Fundi Finance,
A leading First Home Mortgage Broker
We understand the process of buying your first home
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We Speak First Home: Forget jargon overload. We explain things in clear, simple terms, like explaining government schemes without the nonsense.
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Home Buyer Guides: Our handy guides walk you through each step, from budgeting to settlement, ensuring you don't miss a beat.
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Guarantor Specialist: Need a guarantor on board? We'll help you navigate the process smoothly, making everyone feel comfortable.
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Competitive Rates, Real Savings: We fight for the best deals, we know that home loans aren't cheap, so we do everything we can to get you the best possible deal.
We provide all of the tools and information to make sure your journey is as stress free as possible
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First Home Buyer Guide: Jump into our treasure trove of info, packed with tips and tricks to save you time and money.
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Personalized Support: We're not just faceless lenders. We get to know you, understand your needs, and answer your questions with a smile (even the silly ones!).
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Fast and Flexible: We work at your pace, keeping you informed and involved every step of the way. No waiting in line, just clear communication and quick action.
Ready to get started?
Fundi Finance isn't just another mortgage broker. We want to make the process of buying your first home as stress free and straightforward as possible. So if you've been wondering what a first home buyer mortgage looks like or just want someone to talk to in relation to buying your first home, contact us today for a free consultation with a specialist mortgage broker first home buyers.
Frequently asked questions
The amount of deposit you'll need for your mortgage depends on several factors, but as a general guide, aiming for a 20% deposit is ideal. This will unlock the best interest rates and avoid the cost of Lender's Mortgage Insurance (LMI). However, there are options available even with smaller deposits, so let's break it down:
Minimum deposit requirements:
Most lenders require a minimum deposit of 5% of the property purchase price.
With a deposit less than 20%, you'll likely need LMI, which protects the lender if you default on your loan. This adds extra cost to your mortgage.
Benefits of a larger deposit:
Lower interest rates: The bigger your deposit, the smaller the loan amount, and typically, the lower the interest rate you'll qualify for. This can save you thousands of dollars over the life of your loan.
Avoid LMI: With a 20% deposit or more, you generally avoid LMI, saving you money upfront and over the loan term.
Alternative options with smaller deposits:
First Home Guarantee Scheme (FHG): This government scheme allows eligible first home buyers to purchase a property with a deposit as low as 5% without LMI.
Guarantor loans: With a guarantor who uses their equity as security, you might qualify for a lower deposit and potentially avoid LMI.
Lenders Mortgage Insurance (LMI): While it adds cost, LMI can help you purchase a property with a deposit as low as 5%.
Short answer is No.
Although a pre approval can be a valuable tool for providing confidence that a lender has agreed to lend you the money you are after, it is not essential. If you are in a good position, spoken with a broker and they are confident you could get what you are after you could potentially look to purchase without one.
I would always recommend that you include a finance clause in your offer to protect you and to allow you enough time to gain finance approval.
No - they look at everyone as if its the first time they have met them.
This is something I see very often.
People who have been banking with a certain bank for years believe because of this they will get special treatment with that bank.
Unfortunately that is not how it works, almost all of the banks have separate loan departments which look at your situation as if they have never met you before.
They go through the whole application process and calculate your borrowing power based on your income, expenses and individual situation.
Like anything you do for the first time, buying your first home can be very daunting.
There is always going to be parts of the journey that are stressful and hard, but If you surround yourself with the right team, they can help take the stress out of the whole process and make it as easy as possible for you.
If you would like some help, a mortgage broker can be your most valuable tool to help you put a plan in place to buy your first home.
We've all heard the ramblings of "you need a 20% deposit to even start looking for a property" This is a common misconception.
There are so many different options available now to purchase your first home with a small deposit and in some cases even no deposit.
If you'd like to talk with a mortgage broker on if you'd be able to get a home loan please reach out
This home buying guide is a great place to start, If you have read through this it tells me that you are serious about getting into a place of your own.
For your next step, I would recommend booking in to talk with your local mortgage broker.
They will be able to tell you where your borrowing power is at the moment and run you through what options you have available to you.
We would love to help you put a plan in place - Contact us
While this option is not available to everyone, there is a way to purchase a property with no deposit saved.
If you have parents that own a property and have equity available (they could still have a home loan) and are willing to let you use that property as collateral to purchase your property.
You can then secure 20% of your new properties value + other fees and charges against your parents property while securing the other 80% against the new property that you are looking to purchase.
There are risks for all parties involved in this scenario.
If you would like more information if a guarantor loan would be suitable for you, please reach out to your local mortgage broker.