Am I Ready For An Appointment?
Knowing when to see a Mortgage Broker to buy your first home can be confusing.

Here at Mortgage Choice in Toowoomba, we hope to make the experience of buying your first home as easy as possible.

By answering a few quick questions, this quiz may help provide a clearer picture of where you sit in your first home buying journey.

If your score is below 50, it sounds like you may not be ready to meet with a broker just yet. Refer to our helpful First Home Owner page on our website for guidance on steps to take to become purchase and home loan ready.

If you score 50 points or more, you are ready to book in your full broker meeting today! Go to our website for our booking portal and more information about our service: https://bit.ly/3aLQa2K.

If you encounter difficulties, please contact our office on 07 4638 8200.
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Deposit
As a general rule (without using any Government Grants or Schemes), you'll require a deposit of at least 8% of the purchase price plus purchasing costs (around $4,500 to cover legal fees, building & pest inspections, government fees, etc.). You may also need to pay Transfer Duty.

There may also be Federal Government Schemes that may help lower your deposit & avoid LMI, which we'll cover in Question 2.
There may be State Government Grants that may help contribute to your deposit, which we'll cover in Question 4.

If you do not have enough deposit, it is possible for family members to help out by providing you with a Family Guarantee. For more information, read here: https://bit.ly/3MdxWo6.
1a. Do you have AT LEAST a 5% deposit? *
Pro tip: To calculate what a 5% deposit is, first you need to know the property price. Take a 0 off the price, then halve that figure! E.g.: $400,000 = $40,000 / 2 = $20,000.
30 points
1b. Do you have a larger deposit of at least 20%? *
A larger deposit may help mitigate issues that lenders may have with other parts of your scenario. If you have a larger deposit, please book in a full broker meeting for specific advice. Pro tip: To calculate what a 20% deposit is, first you need to know the property price. Take a 0 off the price, then double that figure! E.g.: $400,000 = $40,000 X 2 = $80,000
40 points
Transfer Duty
The amount of Transfer Duty (formerly known as Stamp Duty) you'll need to pay depends on a range of factors, such as the value of the property, the type of property (e.g. owner occupied or investment) and whether you're eligible for a first home owner concession.

BEFORE answering the question below, find out how much Transfer Duty you'll need to pay (if any) here: https://bit.ly/3x85r5p
2. Will you need to pay QLD Transfer Duty? *
0 points
QLD First Home Owners' Grant
QLD first home owners may be eligible for the QLD First Home Owners' Grant (FHOG).

Currently, this grant is for $15,000, but is restricted to the purchase or construction of new dwellings valued below $750,000.

BEFORE answering the question below, read about the eligibility requirements here: https://bit.ly/3NhDgI6
3. Do you qualify for the QLD First Home Owners' Grant? *
Federal Government Schemes
The Federal Government currently has 2 different programs to assist home buyers. Each financial year, the Federal Government releases a limited number of positions in each scheme:

1. First Home Guarantee (FHBG & RFHBG)- Buying an existing property or constructing
2. Family Home Guarantee (FHG)- Single parents buying an existing property or constructing
 
Successful applicants do not have to pay for Lenders Mortgage Insurance (LMI)* so may only require a 5% deposit plus purchasing costs for FHBG and 2% deposit for FHG plus purchasing costs.
*LMI is a capitalised (i.e. added to your loan) insurance premium that borrowers who have a deposit less than 20% of the purchase price, need to pay.

BEFORE answering the question below, read about the eligibility requirements here: https://bit.ly/3Me5K4m
4. Do you qualify for any Federal Government Schemes? *
Credit History
Lenders will view a copy of your Comprehensive Credit Report as part of the assessment of a credit application.

To be viewed as a good applicant:
- Avoid having unpaid bills (immediately communicate with suppliers regarding any unpaid bills)
- Avoid PayDay Lenders (e.g., Cash Converters, Nimble)
- Avoid multiple credit/loan applications
Each of the above factors decrease your credit score, as lenders view them as an inability to manage your finances.

Get your free instant credit score calculation here : https://bit.ly/3xrbUIS.

You can also check your Comprehensive Credit Report for free. Equifax is not instant, but their full report is more accurate than an instant credit score, and more in-line with what lenders will view:  https://bit.ly/3GJ76TE

When you meet with one of our brokers, we also look at your credit report. However, unlike a lender, this is not classed as a credit enquiry, and as such, will not affect your score. Our brokers provide advice to help you select the right lender, avoiding multiple applications.
5a. What is your credit score band? *
10 points
5b. Have you had any of the following in the LAST 5 YEARS? *
10 points
Required
Borrowing Capacity
To accurately calculate your borrowing capacity, we require a full picture of your financial situation.

Unfortunately, this does take some time for you to gather/input all these details in our ‘Fact Find’ portal.

To get a ballpark figure of your borrowing capacity, check out the Mortgage Choice Borrowing Calculator here: https://bit.ly/3m97elE

NOTE: DO NOT ADD YOUR CURRENT RENT IN ANY OF THE FIELDS - THIS EXPENSE WILL CEASE WHEN YOU BUY A PROPERTY
6. Was the amount you were looking to borrow achieavable using the calculator? *
10 points
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