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Guide for First Home Buyers

Purchasing first home property is a huge commitment. Challenge My Rates gives you full information and the best rates to go ahead. If you are buying a property for investment or purchasing a home to live in, our mortgage brokers will give you the best loan advice and guide you step by step through to settlement and beyond.

Is it Affordable?

Before applying for a loan you should know how much you can afford to spend. To know about borrowing capacity based on your current income and current interest rate you can use our borrowing calculator. When you consult mortgage brokers, you should be honest about your spending habits. To calculate monthly repayments based on the loan amount, you can use our monthly repayment calculator.

Saving Challenges

After getting an idea of how much you can borrow and how much to repay, you should practise saving the repayment amounts for 3 months. You will come to understand how repayments fit into your overall spending, and you will gain confidence.

Credit Rating

When buying any financial product including a home loan, your credit history is checked, regardless of whether you have a good credit history or not. Your mortgage broker will check your credit history for you and provide you the information about the types of loan you are eligible for based on your credit history or credit rating.


Most lenders require 5% of the purchase price to be saved as a deposit. If you have 20% of the purchase price saved than there is no need to pay Lenders Mortgage Insurance, which can be a large saving If you don’t have 20% deposit, a family guarantor can help you to reach that limit and avoid Lenders Mortgage Insurance.


If you have a family member who can act as guarantor and give security as guarantee over their property, then you may have no need for a deposit. You will still be responsible for repayments however.


You can invest in property by buying a home and then renting it out. It is not compulsory to live in your first home.


If you can’t afford to buy on your own and have a friend or family member in the same situation,  you could opt for a  loan together as a co-ownership. You can consult a lawyer who can make an agreement so that both owners are aware of their rights and responsibilities. If you are interested in co-ownership, consult a Challenge My Rates mortgage broker now.

Mortgage Broker

A Mortgage Broker can help you at every step of the loan process. They provide you suggestions on loans and give you expert advice on all things loan-related. They will give you loan options from a selection of lenders depending on your requirements, and do all of the associated paperwork for you.


You can apply for pre-approval for a loan, which is generally valid for 3 to 6 months. The advantage of pre-approval is that when you find your home you are ready to go. When you have chosen a loan according to your requirements and applied for pre-approval then your mortgage broker will be in much better position to negotiate with the lender.


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