Home Finance

We'll make it easier for you

Buying your first home can be very exciting and daunting at the same time, but we'd like to take the hassle out of the process for you. Here are some key areas to explore, and we can help you with the details during a one-on-one consultation.

Do I qualify for the First Home Owner's Grant (FHOG)? 
How much money can I borrow?
Do I need a deposit?  
How much is Stamp Duty? 
What types of loans are available?  
What other costs are involved?  
What is Lenders Mortgage Insurance (LMI)?  
What do mortgage brokers do? 

Do I qualify for the First Home Owner's Grant (FHOG)?

Until 30 June 2009 the Australian Government is offering an increase in the FHOG, assisting first home buyers to enter the property market. For brand new homes or off the plan homes, including apartments, the Grant is as follows: 

Existing properties have a temporary Grant increase from $7,000 to $14,000 until 30 June 2009.

How much money can I borrow? 

This will depend on your income, your existing assets and on the requirements of individual lenders, but you can get a good idea from the borrowing capacity calculator. We can also do a pre-approval assessment for you in about ten minutes.

Do I need a deposit? 

In recent times banks have been tightening their lending criteria, but there are still lenders who are giving 100% loans. In general, you will need around 5% of the loan value as an owner occupier. The rules will vary between lenders and are tightly linked to your individual situation, but we can help you work that out.

Tip: When considering your loan application lenders like to see a consistent savings history, paid off credit cards and bills, as well as a good credit record.

How much is Stamp Duty? 

Stamp duty varies in every state and depends on the value of your property. See our stamp duty calculator or ask us to work it out for you.

What types of loans are available?

You have a lot choices and can select a loan that's suited well to your needs. There are options related to interest rates, redraw facilities, additional or advance payments, frequency of repayments and line of credit accounts. We can make it easy by providing easy-to-understand explanations and discussing the pros and cons.  Explore the loan types here.

What other costs are involved?

You should allow for some of the following costs:

• Land / Builder's deposit.
• Lenders Mortgage Insurance (if required).
• Legal fees.
• Loan establishment fees.
• Stamp Duty.
• Connection fees for services like electricity and phone.
• Removalists.

What is Lenders Mortgage Insurance (LMI)?

LMI is paid by borrowers and is insurance which protects lenders in case you can't service your loan. It's applicable for loans where the deposit is less than 20% of the loan value. We can work out the cost of LMI for you.

What do mortgage brokers do?

Mortgage brokers act on behalf of numerous lenders to free you up from doing the running around yourself.

Brokers get commissions from lenders, and the amounts they receive can vary. It's in your interest to ask brokers to disclose their commission fees to ensure they're giving independent advice. And it's handy to know how many lenders your broker can access.

Stockland Home Finance has access to over 1,000 loans from 27 lenders, including all the major banks, and when you come to see us we'll use sophisticated software to quickly compare the loans most appropriate for you.

Our brokers are also independent and will work towards an option that's right for you.