Loans for first home buyers in Alice Springs

If you’re considering becoming a first home buyer in Alice Springs, there are many questions you need answered before you make your final decision. The first and most crucial question being how much you can borrow and what your likely repayments will be. 

That’s where we can help, as our mortgage brokers at Outback Financial Services will do the legwork for you. We research and compare the wide variety of home loans available from Australia’s leading lending institutions, saving you time and often money. 

Being a first home buyer, you may be eligible for a first home buyer grant. This grant may be available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence for 12 months after settlement. As grant conditions vary from state to state, contact us to find out more about eligibility requirements in your state and how much grant money you could receive. 

We will also liaise with the lender. It’s our job to do the hard work so you can focus on finding the right home for you. We’ll be there every step of the way to guide you through the entire home loan process—from application to approval. 

Call us now on (08) 8952 1400 if you’d like to arrange a consultation to discuss buying your first home and how we can help streamline the process for you.

First Home Buyer FAQ Guide

We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you may be able to borrow, (subject to satisfying legal and lender requirements), with our selection of calculators. If you contact us today, we can help with home loan calculations based on your circumstances.

Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, which we can assist you with.

Usually between 5% – 10% of the value of a property, which you pay when signing a Contract of Sale. Call us to discuss your options for a deposit.

Go to our repayment calculator for an estimate. Because there’s so many different loan products available, some with lower introductory rates, let us work with you to find a loan that suits your needs and financial situation.

Most lenders offer flexible repayment options to suit your pay cycle. If you aim for weekly or fortnightly repayments, instead of monthly, you will make more payments in a year, which will shave dollars and time off your loan.

There are a number of fees and costs involved when buying a property. To help avoid any surprises, the list below sets out many of the usual costs:

Stamp duty—This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To estimate your possible stamp duty charge, visit our Stamp Duty Calculator.

Legal/conveyancing fees—Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.

Building inspection—This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection and you’ll then pay for it as part of their total invoice at settlement (in addition to the conveyancing fees). Pest inspection—Also to be carried out before purchase to ensure the property is free of problems, such as termites. Your Contract of Sale should be subject to the pest inspection, so if any unwanted pests are found, you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection and you’ll usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).

Lender costs—Most lenders charge establishment fees to help cover the costs of their own valuation, as well as administration fees. We’ll let you know what your lender charges, but generally allow about $600 to $800. Moving costs—Don’t forget to factor in the cost of a removalist if you plan on using one. Mortgage Insurance costs—If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable. Ongoing costs—You will need to include council and water rates along with regular loan repayments. It’s important to also consider building and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.

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