First-Time Buyers

Buying your first home is a major undertaking. So how do you know which deal will be best for you? There are so many factors to take into consideration.

Here we provide you with what you need to help make your decision as a first time buyer.

How much can you borrow?

Before looking for a home, it is sensible to calculate your budget. The mortgages available will largely depend on your income. Read more›

100% Mortgage

If you are on a tight budget you may need a 100% mortgage, a loan for the full purchase price of the property. Read more›

Buying With Friends

If your salary is not big enough to enable you to buy your first property alone, you could consider buying with a partner or friends. Many couples buy their first home together and the lender will take into account both incomes. Read more›

Top Tips

1. What types of mortgage are available to me?
Most lenders offer a range of fixed and capped rates, discounts and flexible mortgages. Some offer base rate tracker mortgages, and some will give cashbacks. Chat through which deals are available for first-time buyers, and which will best suit your needs.

2. What would my monthly payments be?
Get quotes on a number of deals too see what your payments would be and whether they fit your budget. Ask for a quote on what your monthly repayments would be at 10% interest. If that would be completely beyond your means, you could be over-stretching yourself.

3. Are there any redemption penalties?
Fixed, capped and discounted deals may carry redemption penalties tying you to the lender after the end of the fixed, discounted or capped period. If there are penalties, find out how long they run for, and how much your monthly payments will be on the lender's standard variable rate. Read more tips on finding the right homeloan ››