You don’t need a large deposit start your journey to homeownership. As one of South East QLD’s most trusted broker teams we have strong partnerships with some of the region’s best builders and access to a huge selection of house and land packages, townhouses and apartments perfect for first home buyers.
We know the stress that comes along with buying a home, buying an investment property or refinancing. The traditional way of getting a loan can be difficult, time consuming and stressful.
We make things simple for you.
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Buying a home is a huge financial commitment – probably one of the most significant purchases you’re ever likely to make. To do this, you’ll need a mortgage.
The process of applying for a mortgage involves lots of parties; from mortgage brokers, to solicitors, to the lenders themselves. The time involved in getting a mortgage very much depends on your circumstances and can take anything from weeks to months. We’d generally recommend allowing yourself 30 to 45 days to complete the process.
To avoid any difficulties, it helps to do your homework and familiarise yourself with the factors that could affect your eligibility for a suitable mortgage deal, which will include:
There is no magic number when it comes to a deposit, however in Australia most lenders require you to show a minimum of 5% – 10% of the purchase price plus enough in savings to cover your purchasing costs like stamp duty and conveyancing.
This means if you’re looking to buy a residential property with a value of $600,000, you’ll need a deposit somewhere between $30,000 (5% of $600,000) and $60,000 (10%). If you only have 5% we will need to show the bank that you have saved this cash over a 3 month period. There are exceptions to this so please contact us if you have circumstances that may be a bit different.
At BrokerCo we have access to over 40 lenders with 100’s of products. Book an assessment and we will find the best home loan solution for you.