Making the first step to purchasing a first home in Melbourne is an enticing experience that you may think you can never accomplish, considering the down payment fee as well as other factors that tend to overwhelm you. However, with Capkon on your side, there is nothing to worry about.
With Capkon being a trusted first home loan broker, one can get the services done 100 percent stress-free, the approvals are at a swift pace, and it is accompanied by the services of the local brokers who are renowned experts on first home buyer loans in Melbourne. We are aware of the shenanigans of the Melbourne property market and are committed to ensuring that we see your dream of becoming a homeowner come to life.
Consult a professional today and find out how you can make your way to your first house simpler.
What is a First Home Buyer Loan?
A first home buyer loan is a mortgage product that is actually tailored to help first-time property purchasers, as well as couples in their first home.
They are usually characterized by a reduced deposit amount, the fact that various government assistance programs are feasible, and lender policies that accommodate the special needs of first-time buyers.
All these choices may be quite complicated; nevertheless, to make them easier, a first-home mortgage broker in Melbourne such as Capkon can be of help, as it helps find the most appropriate loan products and takes all the steps along the way.
Benefits of Working With a Mortgage Broker
The benefits of working with Capkon, when applying for mortgage loans for first-time home buyers, are many:
Faster Approval
Your application process is streamlined in that all the documentation required is in order, hence can greatly accelerate your loan application.
Expert Negotiation and Better Rates
Based on our contacts with a vast array of lenders, we can bargain on your behalf to have your first-time home buyer home loan with competitive interest rates and terms.
Access to a Wide Panel of Lenders
Unlike a single bank, Capkon has access to an extensive network of lenders, including major banks and specialist lenders, increasing your chances of finding a loan that perfectly matches your needs.
Less Stress and Paperwork for Buyers
We handle the intricate paperwork and liaison with lenders, reducing your administrative burden and allowing you to focus on finding your ideal home.
Government Schemes and First Home Buyer Incentives
To facilitate first home buyers’ access to the property market, the Australian and Victorian governments provide schemes and incentives to do so. Capkon assists you and the clients of the firm in recognising and applying to the valuable opportunities, hence you get the maximum of what you deserve. These can include:
Stamp Duty Concessions
Victoria also provides exemptions on the stamp duty of properties worth up to AUD 600,000 and concessions on properties worth AUD 600,001 to AUD 750,000 to first home buyers, which can save you a lot of dollars at the time of making payment.
FHOG
First Home Owner Grant (FHOG) is a government scheme to give a first home buyer a grant of up to $10,000 when buying or constructing a new home in Victoria, which is worth up to 750,000. Capkon makes sure that you qualify and makes the most out of this advantage.
First Home Guarantee
Qualifying first home buyers can enter into this scheme offered by the Australian Government to buy a home using a minimum 5 per cent deposit, which does not attract Lenders Mortgage Insurance (LMI). Capkon helps you understand the eligibility requirements and manages your application for this impactful scheme.
Other Applicable Schemes
We are in touch with any other grants or programs that might come available, whether it is a Regional First Home Buyer Guarantee or Family Home Guarantee, just to ensure you do not miss out.
How Capkon Expert Brokers Can Help With Your First Home Buying in Melbourne
Capkon is unlike other brokers, as it comes up with a really personalised and complete first home buyer experience in the city of Melbourne:
Personalised Loan Offering
We do not simply get a loan, but the right loan according to your volume of finances and future plans.
Multiple Lenders
Because of our large network, there are more options and better results on your side.
Expert Advice on Ways to Save and Schemes
All the ins and outs of government incentives will be explained by us, and we can help you claim every option you qualify to get.
Easy, Easy Process
We simplify the complex process of mortgages into simple steps.
Fast Pre-Approvals
Pre-approvals now happen fast, as they give you a clear understanding of the amount you can borrow, and you can thus begin the search for the property with confidence.
No Jargon but Clarity
We do not lay out things with jargon, but in plain words, that can enable you to make a sound decision, having dealt with your first home mortgage broker.
Capkon’s Mortgage Broking Services
Beyond assisting first home buyers, Capkon offers a broader range of mortgage services to cater to diverse financial needs:
Home Loans
First home, refinancing a home loan, or investment property loan.
Loan Structuring
Structuring your loan to achieve lower interest and paramount flexibility.
Pre approvals
Giving you a definite budget and bargaining rights.
Government Scheme Support
Advice on all grants and incentives available.
Continued Mortgage Reviews
Making sure that your loan is as satisfying to you as life evolves.
First Home Buying Process with Capkon Melbourne
Buying your first house can be a big leap, and with Capkon Melbourne, you will discover a clear and helpful transition that is as smooth as it can be. We will take you through all these steps so that you can know everything you are doing, and also you have confidence in what you have decided to do:
Step 1: Meet with a Mortgage Broker
The whole process will normally start with an initial consultation where you will meet a Capkon mortgage broker. It is an important step in which we will sit down and we will thoroughly get to know your situation in terms of finances, i.e., your source of income, pending debts, savings, as well as your personal desires to own a home. This session will involve the discussion of your dream home, priorities of areas to live in, as well as your budget.
Step 2: Prepare the Application
After this preliminary discussion, the second step will require you to prepare your application. Capkon offers you an extended checklist of all documents required, and this usually includes documents of your income, such as payslips and tax returns, identification documents, recent bank statements, and the details of your resources and debts. Our team also carefully goes over all the documents to make them accurate and complete, after which they are then submitted to the most suitable lenders. This is a thorough preparation that increases your likelihood of a quick and positive approval a lot.
Step 3: Conditional Approval
The journey then moves towards conditional approval. This is where the chosen lender provides an initial agreement to lend you a certain amount, subject to various conditions, often including a property valuation and a final credit check. Capkon actively liaises with the lender throughout this stage, keeping you fully informed of your application’s progress and addressing any further requests. Securing conditional approval empowers you to confidently begin your property search, knowing your potential borrowing limits.
Step 4: Unconditional Approval
As soon as you are satisfied with a selected property and agree to the terms of the conditional approval, we do our best to attain unconditional approval. This is done by providing the lender with the required information about the property, like the contract of sale and valuation reports. We make sure that every outstanding condition is met, and the end result is that the lender is ready to offer loan money.
Step 5: Complete Loan Documents
With the unconditional approval achieved, the second process entails finishing the loan documents. Capkon elaborates to you all the contents of the loan contract without leaving any detail or any obligation in obscurity. We may as well arrange access to trusted legal professionals who can give independent advice too, so that all documentation is satisfactorily signed and safely forwarded back to the lender as promptly as possible.
Step 6: Loan Settlement
The culmination of this process is loan settlement. Capkon meticulously coordinates with all parties involved – including your chosen conveyancer or solicitor, the lender, and the real estate agent – to ensure a seamless transfer of funds and property ownership on the agreed settlement date. We also advise on essential pre-settlement tasks, such as conducting a final inspection of the property.
Step 7: Home Loan Completion
Finally, with home loan completion, you receive the keys to your new home. But Capkon’s support doesn’t end there. We offer ongoing post-settlement assistance, answering any questions you may have and providing regular mortgage reviews to ensure your loan continues to align with your evolving financial situation and goals, truly making us a partner in your homeownership journey.
Check Your Eligibility for Home Loans
Lenders assess several factors when considering home loan applications for first-time buyers. Capkon pre-assesses your chances of approval by reviewing:
- Financial Position: Your income, employment stability, and savings are key indicators of your ability to repay a loan.
- Credit History: A strong credit history demonstrates responsible financial behaviour.
- Credit Score: Your credit score provides lenders with a quick snapshot of your creditworthiness.
- Other Financial Liabilities: Existing debts such as personal loans, car loans, or credit card balances will be considered.
- Debts: All outstanding debts will be factored into your borrowing capacity assessment.
What Do You Need to Prepare a Home Loan Application?
To get started with Capkon, we’ll guide you on preparing the essential documents for your home loan application. Generally, you’ll need:
Proof of Income
- Pay slips
- Employment contracts
- Tax returns
ID Documents
- Passport
- Driver’s license
Bank Statements
- Showing income
- Expenses
- Savings
Asset/Liability Info
- Details of any other assets (e.g., car, shares)
- Liabilities (e.g., existing loans, credit card debts)
Proof of Savings/Deposit
- Evidence of genuine savings for your deposit
A mortgage broker for first home buyers like Capkon will help you gather and organise all these documents, making the home loan first home buyer application process as efficient as possible.
Find the Right Loan for Your First Home – Contact Capkon Now
Are you willing to make the exciting leap to Melbourne to own your first home? You do not have to steer through the complexities on your own. Call Capkon today and get a free no no-obligation consultation. Our team of experts is available to assist you in all categories of first-time buyers, where they would offer advisory services and even assist you with the easiest first home buyer loans.
Frequently Asked Questions
How much can I borrow as a first home buyer?
Your borrowing capacity depends on various factors, including your income, expenses, existing debts, and credit history. Capkon can assess your financial situation to provide a clear indication of how much you can borrow.
Which home loan is right for me as a first-time buyer?
The “right” loan varies for everyone. We consider your financial goals, risk tolerance, and eligibility for grants to recommend the most suitable loan product from our wide panel of lenders.
What deposit do I need to buy my first home?
While a 20% deposit is ideal to avoid Lenders Mortgage Insurance (LMI), government schemes like the First Home Guarantee can allow eligible first home buyers to purchase with as little as a 5% deposit. We’ll help you explore your options.
Can Capkon help me access the government's first home buyer schemes?
Absolutely! We are experts in all available government schemes and will guide you through the eligibility criteria and application process for grants like the FHOG and the First Home Guarantee.
How much stamp duty will I need to pay in Victoria?
The amount of stamp duty depends on the value of the property. As a first home buyer in Victoria, you may be eligible for a full exemption on properties up to $600,000 or a concession for properties between $600,001 and $750,000. We’ll clarify your exact obligations.
What documents do I need to apply for a first home loan with Capkon?
Generally, you’ll need proof of income (payslips, tax returns), identification, bank statements, and details of your assets and liabilities. Our brokers will provide a detailed checklist tailored to your situation.
Can I get pre-approved before I start house hunting?
Yes, and we highly recommend it! A pre-approval gives you a clear understanding of your borrowing power, streamlines your property search, and signals to real estate agents and vendors that you are a serious buyer.
Will using a broker get me a better interest rate?
While we cannot guarantee a specific interest rate, our extensive network of lenders and expertise in negotiation often allows us to secure more competitive rates and terms than if you approached a single bank directly.
Is Capkon paid by me or the lender?
In most cases, mortgage brokers are paid a commission by the lender upon successful settlement of your loan. This means our service to you as the borrower is typically free. We are legally obliged to act in your best interests.
Am I eligible for the First Home Guarantee?
Eligibility for the First Home Guarantee typically requires you to be an Australian citizen or permanent resident, at least 18 years old, and not to have owned property in Australia in the last 10 years. Income caps also apply. We can assess your specific situation to confirm your eligibility.