters are quite in depth and have been incredibly insightful. I have highly recommend Patrick and NBHL to friends, family and colleagues. See you next time! Cheers!
Fantastic support and experience! . My partner and I loved our experience with the Brokers, they were always knowledgeable, supportive and friendly in all communications. We were a little sad to stop our regular catch ups once we had our new home!
I can not recommend Pat and his team enough!They went above and beyond to help us get our loan at the best deal and worked around the clock for usCannot thank then enough!
Pat and the NBHL team are so helpful and easy to deal with. I used them for my first home purchase a few year ago, and recently for a refinance. Both times they were responsive and proactive, and able to answer all our questions in easy to understand terms. I won't hesitate to use them again next time
Pat and his team were fantastic to deal with for the purchase of our first home. Not only were we guided to a great rate, the hassle and stress was minimised greatly! Thanks NBHL, we’re super excited to be in our first home with your assistance.
The best mortgage broker I have dealt with. My application was not straight forward due my partner is on a different visa. I did try few other brokers before I reached out to NBHL, none of them had a correct approach or answers for my situation. But Patrick and team have experience dealing with similar situation to mine, he took time explaining every single possibility and how to approach them.Any issues you come across, they will know how to handle it.Would definitely recommend to friends and family.
I can highly recommend Pat Cranshaw and his team for prompt, honest and professional advice. I very much appreciated Pat's knowledgeable advice on refinancing my home loan . Thank you and best wishes to Pat and his team.
Pat, Jake & their team are absolutely great at securing the best rate. I have been using them for many years now, and always consult them for refinancing every 1-2 years to check what is the best rate available to me. They are able to negotiate much better rates with the banks than if you go to the banks directly.
Without pre-approval, Pat and Jake allowed us to buy ourselves the house we wanted. They managed to get us financial approval with a lender perfect for us in only 6 days.We are very happy with our experience and would recommend others to use NBHL when looking for a fast and easy borrowing experience.
Highly Professional and helpful. I would highly recommend Pat and his team!! Our situation was slightly complex, however they guided us through the process and were able to achieve a successful outcome.Their professionalism and communication with us were of the highest order. I would highly recommend Pat to anyone looking for a homeloan!!
Seamless from start to finish! Pat and his team were amazing. The whole process was so easy and painless. The application process was seamless from the upload of supporting docs right through to the actual signing of loan application and mortgage docs. Pat and his team were there to support us every step of the way with regular contact and simple explanations. I can’t thank them enough.
I can’t thank the team at North Brisbane Home Loans enough for getting my home loan unconditionally approved today after an unexpected last-minute hiccup. From the very first call I had with Pat, talking me through the process and various options, to liaising with Di and Jake through the pre-approval process and then having Fiona on speed dial over the past week or so, answering all my calls and diligently working to get full approval while up against the clock - everything was done promptly and efficiently, with all communications clearly setting out what was required at every stage to make the whole process seem less daunting. Nothing was too much trouble for this friendly, helpful, calm-under-fire, amazing team. Woohoo! Thank you, thank you, thank you! Team work really does make the dream work and NBHL are the dream team. Thanks again!
This is the second time we have used Pat and the team; this most recent venture was exceptionally complicated, daunting and stressful. However Pat and Jake almost made it simple. They responded to my 1000 panicked emails with patience and clarity, never sugar coating anything. All the legalities were made transparent and easy to understand. We are so happy to say as from today, this amazing team of professionals played a very big part in bringing a very traumatic previous 18 months for our family to an end, with our new home purchase becoming unconditional literally hours ago. We can't thank them enough, it's been a long journey, but we made it thanks to them. If there was an option to pop down 10 stars, we wouldn't hesitate. Thanks, NBHL
Very helpful. Patrick was very professional and easy to deal with, and I felt that I could ask all the silly questions during the home loan refinancing process and get real answers and still be taken seriously. He took his time to explain my different options thoroughly, and made the process as smooth as possible once a decision had been made.
10/10 recommend. Pat recently helped my husband and I remortgage our home and the whole process was simple and effortless. I always felt like Pat and his team were working hard for us and we were looped in through the whole process. Would absolutely recommend 🙂
Exceptional Broker and Team - Honest, Prompt and Realistic. Highly recommend Patrick and the Team he works with. Our trusted broker that we go to repeatedly for mortgaging and refinancing. Always honest and seeks products that fit primary needs, plus offers valuable and realistic advice. The only broker we refer our friends and family to! Always in touch with us on time, made refinancing easy, friendly and upfront - every member of the Pat's team answered all our questions and laid out the steps ahead well in advance of settlement. Refinancing couldn't have gone any smoother! Only praise to share. We will continue to use Pat indefinitely.
Excellent customer service, advice and attention to detail.Have now used NBHL for re-financing our home loan and to purchase our investment property. Can highly recommend.
Luke and the team at NBHL were a pleasure to deal with throughout the entire process of buying our first home. Luke was always contactable and made the effort to answer all our queries promptly and simplify the entire journey. As first home buyers we couldn't imagine buying without the help of such a knowledgeable team that has put a great emphasis on customer care.
I am writing to express our sincerest gratitude for the exceptional assistance you provided us in navigating the complex process of securing a home loan. Your professionalism, clear communication, unwavering transparency, and adept use of technology truly set you apart.You consistently ensured that we understood each step of the home loan process. Your ability to explain complex financial terms in a simplified manner made us feel confident and empowered in making informed decisions.Moreover, your expertise in utilising technology to streamline the loan application process was truly remarkable. From secure online document submission to virtual meetings, you effortlessly incorporated modern tools into our interactions. This not only saved time but also demonstrated your commitment to staying at the forefront of industry trends, ensuring a smooth and efficient experience.Once again, thank you for everything you have done. I wish you continued success in your endeavours, and may your expertise positively impact many more individuals like myself.Well done Team North Brisbane Home Loans!!
6 years ago we used NBHL service to buy our house/land package as a first time owner in Australia. Pat, Di and the team have been really professional. Everything went so smoothly. A month ago, we contacted NBHL to discuss any possibility to buy an investment property. Luke has been awesome, and went through all the options in details. Here, again the communication was great and everything went smoothly. Highly recommended.
Hassle-free re-finance. Pat and the team from North Brisbane Home Loans made our complicated re-finance very easy. The team go out of their way to ensure a smooth loan application/transfer process. Second time with this great experience from the NBHL team, highly recommended.
Friendly, professional service for expat loan refinancing. Pat, Di and team were incredibly helpful, patient, and flexible while finding an Aussie non-resident refinancing solution for me. These days that is no easy task!They kept me informed at every stage of the process from the solution hunting, to the decision making and throughout the closing process.Their services were invaluable and I couldn’t recommend them highly enough.
I contacted Pat at North Brisbane Home Loans based on their reviews. From the minute I spoke with Pat I felt at ease with his knowledge, experience, friendliness and felt straight away that he had our best interests at heart.Pat, Di and the team at North Brisbane Home Loans are so lovely and took away a lot of the stress of the whole process by communicating regularly and by explaining in detail all answers to any questions we had. They guided us through every step of the way and now thanks to the team we are in our dream home.Thank you all so much, we are over the moon!10/10 recommend!
Pat, Di, and the team at North Brisbane Home Loans are fantastic. They supported us every step of the way in our home loan application/home buying journey, and we couldn't be happier with the service recieved. They made the process so easy for us and we will definitely use their services again. We highly recommend!
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Pat was amazing in taking us through a step by step guide on how to purchase our first home!They were extremely responsive throughout the entire process with consistent and reliable communication.Would recommend to anyone looking to get into the market with a knowledgeable Broker!Thankyou.
The most amazing service from Pat & Di at NBHL. Their expertise and patience throughout the entire process made it feel easy to buy our first home. Their guidance and support was immeasurable and we couldn’t have done it without them!Thanks to the team at NBHL for everything.
Fantastic mortgage Broker!We used Pat and his team when we originally bought our first home back in 2017, and they were so fabulous that we went back to them this year (2022) to re-mortgage and change up our home loan. They do a wonderful job - great communication and dedication to get you the best rates possible. They also fix any mistakes the bank makes for you, quickly and efficiently. Can't rate them high enough, we will definitely be going back to them in the future.
Knowledgeable, Professional and CalmBack in 2021 a colleague referred me to Patrick, we weren’t ready to buy yet but wanted to meet Pat as he had helped my colleague with his family home, plus 2 additional investment properties. My colleague was so impressed by the services offered by Pat that I had to meet him for myself! He didn’t disappointment, we decided after our first meeting on a plan and locked in to touch base again in a years time!1 year later, everything was in place and Pat helped us put everything in place and we are now proudly living in our new family home!Many healthily conversations were had, and Pat is really knowledgeable but we also appreciate his cool and calm manner.We will not hesitate to refer him and North Shore Home Loans to friends and family. We will also definitely be reaching out again when we expand our investment portfolio in the future.
We had a great experience with North Brisbane Home Loans. Our broker was Luke and he was excellent in listening to what we needed and providing us with loan options that would work for our situation. We liked the videos they provided explaining the product options and recommendations. Being able to watch the videos in our own time was helpful. Fiona was amazing in collating all our information and documents and working with the bank once we did find a house. The communication and customer service was superb. I would recommend NBHL.
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Luke was brilliant in taking us through a step by step guide on how to achieve our goals, provided us with useful resources, and was very willing to answer all questions we had as first home buyers. We had a tight settlement timeline and the team (Luke and Fiona in particular) made it appear effortless. They were extremely responsive throughout the entire process with consistent and reliable communication. We could not recommend NBHL highly enough!
My husband and I are grateful to Luke, Fiona and the team at North Brisbane Home Loans they are absolutely brilliant to deal with.We had a very pleasant experience with Luke he took the time to investigate several different scenarios to get us the best possible product and solution. Luke and Fiona were very responsive to our queries even calling after hours when necessary. While we were first time home buyers they reassured us every step of the way, confident in their advice and decision. Their patience and willingness to walk us step by step each process over the phone was greatly appreciated.Overall a very efficient and professional organisation you won’t be disappointed.
I had an absolutely amazing experience with North Brisbane Home Loans. I was able to buy my first home with the advice, help and professional guidance of Pat and his team. I was very well looked after from the minute I reached out. Everything was handled in a very friendly, professional and timely manner. Whenever I was worried, unsure or needed assurance I was replied to promptly with everything I needed to know. The team were even willing to drive to my workplace to ensure all of my documentation could be signed and submitted promptly. I cannot recommend them enough!
Frequently Asked Questions By First Time Home Buyers
How Much Does A First Home Mortgage Broker Cost?
We don’t charge a fee for our services, instead we are paid a commission by the lender once your loan is complete, which means we’ll work hard to recommend the best home loan for you.
How Much Of A Deposit Do I Need To Buy My First Home?
How much of a deposit you need to buy your first home will depend on the value of the property you are buying, and the amount you are borrowing.
For a new property, you may need a minimum deposit of between 5% – 6% of the property purchase price (as some of the extra costs may be covered by the First Home Buyers Grant). For an existing property, you may need a minimum deposit of around 5% – 10%. Keep in mind that you will also need to set aside money for other costs including a conveyancer, and potentially a building and pest inspection.
Contact our team today and we can provide an estimate for the deposit amount you’ll need to have saved for your first home.
What should I know about 5% deposit home loans?
While many lenders prefer a deposit of at least 20% of the purchase price, this isn’t a hard and fast rule. Some mortgage lenders in Brisbane will happily offer 5% deposit home loans to first home buyers with a good credit rating. Because this kind of loan comes at greater risk for the lender, they may require you to take out Lender’s Mortgage Insurance (LMI). However, under the government First Home Loan Deposit Scheme, eligible first home buyers can obtain home loans with just a 5% deposit without having to take out LMI. This is because the National Housing Finance and Investment Corporation (NHFIC) will act as a guarantee on the remaining 15% of the deposit. To find out more about eligibility and what 5% home loans are available to first home buyers, contact our experienced team of Brisbane mortgage brokers on 07 3889 9719.
Which home loan lenders in Brisbane have the best rates?
At North Brisbane Home Loans, we understand that obtaining the best interest rate is only the first half of the equation. Because the best rate overall won’t always equal the best home loan product to suit your specific needs. This is why we are committed to working with individual borrowers to gain a thorough understanding of each client’s unique circumstances, current financial situation and even long-term economic goals. This hands-on approach, combined with our extensive database of home loan lenders and products, ensures that we will be able to help you find the best first home buyer loan product to suit you and your family.
What is a conveyancer, and will I need one?
Purchasing a property involves a lot of complicated legal obligations and official paperwork in order for ownership to be lawfully transferred from the seller to the buyer. These tasks are usually handled by a professional conveyancer. In Queensland, a buyer is not obligated to use a conveyancer, but they are strongly encouraged to do so because of the high risk of litigation if something isn’t handled correctly. An experienced conveyancer will be able to assist you with testing contract guarantees, making sure you satisfy lender conditions, paying any necessary transfer duty, preparing the Notice of Sale, arranging the actual transfer of the property title and handling the financial settlement. North Brisbane Home Loans can recommend several trusted conveyancers who we have established working relationships with over the years as part of our exclusive partner network.
Can I use a guarantor as a first home buyer?
Guarantors can be a great option for first home buyers who have a deposit of less than 20% of the purchase price and who aren’t eligible for the First Home Loan Deposit Scheme. Often a close relative who already owns their own home, a guarantor is someone who offers the equity in their property as security for your loan. This means that you can borrow up to 95% of the purchase price and you won’t have to pay Lenders Mortgage Insurance (LMI).
Is it better to buy a cheap house first?
There isn’t really a definitive answer, as it depends on a few factors. Being eligible for some government initiatives for first home buyers can greatly help with your ability to buy a home and impact your decision on how much you can afford or what type of house you want to purchase.
Generally speaking, buying a cheap house first is a good strategy for first-time home buyers in Australia. This allows you to get into the property market sooner and start building equity, rather than waiting until you can afford to buy a more expensive home. It also gives you some breathing room if something goes wrong with your home purchase, since you won’t have lost as much money.
Should I buy a house if I'm single?
Again, there’s no one-size-fits-all answer to this question as it depends on your personal financial situation. You may be eligible for government grants and stamp duty concessions, which can make buying a house without a partner more affordable.
Buying a property can be a good investment in the long run, but it’s important to consider all the associated costs as well as the changes in your lifestyle that you might undergo. You may buy a house fit for single person, but your status and needs could change down the line. It might be worth speaking to a financial adviser or real estate agent.
Who to talk to about buying a house for a single person?
If you’re thinking of purchasing a house for single person, you’ve come to the right place! Book an appointment with our Brisbane mortgage brokers and they will be happy to help.
How Much Can I Borrow As A First Time Home Buyer?
To find out how much you may be able to borrow for your first home, use our free home loan borrowing calculator or contact us today on 07 3889 9719
Am I Eligible For The First Home Owners Grant?
If you have decided to purchase or build a new property for your first home (off the plan, or never before lived in), you may be eligible for a $15,000 building grant.
You can check your eligibility for the Queensland First Home Owners’ Grant here. You may also be eligible for a transfer duty or stamp duty first home concession.
Are there any other Government Grants available for first home buyers in Brisbane?
There is currently a range of fantastic government grants and assistance schemes that are designed to help first home buyers purchase a property sooner. These include the First Home Loan Deposit Scheme, the $15,000 HomeBuilder Grant, the First Home Concession (which can potentially save you up to $8,400 on transfer duty fees) and the Queensland First Home Owner’s $15,000 cash grant (for those who are buying or building a brand-new home). Each of these government concessions come with their own range of eligibility criteria, so check the official government websites for the latest information or talk to one of our brokers for a detailed explanation.
Should I buy a new or existing house?
The answer to this question will often largely come down to your personal preferences and budget. But there are various pros and cons to buying a new house or an existing house, so it’s important to research your chosen option thoroughly. For example, buying a brand-new house could enable you to cash in on the First Home Owner’s Grant, while also providing you with a more modern home that comes with a warranty. But new housing estates are often situated further from the city centre, so a commute to the CBD may be longer than what you’re used to. First home buyers who purchase existing homes may find they are more affordable and more plentiful in a wider range of suburbs. Existing homes also offer great opportunities for future renovations, but to avoid unpleasant surprises (such as termites or mould) it’s a good idea to make sure relevant inspections are carried out prior to purchase.
What do I need to know about pre-purchase inspections?
Organising a pre-inspection may seem like just another expense, but it has the potential to save you thousands of dollars in the long run. Building and pest inspections are carried out by a trained and impartial inspector before a sale is finalised. They’ll complete a thorough examination of the entire property, checking all the nooks and crannies that you probably haven’t looked out (such as the roof space or under the sub-floor). The inspector will check for structural issues, termites or signs of water penetrations – all issues that can cause considerable damage to a home and cost tens of thousands of dollars to fix. A pre-purchase inspection will not only give you peace of mind that the property you’re buying has no major defects, but it can also be a useful bargaining tool during negotiations.
How do I know which home loan is right for me?
When it comes to a home loan for first home buyers, there is no “one size fits all” product. The best mortgage for you won’t necessarily be the best home loan for your neighbour or colleague. To find the best home loan for you, we first need to understand things like your borrower status, your credit history, your employment type and your current deposit. Only after we’ve taken the necessary time to talk things through will we start making recommendations about loan products. So, you can be reassured that when a North Brisbane Home Loans broker presents you with a shortlist of home loans, they’re offering the absolute best home loans tailored to suit you personally.
Are there specific auction rules in Brisbane?
Queensland does have some state-specific auction rules that you’ll need to know about before bidding at a Brisbane property auction. For example, properties sold at auction won’t have a cooling-off period, so you may wish to gain home loan pre-approval before making a bid.
How much you can borrow?
Some home loans Brisbane lenders will have limits on the maximum amount you can borrow, so keep this in mind when applying for a mortgage. While median house prices in Brisbane’s most sought-after suburbs are in the range of $1.5 million, some lenders offer a maximum borrowing limit of just $1 million.
What features should your ideal Brisbane home loan include?
Choosing the best home loan for first home buyers involves more than just looking for the lowest interest rate. Depending on your circumstances and future financial goals you may benefit from a mortgage that includes an offset account or the ability to make additional repayments.
To get the right first time home buyer loans to suit your needs, it’s best to talk to an experienced finance broker about which mortgage option is right for you.