First Home Buyers

Get your First Home Loan plus understand any First Home Buyer Grants & Incentives

Buying your first home is an exciting milestone but can also be overwhelming. At My Finance Friends, we are committed to helping first home buyers in Parramatta, NSW, make informed decisions by providing expert guidance and support. We understand the local property market and are here to assist you in accessing home loan options from banks and lenders across Australia. Our personalised approach ensures that you can confidently apply for a home loan, with the potential to secure the best interest rates and terms suited to your financial situation.

When buying your first home, understanding your borrowing capacity is crucial. This involves assessing your financial situation, including your credit history, income, and expenses, to determine how much you can afford. We help you check eligibility for first home owner grants (FHOG) and explore options for lenders mortgage insurance (LMI) waivers. These benefits can significantly reduce the upfront costs associated with buying a home. Our team guides you through the application process, making it easier to get pre-approved and understand your loan to value ratio (LVR). This ratio affects the loan amount you can secure and whether you qualify for interest rate discounts.

Accessing home loan options from banks and lenders nationwide allows you to compare variable interest rates and fixed interest rates, ensuring you find the most suitable product for your needs. At My Finance Friends, we simplify this process by providing insights into different loan features such as offset accounts, which can help reduce interest payments over time. We also advise on strategies for managing your loan effectively, whether it's your first home loan or you're considering future investment loan options.

The property market in Parramatta can be competitive, so having access to a streamlined application process is essential. We ensure that all necessary documents, like bank statements and proof of income, are organised and submitted correctly. Our expertise extends to helping clients with their first investment property, guiding them through both the initial purchase and any subsequent investment loan applications. By understanding your long-term goals, we tailor our services to support both immediate needs and future ambitions.

Stamp duty is another critical consideration when buying your first home. Depending on the purchase price and location, this cost can be substantial. We provide guidance on any potential exemptions or concessions available to first-time buyers in New South Wales. This can help ease the financial burden and make buying a home more affordable.

In summary, My Finance Friends is dedicated to supporting first home buyers in Parramatta with expert advice and access to competitive home loan options from banks and lenders across Australia. Our comprehensive services include evaluating your borrowing capacity, assisting with the application process, and exploring opportunities for interest rate discounts and LMI waivers. By understanding the intricacies of the property market and financial products, we empower you to make informed decisions on your journey to buying your first home. Contact us today to discuss how we can help make your dream of homeownership a reality.

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Buying your First Home with a Home Loan

Step 1: Initial Meeting

Your property journey begins with an in-depth conversation with your Finance & Mortgage Broker. Whether you’re purchasing your first property, investing in real estate, or looking to refinance, your broker will take time to understand your property goals, financial situation, and any special conditions that may apply. This is when you'll discuss your borrowing capacity and explore loan options from a variety of banks and lenders across Australia. Your broker will also walk you through interest rates, LVR, and any possible LMI that may come into play.

Step 2: Financial Check

The next step involves your broker conducting a thorough evaluation of your financial position. This includes reviewing your income, bank statements, assets, liabilities, credit history, and savings. Your broker will then calculate your borrowing capacity, helping you understand how much you can afford to borrow and how much your monthly repayments might be. Your broker will also assess whether you qualify for any interest rate discounts or government schemes, like first-home buyer grants.

Step 3: Loan Selection

Based on your financial situation, your broker will research and present a list of loan options from a variety of lenders. These loans will be tailored to meet your needs and goals, whether you’re looking for a fixed interest rate loan, variable loan rates, or a more flexible loan that offers an offset account. Your broker will also explain the loan-to-value ratio (LVR) and help you weigh the pros and cons of each loan option, ensuring you’re making an informed decision.

Step 4: Pre-Approval

Getting pre-approved for a loan gives you a clear understanding of your budget and strengthens your negotiating position when bidding for a property. Your broker will help you through this process, ensuring all necessary documents, including tax returns, pay slips, and bank statements, are submitted to the lender. Pre-approval also gives you confidence to act quickly in the local property market and avoid the risk of missing out on your desired property.

Step 5: Application Submission

Once you’ve selected the right loan, your broker will manage the application process for you. They will submit your application to the lender and ensure that all required documents are provided. This may include additional paperwork such as proof of assets, liabilities, and other relevant financial information. Your broker will handle communication with the lender, addressing any questions they may have and ensuring a smooth, streamlined application process.

Step 6: Loan Approval & Settlement

After your loan is approved, your broker will assist in reviewing the final loan agreement, ensuring that all terms, including interest rate, fees, and repayment schedules, are understood. They will also help set up your repayment structure and help arrange any necessary insurance, such as home loan protection. Once settlement is confirmed, your property ownership is officially complete, and you’ll receive access to the property.

Step 7: Ongoing Support

Once your loan is settled, your Finance & Mortgage Broker remains available for ongoing support. This may include advising on managing your loan repayments, exploring the possibility of refinancing, or helping you tap into your home equity for future property purchases. Your broker’s role doesn’t end at settlement—they’ll be there to guide you through the entirety of your property ownership journey.

Our Latest Reviews

Kylie Spencer

Charbel came highly recommended by a family member and he’s certainly didn’t disappoint. Charbel helped secure finance for me for my first solo home purchase which would have been a daunting process if I had to deal directly with the banks. ...

Fantastic service with great communication throughout. Definitely a 10/10. Thank you Charbel.

Angela Wakim

Fantastic to deal with and excellent customer service. Highly recommend!

Ketsada Vang

Highly commendable 5 star service! Charbel is a truly professional broker, with exceptional industry knowledge and experience. We were kept well informed every step of the way. Charbel provided support when needed, and went above and beyond ...

Sam Akram

I highly recommend using Charbel. He is extremely knowledgeable and delivers what he promises. Extremely happy to have him as my broker.

Olla Elias

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Frequently Asked Questions

What's the difference between using My Finance Friends versus going directly to a bank?

When you approach a bank directly, you're limited to their specific loan products and pricing, regardless of whether they're the most suitable for your situation. As mortgage brokers, we provide access to loan products from multiple lenders, allowing comparison of rates, features, and lending criteria to find options that match your needs. We act as your advocate throughout the process, negotiating terms and handling communication with lenders. Our experience with different lenders' requirements means we can identify potential issues early and structure applications for optimal approval chances. We also provide ongoing service after settlement, monitoring your loan performance and market conditions to identify refinancing opportunities. Banks focus on their own products and targets, while our success depends on finding solutions that work for you. This includes access to specialist lenders who may approve applications that major banks decline, and wholesale rates that may not be available to direct applicants.

What documents do I need to provide when applying for a home loan through My Finance Friends?

The documentation required varies depending on your employment type and the complexity of your financial situation. Generally, you'll need recent payslips (usually the last two), tax returns from the previous two financial years, bank statements covering three to six months, and identification documents such as your driver's licence and passport. If you're self-employed, additional documents like Business Activity Statements, profit and loss statements, and accountant-prepared financial statements may be required. Property-related documents include the contract of sale or property details for refinancing applications. We provide you with a comprehensive checklist tailored to your specific situation and can advise on alternative documentation if you don't have standard employment arrangements. Our team reviews your documents before submission to ensure completeness and accuracy, potentially speeding up the approval process.

How do interest rates work and can My Finance Friends help me get a lower rate?

Interest rates are the cost of borrowing money and significantly impact your monthly repayments and total loan cost over time. Rates vary between lenders and loan products, with factors like loan-to-value ratio, employment type, loan amount, and relationship with the lender all influencing the rate offered. Our relationships with multiple lenders and understanding of their pricing structures help us identify competitive rate options for your situation. We can also negotiate with lenders on your behalf, particularly if you have strong financial credentials or are borrowing a substantial amount. Beyond just the interest rate, we evaluate the total cost of the loan, including fees, charges, and features that provide value. We explain different rate types, such as variable, fixed, and split rate options, helping you choose the structure that aligns with your financial goals and risk tolerance. Regular loan reviews ensure you continue to receive competitive rates over time.

How long does the mortgage application process typically take with My Finance Friends?

The timeframe for mortgage approval depends on several factors, including the lender's current processing volumes, the complexity of your application, and how quickly you can provide required documentation. Generally, most standard applications take between 7 to 21 business days from submission to formal approval. Pre-approval can often be obtained more quickly, sometimes within 3 to 7 business days, giving you confidence when house hunting. We work to expedite the process by ensuring your application is complete and accurate before submission, maintaining regular contact with lenders, and promptly responding to any additional information requests. For urgent situations, such as auction purchases or short settlement periods, we can identify lenders with faster processing times. We keep you informed throughout the process and provide realistic expectations based on your specific circumstances and chosen lender.

What does a mortgage broker do and how can My Finance Friends help me?

A mortgage broker acts as an intermediary between you and potential lenders, working to find suitable home loan options that match your financial situation and goals. At My Finance Friends, we assess your income, expenses, credit history, and property requirements to identify appropriate lending solutions from our panel of banks and non-bank lenders. We handle the application process, coordinate with lenders on your behalf, and provide ongoing support throughout the settlement process. Our role extends beyond just finding a loan - we educate you about different loan features, explain terms and conditions, and ensure you understand your obligations. This service can save you considerable time researching different lenders and help you avoid costly mistakes that could affect your borrowing capacity.

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Suite 3, Level 1, 19-21 Wentworth Street, Parramatta NSW 2150

0478466639

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My Finance Friends Ptd Ltd ABN: 73 643 473 894. Credit Representative Number 525231 of Australian Credit License Number 384704.

Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.