I am a first home buyer, how much deposit do I need?

If you’re a first home buyer in Adelaide and wondering how much deposit you need to get a home loan, unfortunately the answer depends on various conditions.

The best answer is that the higher your deposit, the better. This is so you don’t have to borrow as much and thus you won’t pay so much in interest.

To be able to easily be approved for finance, generally speaking you want to aim for a deposit of 20% of the purchase price of the property you are looking at.

You can include any government grants you may be eligible for in the 20%.

If you are short of the 20%, do not despair. There are many options on the market today to help borrowers with low deposits.

How much can I borrow?

There is many different criteria that determines how much a lender will lend to you. Factors such as deposit amount, income, expenses, property value, and many more are all taken into account.

To give you a fair idea of how much you can borrow, give us a call and have some details handy and we’ll be able to let you know.

Visit our pre-approval information page for information on the details we would need from you to give you an idea of your borrowing capacity.

Why should I use a mortgage broker?

Just like you are an expert in your field, we are experts in our field. We know the mortgage industry inside out and we have a lot of experience in matching loans to clients’ needs.

With our service, you will save hours and hours of time researching available mortgages. We all know how easy it is to go down the rabbit hole on the internet when researching things – next thing you know you could have lost hours without being any closer to a solution.

And our services are FREE to you.

How much does a mortgage broker cost?

In nearly all cases the service is free to you. This is because a mortgage broker gets paid a commission from the lender.

We get paid a commission by the lender, thus our service is at no out of pocket expense to you.

Some argue that the interest rate you pay is higher than normal if you use a mortgage broker; in fact the opposite occurs as our team will normally negotiate the best rate possible for you. Something a lender won’t do.

Why should I use Mortgage Broker Adelaide?

Paul Jones has been running an award winning mortgage brokering business in Darwin since 2004. Paul’s dedication to his clients has seen him be the recipient of many awards.

Regardless of your situation, our team are committed to providing you with the loan that meets your needs. We will go above and beyond for those tricky situations which require creative solutions.

Most importantly, we listen and hear what you want.

How long do home loan approvals take?

Best case scenario, we can get your loan approved in 24 hours.

However, in some scenarios where the application is quite complex, or the lending criteria is not quite met, it can take longer.

Other factors on how long an approval will take include how busy the lender is, public holidays (particularly the Christmas period), and property location.

Additionally, lenders will require a property valuation to be performed prior to approving a loan. Delays in approval could arise from this process, e.g. availability of the valuer, and/or the property not valued as expected.

How do I apply for a home loan?

That’s easy – you don’t have to, we’ll do it all for you. In other words, we’ll collect the necessary info from you, fill in the application forms, get your signature(s) and submit the application.

This is part of our service. We take care of the hard parts.

How do I qualify for the first home buyer’s grant?

In summary to be eligible for the first home buyer’s grant in Adelaide or anywhere in South Australia, you and your partner (if applicable) must be over 18 years old and be an Australian citizen (or have permanent residency in Australia) and you must be buying or building a brand new home which has never previously been occupied. The home must be valued at less than $575,000.

You and your spouse (if applicable) will need to move into the new home within 1 year of building completion (or transaction purchase completion) and live there for at least 6 months.

In addition, you and your spouse (if applicable) must not have previously received a first home owner grant anywhere in Australia and currently or previously must not have owned a property anywhere in Australia.

Note: These eligibility requirements apply to the Australian state of South Australia. For more information and full details, please visit the South Australian First Home Owner Grant page – https://www.revenuesa.sa.gov.au/grants-and-concessions/first-home-owners