Buy a home
Your job is to make memories in your new home, ours is to connect you to the best loan.
How we help
We have access to hundreds of loan options, negotiating the best rate for you (not the banks).
From mortgage insurance, stamp duty through to legal fees and more, we guide you through the entire home buying process.
Experienced, friendly financial advisors that go beyond home loans and work towards your best interests.
First home buyers
Buying your first home can be a stressful process, involving financial preparation, securing pre-approval, and understanding available government incentives. With an expert by your side, you can navigate these steps with confidence, allowing you to relax and fully enjoy this exciting life milestone.
How much can you afford to borrow?
Everyone has unique lifestyles and circumstances, making each loan distinctive. Whether you work casually, have recently started a new role, or have existing debt, obtaining the right advice can simplify your path to homeownership and make the process enjoyable.
Home Loan Guides
If it's your first home, or if it's time to renovate, refinance or invest, we're here to make it happen.
Get started with our free guides:
First Home Buyers Guide
Fixed vs Variable Loans
Interest Rate Rise
Investing Guide
Refinancing Guide
Why Use a Broker Guide
Explore our Calculators
Check out the Money Smart calculator to see how much money and time you could save on your mortgage.
Our Lenders
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Book a chat
Your privacy is important to us and Coastline Advice, which is part of Akumin. You may request access to your personal information at any time by calling us on (03) 5264 7700 or contacting Akumin on 1300 157 173. Information collected will be subject to Akumin’s Privacy Policy. You can also contact us or Akumin if you do not wish to receive information about products, services or offers available from us or Akumin from time to time.
Frequently asked questions
How do mortgage brokers determine your borrowing capacity?
Mortgage brokers determine your borrowing capacity by assessing your income, expenses, existing debts, credit history, and employment status. They review your pay slips, tax returns, and bank statements to verify income, calculate living expenses, and consider outstanding debts. Checking your credit report provides insights into your credit score and history. They also evaluate your job stability and employment history.
Using this information, brokers apply the lending criteria of various lenders to estimate how much you can borrow and assist in finding the best mortgage options for your situation. Want to know your borrowing capacity? Call 5264 7700 to speak to Coastline Advice Home Loans.
Pros and cons of buying a new home vs existing home
As a first home buyer in Australia, there are pros and cons to consider when choosing between buying a new home or an existing home. Buying a new home typically offers the benefit of modern amenities, energy efficiency, and fewer maintenance issues, often covered by warranties. New homes may also be eligible for government incentives like grants or stamp duty concessions. On the other hand, existing homes often have established neighbourhoods, larger land sizes, and potential for renovation or improvement.
They may also be closer to established infrastructure and public transport. However, they might require more maintenance and repairs. It’s essential to weigh these factors based on your personal preferences, financial situation, and long-term goals when making your decision.
Pros and cons of variable vs fixed interest rate
A fixed interest rate offers stability, with predictable monthly repayments that remain unchanged for a set period, typically 1 to 5 years or longer. This can provide security against interest rate rises, making budgeting easier. However, fixed rates usually start higher than variable rates and may come with break costs if you repay the loan early or switch to a variable rate during the fixed period.
Variable rates, on the other hand, fluctuate with the market, potentially lowering your repayments when interest rates fall. This flexibility allows you to make extra repayments without penalties and redraw funds if needed. The downside is that variable rates can rise, increasing your repayments unexpectedly. The choice between fixed and variable rates depends on your risk tolerance, financial goals, and expectations about future interest rate movements.
How much do I need for a down payment for a house?
In Australia, the amount you need for a down payment (known as a deposit) on a house typically ranges from 5% to 20% of the purchase price, depending on the lender and your financial situation. For most borrowers, a deposit of at least 20% is ideal to avoid paying Lenders Mortgage Insurance (LMI), which protects the lender if you default on the loan. However, some lenders may accept deposits as low as 5%, especially for first home buyers who may be eligible for government incentives such as the First Home Owner Grant (FHOG).
It’s important to budget for additional costs like stamp duty, legal fees, and inspection costs when saving for a deposit.
What are the ongoing costs of owning a home?
Owning a home comes with several ongoing costs that need to be budgeted for beyond the initial purchase. These include mortgage repayments (if you have a home loan), property taxes such as council rates, water and sewerage charges, home and contents insurance to protect against damage and theft, maintenance and repairs to keep the property in good condition, and utilities like electricity, gas, and internet.
Additionally, if you own a strata title property, there may be strata levies to cover maintenance of shared areas. It’s important to factor in these ongoing costs when budgeting for home ownership to ensure you can comfortably manage your finances.
Should I get a pre-approval before buying my first home?
Getting pre-approval for a home loan in Australia is important for several reasons. Firstly, it gives you a clear understanding of your borrowing capacity, allowing you to shop for properties within your price range and negotiate confidently with sellers. Pre-approval also demonstrates to real estate agents and sellers that you are a serious buyer and have the financial backing to make a purchase, potentially giving you an advantage in a competitive market.
Additionally, pre-approval can streamline the buying process by reducing the time it takes to secure financing once you find a property you want to purchase. It’s essential to note that pre-approval is not a guarantee of final loan approval, but rather an indication of your eligibility based on a preliminary assessment by the lender. Speak to one of our mortgage brokers on 5264 7700 to organize your pre-approval.
How do I improve my credit score?
Improving your credit score involves several key steps. Firstly, obtain a copy of your credit report to understand your current standing. Ensure all information is accurate and up-to-date. Next, pay bills and loans on time, as your payment history heavily influences your score. Keep credit card balances low and avoid applying for new credit unless necessary. Maintain a healthy mix of credit types, such as credit cards, personal loans, and mortgages, and don’t close old accounts as this can shorten your credit history.
Regularly monitor your credit report and address any errors promptly. Over time, responsible financial habits will improve your credit score, making you more attractive to lenders. To speak to a mortgage broker about improving your credit score, call Coastline Advice Home Loans on 5264 7700.
Can credit cards negatively affect my borrowing capacity?
Yes, credit cards can potentially affect your borrowing capacity in Australia. Lenders consider your credit card limits when assessing how much they are willing to lend you. Even if you pay off your credit card balance in full each month, lenders still factor in the credit limits as potential debt. High credit card limits can reduce your borrowing capacity, as they represent potential debt that you could accrue.
Additionally, if you have multiple credit cards with high limits, this can signal to lenders that you have access to a significant amount of credit, which may impact your ability to repay a new mortgage. It’s advisable to keep credit card limits as low as possible and avoid applying for new credit cards before applying for a home loan to maximize your borrowing capacity. If you are looking to buy a home speak Coastline Advice Home Loans on 5264 7700 to discuss how you can maximise your borrowing capacity.
What Coastline Advice Stands For
Authenticity
We are real people that genuinely want to see you achieve the future you want.
Connection
We are locals, living and breathing where we work and sharing a passion for our local community with our clients.
Outcomes
We partner with our clients to help them achieve their ideal lifestyle, whatever that may be.
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