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First Home Buyers

Simplified Process for First Home Buyers

Mintwell has a simplified a process for first home buyers entering the market through a guide that covers the entire home buying journey. Our process covers:

Borrowing affordability
Deposit amounts required
Applicable government grants for first home buyers
A breakdown of all costs that come with homeownership such as stamp duties, legal costs and insurance

Helping You Succeed in Achieving Your Financial Goals

The benefit to clients in using Mintwell’s mortgage brokers is we help affirm a borrower’s position by identifying your strong points during the application process. We use the 4C process.

Capital

This is the borrower’s deposit which is a fundamental part of a loan and the first thing lenders look at.

Capacity

This refers to the home buyers borrowing power and capacity to make repayments through your income, living expenses and any debts you have.

Collateral

Refers to the property (collateral) you’re purchasing as this is what the lenders will take on as security in the rare case you default on your home loan.

Character

This is your financial conduct and credit history as a borrower in the past.

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NSW Stamp Duty for First Home buyers

The NSW government has increased the threshold for stamp duty exemption for first home buyers from $650,000 to $800,000 for newly built homes and from $350,000 to $400,000 for vacant land.

Depending on what your property is worth, you could be looking at paying less or being exempt from paying stamp duty fee.

First Home Loan Deposit Scheme (FHLDS)

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The First Home Loan Deposit Scheme is a national wide scheme that had been introduced recently to help eligible first home buyers enter the property market. The FHLDS is a government-backed guarantee to help facilitate loan approval if you have only saved 5% of the required deposit amount.

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First Home Super Saver Scheme (FHSSS)

In the First Home Super Saver Scheme, as a first home buyer, you can use your super account to save for a home deposit. This scheme is run by the ATO and it is an initiative to help first home buyers save faster by allowing you to withdraw voluntary contributions you’ve made to your superannuation account.

You can either make before-tax or after-tax contributions to your super account, with the maximum amount capped at $30,000.

Mortgage Brokers Arrange More Than Half of All Residential Home Loans

As mortgage brokers with access to over 40 lenders on our panel, we can typically negotiate a much sharper interest rate than if you were to go to the bank directly.

The great thing about a mortgage broker is that even if you don’t fit into all the pretty little boxes of the lending policies of major banks, Mintwell brokers can comprehensively assess your situation, for free, and come back to you with multiple options.

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