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Home Finance FAQs

Popular questions first home buyers ask us!

Do you have an in-house finance team who can help me?

Yes, our in-house team is called The Loan Company and they are experts in first home buyer finance. We work very closely with the Loan Company each and every day to assist our customers with their home finance needs.

What is a construction loan?

A construction loan is a type of home loan required when building a new home. They are different to a normal home loan because you borrow the money in stages rather than a big lump sum up front. As your house gets built, your loan amount increases in increments until you’ve finished building – these are called progress payments.

Can you help me access a Keystart loan?

Yes we can. Our in-house team at The Loan Co are experts in first home buyer finance and can certainly help you with a Keystart loan application. They will help you understand the benefits associated with Keystart and if it’s right for you.

How do I qualify for Keystart?

Every finance application is unique. Keystart also have set income criteria that will apply depending if you’re applying as a single, couple or single / couple with children. Our team at The Loan Co are on hand to answer any questions to help you understand if you qualify for a Keystart home loan.

Do you help with the First Home Owners Grant?

Yes! A lot of our customers take advantage of the FHOG and our in-house team at The Loan Co can help you apply for the First Home Owners Grant with your loan application.

What if I don’t have any savings or a deposit?

Don’t stress if you don’t have savings, our team look at every situation and provide you with suitable options. Plus, having savings is just one part of determining which bank loan might be right for you. At Aussie Living Homes we have access to low and no deposit options. Once we have an understanding of your situation we will make the right recommendation that suits your situation.

How much deposit do I need?

The amount of deposit you need will depend on which bank option suits you best. Although some customers are able to get started with as little as the $2000, other customers prefer to look towards a 5%, 10% or even 20% deposit option to lower their minimum weekly repayments. It all comes down to your personal circumstances. Our in-house team at The Loan Co will present all lending options in an easy to understand format and help you every step of the way.

What if I have debt?

Debt isn’t always an issue when it comes to qualifying for a loan – your personal circumstances such as income, savings and credit history all play a part. At Aussie Living Homes, we’ve helped many first home buyers into their own home, even if they have existing debts.

Will you help me consolidate my debts?

We have some innovative solutions to help our customers with debt such as our $10K cashback package. Our new homes consultants will be able to talk you through your options.

Do I have to pay stamp duty?

First home buyers are eligible for various exclusions to stamp duty fees. If your land is valued at less than $300,000 you won’t pay any stamp duty at all and concessions are available if your land value is between $301,000 and $400,000. Our inhouse team at The Loan Co will be able to help you determine how much stamp duty you’ll have to pay.

Do I have to pay Lenders Mortgage Insurance (LMI)?

If you have less than a 20% deposit, you normally have to pay Lenders Mortgage Insurance. But thanks to our inhouse team at The Loan Co, we have access to loan options that avoid paying LMI. This includes Keystart and a new Government initiative called the First Home Loan Deposit Scheme where the government will pay LMI for you.

What is Lenders Mortgage Insurance (LMI)?

If you have less than 20% deposit, most banks will make you pay Lenders Mortgage Insurance (LMI). It’s a common misconception that LMI covers the client but it’s actually an insurance that covers your bank if you can’t make the repayments on your loan. But thanks to our inhouse team at The Loan Co, we have access to loan options that avoid paying LMI.

I have been told no in the past, can you help me?

Loan qualifying criteria is constantly changing and new products and options are continually entering the market too. Our inhouse team at The Loan Co are more than happy to review your situation and see if you now qualify for a home loan. Personal circumstances constantly change too – a new job, parent gift or tax refund may make all the difference, so get in touch and we’ll be happy to help.

Can my parents help with the loan?

Yes, a parent or family member can act as a guarantor to help you into your new home. There are many benefits to this such as savings on LMI, reduced deposit required and lower interest rates. Our team at The Loan Co will be able to assist you in determining if you’re eligible for a guarantor loan and if it’s the right option for you.

I think I may have bad credit, can I still get a home loan?

A lot of our customers ask us this before they get started, so you are not alone. If you believe that you have bad credit or a bad credit rating, we are more than happy to find out about your current situation and speak to the team at The Loan Co. Our inhouse finance brokers will run a credit history report and from there we can determine your options. At Aussie, we are happy to work with you to make homeownership possible.

I have a credit card, can I still get a home loan?

A lot of our customers have credit cards and can still get into their own home. We look at every situation differently and along with our in-house brokers, The Loan Co we make sure to give you the advice to help you into your own home.

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*Finance provided by Harrisdale Pty Ltd trading as The Loan Company ABN 59 088 462 140 (Australian Credit Licence Number 386355). Lender credit criteria, terms and conditions, fees and charges apply. Your full financial situation would need to be reviewed prior to acceptance of any offer or product. BCN 10805.

© Copyright Aussie Living Homes 2022. Building Contractor 10805. Images for illustrative purposes only.