First Home Buyer


Amrev Finance, bringing you closer to your First Home!!

Buying your first home can be a daunting task, but with Amrev Finance we will ensure to convert the experience to be an enjoyable journey. Our team at Amrev Finance is here to ensure every step of the journey towards your first purchase is looked after but there are few things which need to be considered before you start on the adventure of looking for your first home.

How Much Can You Borrow?

The amount you can borrow on home loans will depend on a number of factors.

  1. Your Income
    This is the most important factor which will determine the amount you can borrow. Your income needs to be able to cover repayments on your home loans as well as your basic living costs. If you are applying for the loan with another person your repayment capacity may be higher, which can mean higher borrowing power.
  2. Employment Status
    One of the main things that lenders will look at is if you are employed. The lender will look at where you are employed and how long you have been employed by that corporation and the type of employment either PAYG or self-employed, which will require different income documentation for your loan application.
  3. Financial Commitments
    Lenders will look at all other financial commitments you owe. This will include car repayments, personal loans, credit card debts and HECS debts.
  4. Your Assets & Investments
    Your savings and other investments will also impact your borrowing capacity.
  5. Your Deposit
    First home buyers should save around 5% to 10% of the property value as a deposit. The greater your deposit, the lower your Loan-to-Value Ratio (LVR). Mortgage lenders judge a candidate based on several criteria.
    Note: If you borrow in excess of 80% you will be required to pay lenders mortgage insurance (LMI). LMI is a policy designed to get more people into the market.
  6. Your Credit Report
    Lenders will check to see that you have no red flags against your name for defaulting on previous home loans, credit cards or other lines of credit by looking at your credit report. It is worthwhile to check your credit report before you apply for a home loan so you are able to amend information in your credit history if you believe it to be inaccurate

First home owner scheme!

The First Home Loan Deposit Scheme is a Government-backed initiative to help Australians get into their first home sooner. We are proud to be supporting the initiative, a first for first home buyers, and supporting eligible customers with their home purchase.

What is it?

The First Home Loan Deposit Scheme is designed to get eligible buyers into their first home sooner without having to pay lender's mortgage insurance

How does it work?

Eligible applicants will receive a limited guarantee from the Australian Government to purchase their first home with a deposit of as little as 5%

When's it available?

The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020

Scheme Eligibility

To apply to the Scheme, you'll be subject to the following eligibility criteria. You need to be able to provide documentation of your eligibility to secure your position.

Eligibility criteria includes:

  • All applicants must be First Home buyers
  • Individuals must have earned less than $125,000 and couples less than $200,000 in the last financial year. Couples must be married or de-facto
  • All applicants must be at least 18 years of age.
  • All applicants must be Australian citizens with either a valid Australian passport or proof of Australian citizenship

There are property price caps which vary depending on the location in which you buy. You can work out your property price cap using NHFIC’s online tool .

Download a fact sheet about the scheme.

For more information visit the state revenue office on the link below.

Choose the right home loan

Choosing the right home loan is not all about the interest rates. Fees and product features can also make more of a financial impact, so it is important to take them into consideration and align these features to your objectives and requirements.

Amrev Finance will be there with you through your home loan journey.

To know more about our services for first home buyers, make an appointment with our Broker Kaiz, who will be more than happy to assist you in:

  • Understanding your needs and goals
  • Outlining all fees and charges associated with buying your home
  • Comparing the different bank products and determining the loan that suits your needs
  • Discuss the minimum repayments and discuss principal and interest versus interest only repayments.

Contact Amrev Finance to get the most suitable loan for your First Home!!