One dream.

Living your dream is easy

Buying your first home is an exciting experience. It’s also one of the biggest commitments you’ll ever make.

Realising a major life dream like buying property is a lot easier with the support of people who’ve been there before you.

Come in and chat to one of Tassie Home Loans’ experienced and accredited mortgage consultants. We’re here to guide you through the whole process of buying your home, to make it as simple and clear as possible.

The benefits of owning your home

Owning your own home brings many wonderful financial and personal benefits.

There’s the advantage of replacing rent payments with a tangible investment in a property of your own. As your property increases in value, so will your financial security, independence, savings and tax benefits. Building equity in your property can also provide the finance for other investments or create savings to help fund your retirement.

Then there are the personal benefits—a place you can call your own, a secure environment for you and your family, and a house you can adapt to fit your personality and lifestyle.

The responsibilities of buying a home

To decide if home ownership is for you, it’s important to understand the risks and responsibilities of buying a home, as well as the benefits.

Buying a property will mean a significant financial commitment, so think about the effect this will have on your disposable income and your lifestyle. Most loan periods are between 25 and 30 years and you need to be sure you can service your loan payments and manage any increases in interest rates.

In the early years of owning your home, when your equity is low, the financial advantages to you are small. But as your equity increases, the balance will swing heavily in your favour.

Some questions to ask yourself

• Can I save for a deposit?
• How much can I borrow?
• Can I afford the repayments?
• What level of loan repayment can I afford if interest rates increase?
• Can I meet the costs of buying a home—stamp duty, legal fees, loan application fees, valuation fees, insurance premiums and other expenses?
• Can I meet the ongoing costs of home ownership, like home maintenance, land tax and council rates?

When you speak with one of our mortgage consultants, we’ll help you to understand all the benefits and responsibilities of owning your first home, to make this great experience as smooth and exciting as it should be.

You’ve found the home of your dreams, so what happens next?

The first simple step is to talk to Tassie Home Loans. We’ll guide you through every stage of the home buying process, from working out your finances, right through to taking possession of your new home.

How much can you borrow?

If the house you've chosen is to be sold at auction, you'll need unconditional finance approval before auction day. Our Borrowing Power Calculator can help you work out how much you can afford to borrow.

If you already know the purchase price of your chosen home, then our Home Loan Calculator can help you to work out the minimum weekly payments you'll need to service your mortgage.

You can also call 1800 672 198 to make an appointment with one of the Tassie team, and we'll work it out with you.

When you're working out how much you need to borrow, make sure to include some less obvious expenses, and think about your future plans and the impact they will have on your income:

• Is your job likely to change?
• Are you planning to start a family?
• What will be the ongoing costs of your new home, such as council rates, property maintenance and insurance?

Our professional mortgage consultants will help you understand all the costs you need to account for when you're buying a home, so you can be perfectly prepared.

Which loan is right for you?

This is where the advice of a Tassie Home Loans expert is essential. Is a fixed rate or variable rate home loan right for you? Perhaps you need a split loan or a low-documentation loan? What features do you need? How flexible does your loan need to be? What fees and insurances are involved? Will you need additional loans in the future for renovations or other contingencies?

We'll help you understand your options, so you can choose the best mortgage for your needs.

Applying for your loan

Once you've decided on the right loan for your needs, we’ll guide you through your loan application step by step, so you have the best chance of success with your chosen lender.

When your loan is approved, we’ll also help you with signing your loan contract and mortgage documentation and take care of the liaison between you, the lender and your solicitor.

Let us do the shopping for you

You know that you can afford to buy a house, but how do you find the home loan that's perfect for you?

Buying your first home is one of the biggest financial decisions you will make in your life, and you need to make sure that you get it right. Our job is to find you the very best home loan available.

Shopping around is easy when we do the shopping for you.

What can Tassie Home Loans do for me?

As a mortgage broker, we offer you the kind of choice that banks can't.

A bank will offer you the few mortgage products that it has available. Most banks and other fund providers have a limited range of home loans, each with their own benefits and disadvantages. These may be very good products but they may not be the best for you.

We offer you a choice of more than 20 financial providers and over 100 different home loans. We have no allegiance with any particular lender, so we can focus on finding the very best loan for you.

Imagine how long it would take you to visit every bank and lender and try to work out which of their products is the best for you. Once we have an understanding of your needs and your financial position, we can do that in just minutes through our on-line connection network.

How much will Tassie Home Loans cost me?

Our service is free. We do not charge a fee for our advice and assistance.

If you are successful in your loan application, we will receive a commission from the fund provider. If we can’t help you, then we get nothing.

How can I be sure I’ve got the best deal?

Our mortgage consultants take the time to fully understand your needs. We'll take into account your family circumstances, employment history, financial capacity and available funds before we begin our search. Then, we'll present you with your options, including all the pros and cons, so you can decide which, if any, is the best option for you.

The whole process is completely transparent and you are under no obligation to proceed.

Loan Calculators

To work out how much you can afford to borrow, use our Borrowing Power Calculator.

Or if you prefer to do your own calculations, write down all your weekly non-rent expenses, such as groceries, transport, utilities, credit card bills and personal loans. Total your weekly expenses and subtract this amount from your current net income.

The remaining funds will give you an idea of the amount you have available to spend on your mortgage repayments. Then you can use our Home Loan Calculator to work out how much you can afford to borrow.

Budgeting

Budgeting is an essential skill when you’re buying any kind of property. Working out your personal budget and sticking to it is the key to affording and maintaining a home loan.

A good budget will factor in all of your regular and irregular expenses, including household essentials, debts, transport, insurance, medical costs and personal spending.

Your Tassie mortgage consultant can give you essential tips on developing a budget that will help you get on track and get organised. You can also use our Budget Planner Calculator to get a start on your personal budget.

How much deposit will I need?

The maximum loan available is 95% of the property’s value. This is called the loan to value ratio, (LVR). The LVR is not based on the purchase price of a property, but on the value set by an independent valuer engaged by the bank. Many banks currently have a maximum LVR of 90%, but you will need at least 5% of the property value as a deposit. You'll also need to factor in additional costs associated with buying a home, when saving for your deposit.

What to take to the loan interview

Your interview with a Tassie Home Loans mortgage consultant will take around an hour. Having the right information with you will help make your loan application process simple and quick.

How does a lender assess my application?

A potential lender takes several things into consideration when assessing your loan application:

• How long you’ve been employed and whether you’re full-time, part time, permanent or casual
• Your income and employment history
• Your savings history and current savings
• A clear credit history
• If you’re refinancing, your loan repayment history
• Your capacity to repay the home loan and meet your financial commitments
• The amount you wish to borrow, against the value of the property
• Your level of asset accumulation.

First Home Owners Grant

The First Home Owners Grant provides eligible applicants with a one-off, $7,000 contribution towards the cost of buying or building your first home.

Get the right advice

As time passes your needs are likely to change, so it's important that the loan you choose gives you the flexibility you'll need in the future.

There are many questions to ask yourself when choosing the right home loan, including:

• What term should I consider?
• What frequency of payments should I make?
• How can I save on interest?
• What flexibility do I need?
• Is redraw available?

With so many things to consider, and so many home loan products on the market, making the right choice can be an overwhelming prospect. Getting expert advice from one of our accredited mortgage consultants will make all the difference in finding the home loan that's right for you now, and into the future.

HomeShare

HomeShare is a Tasmania Government initiative designed to help low and moderate income Tasmanians to buy their own homes. Eligible applicants may be able to reduce the amount they need to borrow by up to $50,000. HomeShare is a finance option available exclusively through Tassie Home Loans.