"Are you ready to give up renting and start paying off your own mortgage rather than someone else's?"
We know as first home buyers you don't have the time to scrutinise the hundreds of home loans, so we do it for you. Our accredited mortgage brokers in Victoria use our unique Loan Qualifier software to analyse over 400 home loan products in minutes and provide you with a list of competitive options that best suit you as buyers. You deal with one professional who will keep you informed at every stage and support you throughout the process. Read more on the benefits of using Blue Key Finance.
To help you get started as first home buyers consider these five factors when applying for a home loan.
1. How much can you afford to borrow?
The first step is to work out how much you can borrow. Use our borrowing capacity calculator for an estimate of how much you can borrow.
The second step is to work out what your home loan repayments will be on different home loan amounts below your maximum borrowing capacity by utilising our loan repayment calculator.
Finally, access our comprehensive budget planner which will show you how much you can save each month and how much you can actually comfortably afford as buyers to put towards your future home loan repayment.
2. The First Home Owners Grant
You may be eligible for the Federal Government's ‘First Home Owners Grant’.
In addition, in Melbourne Victoria, you may also be eligible for the $2,000 Victorian State Government’s ‘First Home Bonus’ (FHB) if a contract is signed pre 30/06/2010. The First Home Bonus' criteria is applicable only to contracts < $600,000.
Go to our 'Downloads' webpage and download the document titled "First Home Buyer Concessions". This 4 page comprehenisve document covers topics like eligibility, what other supporting documents you need to post us with your FHOG application, how much you receive from the FHOG depends on when you sign the contract of sale, & the Victorian stamp duty concession for owner occupiers.
3. Educate yourself on house hunting and finance tips
We’ve compiled a guide which will outline 19 ways on how to:
- Provide you with a basic insight into house hunting in Melbourne Victoria
- Link home loan features to your needs
- Reduce your mortgage in record time.
- Download the House hunting and finance tips guide
4. What else can I do to get started?
Check out our FAQ's for more information amongst other matters on:
- Costs involved when purchasing a property in Melbourne;
- The mortgage process;
- What affects your borrowing capacity;
- How you can improve your chances of obtaining finance;
- How you will need to save for a deposit, and;
- Lenders mortgage insurance.
- Access our FAQ's now
5. The next steps
- Make an appointment to organise a pre-approval for your home loan.
- Find a place to buy and agree on a price.
- Get a solicitor or conveyancer to review the Contract of Sale and attend to the conveyancing.
- Come back to us for formal approval. We'll fill out the appropriate forms on your behalf.
- Get us to sort out your first home owner buyers grant.
- Depending on your circumstances, we can obtain your full approval in as little as 5 working days.
- Get the full run down on the mortgage process here.
What happens if you buy a property in Melbourne and you don't have the 10% upfront in cash required as a deposit? We can organise a deposit bond for you which acts as your cash deposit substitute. This method of payment has to be agreed upon by the vendor and would only take up to 48 hours to organise.
If you would like to know more about buying your first home in Melbourne you can:
- Call us during business hours on (03) 9700 7033.
- Make an appointment or Submit an enquiry,
- Spare no more than ten minutes and fill in our online assessment form. By completing this form it will enable us to better prepare ourselves when presenting your finance options at your future appointment. After you click on submit we will call you to arrange an appointment.