Buying your first home doesn't have to be overwhelming. Let our expert mortgage advisors guide you through every step, ensuring a hassle-free and affordable path to home ownership.
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“Professional and caring team for first home buyers. Buying my first property was a stressful experience to say the least, but the team at Cinch were absolute professionals that kept me abreast of all the updates and were always available to answer my questions. You know you're in safe capable hands with the Cinch team and I'll be ready to work with them again soon!”
Thomas, first-time home owner
The first step is assessing your financial situation. You'll want to understand your budget, how much you can afford for a down payment (deposit), and how much you can comfortably borrow. Getting pre-approved for a mortgage is a critical early step. It not only gives you a clear idea of your buying power, but also shows sellers you are serious and financially ready.
Book an appointment to find out your borrowing power.
A mortgage pre-approval is a letter from a lender. It outlines how much they are willing to lend you, based on your financial situation. Applying for pre-approval involves submitting documents like ID, proof of income, credit reports and your employment status.
Getting pre-approved allows you to confidently shop for homes in your price range, and it can give you a competitive edge when making offers.
Traditionally, banks required borrowers to contribute a 20% deposit. However, there are alternatives available with lesser deposit requirements.
There are a number of government incentives and other schemes to encourage first-home buyers. In some cases you may need just 5% of the purchase price as a deposit. In other cases, Stamp Duty may be waived. It is best to speak with an expert to understand your eligibility.
There are also low-deposit home loans which allow you to purchase property with a 5-10% deposit. These typically require you to show evidence of 5% 'genuine savings' and to purchase Lenders' Mortgage Insurance (LMI).
Guarantor Loans allow you to borrow up to 105% of the purchase price (to including purchasing costs such as stamp duty, legal fees and bank fees). A guarantor can be a parent or close family member, offering some of the equity in their property to guarantee your deposit (up to ~25% of the property price).
Getting approved isn't as easy at it once was, with lender considering not just your income and deposit, but also analysing your credit history and bank statements to confirm details like your living expenses, liabilities, and spending habits. If you're an aspiring first home buyer, here are some steps you can take:
Our process is quick and easy, while always ensuring you tap into our expertise and lender relationships to access better rates and make sure you get the right solution for your specific needs.
Start by talking to a Cinch Loans expert, who will listen to your needs and start exploring options with you.
You fill out our online form and get your docs ready.
We figure out your likely borrowing capacity, shop around lenders and discuss your options in more depth with you.
Once you're ready, we apply, and make the application to settlement process a breeze, including helping set up your new loan.
That's simple! Just book an appointment and talk to our experts.
