Buying your first home can be an exciting time, but it can also be overwhelming if you’re not prepared for each step of the process. Before you head out house hunting for your first home, take the time to speak to a financing specialist.

Borrowing with Confidence

When you speak to a finance specialist about buying your first home, you have the advantage of knowing exactly how much you can borrow before you begin hunting for the right home to suit your needs.

You’ll also know exactly what your monthly repayments will be and how much you need to have put aside to cover your deposit and any fees associated with the purchase.

Some Tips When Buying Your First Home

Getting the Right Home Loan

It’s common for many home buyers to spend lots of time researching different properties in various suburbs, but how much time have you spent researching the right home loan?

Not all home loans offer you the same benefits or features. Likewise, different lenders charge varying interest rates, along with a range of fees and charges you might have overlooked. Just as choosing the right home to suit your needs is an important decision, it’s equally as important to choose the right home loan to suit your financial needs.

The specialist team at Empire Financial Group maintain a strong relationship with a panel of lenders, which gives you access to a broad selection of home loan products with the most competitive rates to choose from.

Getting the Right Advice

It’s common for well-meaning friends and family members to offer advice about the type of mortgage a first home buyer should get. You might be told by one friend that a fixed interest rate will be best for you, or told by a family member that you should stick to a variable interest rate.

Always keep in mind that your personal financial situation is not the same as theirs, so why would a home loan that works for them be the best one for you?

While advice from well-meaning family and friends always comes with the best of intentions, it’s important to remember that your individual financial circumstances are unique to you.

That’s why it’s vital to seek advice and guidance from a specialist finance company to ensure the lender and the home loan you choose is right for your income, your expenses, and your lifestyle.

Financial Health Check

Improving Your Chances of Getting Approved

The specialist team at Empire Financial Group Australia knows exactly what information each different bank and financial institution wants to see in order to get a home loan approved.

When you work with a specialist finance company, we’ll walk you through every step of the mortgage application process. We’ll help you put together the right documentation and information to increase your chances of getting your first home loan approved quickly and with a minimum of stress.

Our Promise to You

The professional team at Empire Financial Group Australia strives to make the entire first home buying process as smooth as possible for you. We’ll work with you every step of the way to ensure your finance application and subsequent approval is as streamlined as we can make it.

Once your home loan is approved, our guidance continues to ensure you get through the settlement process as smoothly as possible. We’ll make sure to stay in touch with you every step of the way so you always know what’s going on and what’s expected at each stage. We’ll take care of the entire financial process for you, so you don’t have to worry about anything other than preparing to move into your new home.

Struggling to get into the property market?

Not everyone can afford to live in their ideal location. If you're trying to get a foot in the market consider moving out of your comfort zone into an area you may not have considered before.

Areas further out from cities or towns can be good value for money and offer a great first step into the market.

If you really want to live in a particular area you may have to start small and work your way up. Consider an apartment or a smaller house that you can add to over time.
Properties that are dated or in need of renovation can be a cheaper option for home buyers. Look for a home that is structurally sound and then clean it to your standard. Add a lick of paint here and there to improve the look and renovate as your budget allows.
Investment properties outside capital cities or in smaller towns or rural areas can have decent rental yields, making up for much lower capital gains.

The benefit of a positively geared property is that a tenant repays your loan while you build equity. This allows you to sell the property later and use the proceeds as a deposit on a property closer to where you want to live. Find out more about property investment.