First Home Buyers
Congratulations on making the decision to purchase your first property!
No doubt you have many questions about taking the first step on the property ladder. Maybe you’re at the beginning of saving for a deposit, or maybe your parents have offered to guarantee your first property purchase – wherever you are on the journey, the team at Mint Equity will answer any questions you might have.
As first home buyers, you are about to embark on a very exciting and nerve-wracking journey, but don’t worry, we are here to help. We have an amazing team of first home buyer brokers, support crew and dedicated buyer support services to help you navigate the path.
And with over 40 lenders to choose from, we’ll get you the best interest rate and home loan structure to make sure the first home buyers loan you choose will be suitable for the long term as well as meet your immediate needs.
Remember, It’s never too early to talk to a mortgage broker about a first time buyer mortgage – planning is key to making this first step.
Our first home buyer services
Securing your first home loan can be daunting and finding an experienced and compassionate support team can be tricky. When you’re researching first home buyer mortgage brokers, check that they provide all the services that you need.
Now is the time to arm yourself with as much information as possible, so speaking with a first home buyer broker first can put you on the right path from the beginning.
We’ll provide you with information on all the first home owner grant and first home buyers schemes so you’ll know exactly how much you’ll need to save for a deposit and how much you can borrow based on your current income.
Once you’ve spoken with Mint Equity, you can prepare a budget to help you set up a savings plan to meet your deposit requirements.
If you’re eligible for a first home buyers deposit scheme, you’ll need to ensure your credit history is clean and that all your debts are paid on time for at least six months before you apply for a first home buyers loan.
Get financially fit by paying off short-term debts like buy-now, pay-later services like ZipPay and AfterPay.
Depending on your situation, there are a few different first home buyer deposit schemes to choose from ranging from 0% deposit under a First Home Buyer Family Guarantee, a 2% deposit under the Family Home Guarantee, to 5% under the First Home Guarantee or the Regional Home Guarantee. Alternatively, if you have the full 10% deposit, we’ll make sure you receive the relevant first home buyers grant and stamp duty exemptions.
As we prepare your first home buyers loan application, we’ll also submit your application for the relevant scheme.
Chat with our first home buyer mortgage experts
Mint Equity is recognised across Australia, having won multiple awards for business excellence over its years of operation. You won’t need to factor in any costs for our services as Mint Equity’s remuneration comes directly from the lender once the loan is settled.
Meet our First home buyer Mortgage expert
Zac Peteh
Director, Mortgage Broker
Zac Peteh, Director & Mortgage Broker
Zac started his finance career in 1995 and spent almost 10 years with Citibank starting out as a Lending Officer and Credit Analyst. It’s this experience that sets the groundwork for his understanding of the credit process, which is essential to getting your loan approved. He’s been in the finance game for over 20 years working at NAB, Suncorp, Citibank and St George. He thrives on the complex deals, quite often the ‘go to’ person for his previous colleagues and business partners.
Zac has received multiple awards over the years, including a place in the Top 100 Mortgage Brokers in Australia for 2022.
With extensive experience not only in mortgage broking, but also buying and selling property, Zac provides his clients with comprehensive knowledge that alleviates the worries of first home buyers.
Our lender panel
First home buyer mortgage
Like any financial product, home loans can be complex and in some cases quite confusing to get your head around. With Mint Equity, we do everything we can to simplify and collate the information you need when it comes to your first home buyers loan. Our Choosing a Home Loan page outlines what you need to know and helps you to better understand what route to go down based on your financial circumstances.
There are many options for first home buyers when it comes to purchasing your first property, from first home buyers grants, first home buyer deposit schemes and family guarantee options to help boost your deposit. We can provide easy to understand information on the available schemes and home loan deposit options and assist you with the application process to access government support.
Our first time home buyer lending experts
All of the services Mint Equity provides are free of charge, that means you’ll have direct access to over 30 years of industry experience and expertise at no cost. We pride ourselves on our high service levels, and in particular the way we help first home buyers. Just take a look at our Google reviews to see what our clients think of us.
First Home Buyer Family Guarantee – “the bank of mum and dad”
First time home buyers are also able to purchase a property with 0% deposit by using the equity that is available in mum and dads’ home. That means that if mum and dad have no, or a very small home loan on their primary residence, and the value of the property is strong, they can guarantee your first home deposit using their home.
We work closely with first home owners and their parents to ensure all parties are comfortable with this deposit structure. If you are considering this as an option, we will set up a meeting with all parties to explain how the first home buyer family guarantee option works and how we can set up a plan to release the parents property from the arrangement as quickly as possible.
First home buyer deposit schemes
Depending on your situation, there are a few different first home buyers schemes to choose from. We will assist you with submitting your application for the relevant scheme. The first home buyer deposit schemes are provided by the federal government.
First Home Guarantee
Family Home Guarantee
Regional Home Guarantee
The minimum deposit and criteria differ between the three as detailed in the table below.
First home buyer stamp duty exemptions
There are first home buyer stamp duty exemptions available throughout Australia and these are provided by the state governments. Check your state government website for additional information.
The NSW Government has introduced the First Home Buyer Choice initiative whereby first time buyers can choose to pay ongoing property tax rather instead of transfer/stamp duty. You can read more about this option in our article What is the First Home Buyer property tax choice?
What our first home buyer clients say about us
“As a first home buyer, I had many questions (emphasis on the ‘many’) from pre-approval stage all the way to contract exchange and final settlement; all of which Zac and Ben were more than happy to answer and assist with.
The team maintained great communication throughout the whole process and were always happy to speak whenever I had any questions or concerns.
Looking forward to doing business with Mint Equity again in the future.”
“I would highly recommend Ben and Zac. They were great to deal with as a first home buyer. Ben took the time to explain the process to us and help us understand the mechanics of a loan and associated services. He was always friendly and always at our disposal for any query.”
Start your first home buyer journey right
We know buying your first property can be daunting, so we have created our Property Buyers Guide to help you navigate the property buying process.
Depending on where you buy whether it be Sydney, Central Coast, Brisbane, Newcastle or a small town in rural Australia, the rules of engagement can vary between states and regions. In many country towns, a handshake agreement is sufficient to close a deal, whereas other locations require a variety of documents be signed before an offer is even considered. And keeping pace with the numerous steps in the property buying and finance process can feel like a never-ending process.
Our guide will help you learn the ins and outs of buying your first home and what to expect when you start your property journey.
FAQs
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No, our services are free of charge as we are remunerated by the lender you choose once the loan reaches settlement.
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A “first home buyer loan” is a common term for a mortgage product created specifically to cater to the needs, wants, and financial goals of a person (or persons) purchasing residential property for the first time.
Generally, first home buyer loans are structured in a way that removes the archaic deposit requirement of 10-20% deposit of the property value.
As not too many young Australians can say that they have access to this amount in cash, first home buyer loans have a lower deposit requirement usually (5%-10%), meaning one could borrow 90-95% of the property’s value, helping first home buyers in Sydney and first home buyers on the Central Coast realise their dream of owning a home sooner.
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Online lenders are a low cost model, which means they often don’t have the same level of staff and support to help first home buyers who have detailed questions and concerns. Often you won’t be able to speak directly with a person if you choose to use a first home loan online lender. At Mint Equity, you have both our office number, mobile number and direct email addresses for your mortgage broker, so you can ask any question at any time and receive a detailed answer.
Chasing the lowest interest rate will have consequences and unless you are an experienced property buyer, working with a proactive and responsive first home buyer broker is a much safer option. Remember, this is the most expensive purchase you’ll ever make in your life, going with a cheap and potentially nasty option might be a decision you will regret.
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We have access to over 40 lenders including the major banks and second-tier lenders which provides us with 100’s of products to suit the needs of our clients. We also have access to the lenders on the First Home Buyer Deposit Scheme panel so you’ll have great choice for your first home loan.
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Most of the time spent on a mortgage application is collecting all the information. If you are able to provide all the information and supporting quickly, in some cases we can get pre-approval within 24 hours. Mint Equity has priority status with many lenders which enables us to turn around home loan pre-approvals very quickly.
However, we would always recommend allowing up to 5 business days to ensure you have enough time to provide all the documentation we’ll need to submit your loan. We will also secure you a place on the First Home Buyer Deposit Scheme prior to applying for your home loan application to ensure you can utilise the first home buyers grant or the first home buyers scheme.