First Home Buyer

It's Time to Turn Your First Home Dreams into Reality

Buying your first home is one of the proudest and most exciting milestones in anyone’s life. But it can also be one of the most daunting and stressful experiences you’ll face. It is likely to be one of the biggest financial decisions you will ever make, so it truly pays to have someone by your side throughout the buying journey, ensuring you understand every aspect of the process.

 

At PM Brokerage, our priority is making certain you receive the support you need. We will guide you through the entire journey, from your initial property search right through to completion. We work for you, not the lender, and will ensure you find the right mortgage for your circumstances at the most competitive rate available.

As leading mortgage experts, we are here to guide you through the process, making it far less overwhelming and ensuring you feel confident and well-informed every step of the way.

What Are the Steps to Buying Your First Property?

  1. Speak to a PM Brokerage adviser who can assist you in securing a mortgage agreement in principle
  2. Search for your property (or appoint a buyer’s agent to search on your behalf)
  3. Ask your conveyancer or solicitor to review the contract of sale
  4. Put forward an offer
  5. Obtain a formal mortgage approval
  6. Commission building and survey reports (and, where applicable, a leasehold report)
  7. Sign the contract of sale (also known as ‘exchanging contracts’)
  8. Pay the deposit
  9. Arrange buildings insurance, to commence on the day of completion
  10. Pay Stamp Duty Land Tax (if applicable)
  11. Complete on the property

How Much Deposit Do You Actually Need?

Traditionally, a deposit of 20% of the property purchase price is required, however this can vary depending on the type of mortgage, your strategy and the lender you choose. As a general rule, you will need to pay Lender’s Mortgage Insurance (LMI) if your deposit falls below 20%.

That said, there are some exceptions worth being aware of:

  • With a Guarantor mortgage, you may be able to put down a deposit of less than 20% and avoid paying LMI altogether
  • Certain lenders allow borrowers from particular professional backgrounds (such as medical professionals) to put down as little as a 10% deposit whilst still avoiding LMI
  • Federal and state government schemes enable first-time buyers to purchase a property with just a 5% deposit and sidestep LMI entirely

Begin your first home journey with us today. Speak to your PM Brokerage adviser.