First Home Buyers

Are you investigating your options for purchasing your first home but don’t know where to start?

At EMC Finance, we have helped hundreds of first home buyers secure their first home. We guide you through the process, setting clear expectations and actionable goals to help you achieve this exciting milestone. Even if you’re not ready to buy now, we’ll work with you to create a tailored plan in securing your first home loan.

Our informative approach helps you understand what’s possible based on your current position while considering how your goals align with your lifestyle and future plans.

Enquire Now to start your journey with EMC Finance.

When seeking finance, lenders consider several factors to confirm your borrowing capacity. The “Three C’s” is a helpful framework to understand what to focus on:

• This relates to your credit report and banking history.
• Do you have a good credit score? Have you missed payments on liabilities or defaulted on debt?
• Learn more about credit reports on our Credit report page or contact EMC Finance for assistance in understanding your credit position.

• Capacity evaluates your income versus your lifestyle and future loan commitments.
• Budgeting is key: Understand the money coming in, your current liabilities, and your discretionary spending.
• EMC Finance can help you assess your income, spending habits, and borrowing ability. To explore on your own, try these tools:
  • Budget Planner
  • Savings Goal Calculator
  • Loan Repayment Calculator

• This refers to how much savings you can contribute as a deposit.
• As a first home buyer, government incentives can bolster your capital. EMC Finance will guide you through available schemes, please see below some links to different government schemes.
• first home buyers also can be provided assistance from parents, providing gifted funds or equity contributions from family/ investment homes under family Guarantees. At EMC finance we not only take the informative approach with you as the first home buyer but your parents too, if they choose to become guarantees to your Home loan.

Use additional superannuation payments to save for a deposit faster. Learn more here.

Each state and territory offer specific benefits for first home buyers stamp duty concessions or exemptions. EMC Finance will help you understand your entitlement to these benefits, however, please feel free to explore these options yourself.

• Victoria
• New South Wales
• Queensland
• Tasmania
• Western Australia
• South Australia
• ACT
• Northern Territory

Grants for building or buying new homes are available in most states and territories. Learn more here.

Allows you to purchase with just a 5% deposit while avoiding Lenders Mortgage Insurance (LMI). Additional options include Regional and Family Home Guarantees. This allows a smaller deposit with less fees when purchasing your first home. Learn more here.

This scheme offers government contributions toward your property, with programs like Victoria’s Homebuyer Fund. This scheme provides a abilty to purchase a first home with a smaller mortgage – HOWEVER the government then owns a portion of the property Learn more here.

• Budget: Review your budget, maximize savings, and prepare for potential higher repayments.
• Future Goals: Consider your long-term plans, such as starting a family, traveling, or investing. Your first home doesn’t have to be your dream home but a step towards it.
• Research: Explore the area you’re interested in. Look at recent property sales rather than just listings to understand the market.
• Pre-Approval: EMC Finance will help you secure the pre-approval from a suitable lender to confidently move forward with your first home buyer journey.

EMC Finance is here to guide you every step of the way toward securing your FIRST HOME.

With access to over 40 lenders, we provide a wide range of lending options to suit your unique needs. Contact us today to learn more, and we’ll tailor a solution specifically designed to help you achieve your dream of homeownership.

Want to understand further with general lending questions, go to our Q&A page.