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Bear Loans Comprehensive Guide for First Home Buyers

Purchasing your first home is an incredibly exciting milestone, but it can also feel overwhelming and stressful. Given that this is one of the most significant financial decisions you'll ever make, having a knowledgeable partner by your side throughout the journey is crucial to understanding each step of the process.

At Bear Loans, we prioritize your needs by providing the comprehensive support you deserve. From the moment you start your property search to the final settlement, we’re here to guide you. We advocate for you—not the lender—ensuring you secure the ideal loan tailored to your unique situation at the most competitive rate available.

As experienced financing professionals, our mission is to simplify the process, empowering you to navigate it with confidence and peace of mind every step of the way.

Buying your first home?

Calculators

Stamp Duty Calculator

Mortgage Repayments

Borrowing Power Calculator

Use our calculators to help you work out your repayments, borrowing power and stamp duty costs.

Government Grants and Schemes

As a first home buyer, you may be eligible for both federal & state government support. Click to see what you may be eligible for.

First home Buyer Schemes

1. Speak to a broker at Bear Loans to first access your borrowing power and assist you in obtaining a home loan pre-approval.

2. Start your property search

3. Hire a conveyancer/solicitor to check the contract to ensure there's nothing wrong with the property.

4. Now you're ready to make an offer.

5. Get a formal loan approval from the bank

6. Get a building and pest report or strata report

7. You are ready to sign the contract of sale.

8. Pay the deposit.

9. Organise Insurance to start on the day you settle

10. Pay Stamp Duty ( if applicable )

11. Settle on the property.

How do I buy my first property?

How much deposit do we
need to purchase a home?

While a 20% deposit is typically required when buying a property, the exact amount can vary based on the type of home loan, your financial strategy, and the lender you choose. If your deposit is less than 20%, Lender’s Mortgage Insurance (LMI) is usually required.

However, there are exceptions:

Guarantor Loans: With a guarantor, you may be able to provide a deposit of less than 20% and avoid paying LMI.
Specialist Loans: Certain professionals, such as those in the medical field, may qualify for loans that allow a 10% deposit without LMI.
Government Programs: Federal and state government schemes allow first-home buyers to secure a home with just a 5% deposit and avoid LMI.

Let's Work
Together

mail@bearloans.com.au

21 Hill St, Roseville , NSW 2069

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