First Home Buyers
So, you’re looking to buy your first home?
We understand this is a very exciting, yet big step to take and one that comes with many questions; Particularly when it comes to finance.
Where do we come in?
- We help you secure finance to purchase your first home
- We help you understand your borrowing power, deposit requirements and eligibility for government grants and schemes
We have no ties to any one lender. In fact, we compare a wide range of loan options across different banks to find what suits you
We provide you clear, jargon-free guidance and support, so you actually understand what’s going on
- We keep you updated along the way, so you’re never left wondering what’s next in the process
- We do the hard work for you from start to finish, so you can think about more exciting things, like planning that big house warming party!
What does a Mortgage Broker do exactly?
Let’s set the scene… Imagine the time has come to fly the coop, move out of your rental or take that next big step with your significant other. Cue house hunting!
But before you get too excited, chances are you will need to arrange your home loan finance before you can move into your first home. That’s where we come in. Think of us as the “middle man” between yourself and your chosen bank.
We work with you to understand your financial situation and then evaluate loan options that are appropriate for your needs. Unlike the banks, we have a duty to act in your best interest, so you can be confident our recommendations will be tailored to you.
We step you through the process from collecting relevant documentation required by the bank, to submitting and managing your finance application, all the way to settlement and beyond, all while keeping you updated at every stage.
Here to support you every step of the way
This should be one of the most exciting times of your life and the team at Achievement Finance will help take all of the complications and frustrations out of the finance process, so that you can move into your new property quicker.
Whether you are looking to build, buy off the plan or move into an established home, we have all of your finance needs covered. No tricks, no dramas, just a proven track record that you can trust.
Questions? Visit our FAQs below.
WA Government Grants & Schemes
First Home Owners Grant (FHOG):
The FHOG is a one-off payment of up to $10,000 for eligible applications from people buying or building their first new home.
This grant may be available to Australian citizens or permanent residents, and there are no income or assets tests to qualify for the FHOG.
First Home 5% Deposit Guarantee:
The First Home Guarantee supports home buyers who have saved a minimum deposit of 5% of the Property Value (and meet other eligibility criteria), to buy a home. Housing Australia provides a Guarantee to the Participating Lender to enable you to borrow up to 95% of the Property Value. No place limits or income caps. In WA, this is currently $850,000 for Capital City area and $600,000 for other areas.
Contact us now to find out more about the different Government Grants & Schemes, and whether you are eligible to apply.
EXCELLENT
Based on 172 reviews
Posted on Google
Nelson PellegrinoI had a terrific experience with Terry and the team at Achievement Finance. They were very professional and helpful throughout the purchase of my first home, with great communication and advice along the way. They also helped me through the process of removing the guarantee from my parent’s house, which made things so much easier. Would definitely recommend Terry and the team!
Owner's reply
Thanks for your lovely review Nelson! It was a pleasure helping you with your home loan, and then being able to remove the parental guarantee so soon after - such a great outcome 🎉Posted on Google
Chris BeattyAchievement Finance recently helped me sort out both my home renovation and investment property refinancing, and the whole experience was genuinely impressive. Terry’s experience really showed — well considered options and everything explained in a way that made the decisions straightforward. I particularly liked the Credit Proposal document. It broke down the reasoning behind each recommendation clearly and made the whole process easy to follow. The Application/Approval dashboard software was brilliant — being able to see exactly where my application was at, in real time, was a great help with juggling other plans reliant on the credit. Danielle’s support throughout was exceptional. She was proactive, reassuring, and always on top of things, which made the entire experience smooth from start to finish. I highly recommend Achievement Finance.
Owner's reply
Thank you for your kind words, Chris. It was a pleasure working with you and we are very happy to hear you felt well supported throughout the home loan process. Hope all is going well with the renovations!Posted on Google
Mark AylmoreTerry and his team were very helpful and efficient in organising our loan
Owner's reply
Thank you Mark - it was a pleasure assisting you and Patricia with your home loan!Posted on Google
Sonia Ruiz PérezWe were recommended Terry at Achievement Finance by one of our closest friends, and it turned out to be one of the best recommendations we’ve ever received. It took us almost two years from the moment we first reached out to Terry until we finally purchased our home, and throughout that entire journey he was incredibly patient, supportive, and always available to answer our many questions. As first-home buyers from overseas, the Australian home-buying process was completely new to us, but Terry took the time to explain every step clearly and made sure we always understood our options. Terry is an outstanding professional with an exceptional work ethic and extensive knowledge of the industry. What impressed us most was that we never felt like just another client—he genuinely had our best interests at heart and always provided honest, and transparent advice. We couldn’t have asked for a better mortgage broker, and we are so grateful for all of Terry’s guidance and support. We would recommend Terry and Achievement Finance without hesitation to anyone looking for someone they can truly trust.
Owner's reply
Hi Sonia, thank you so much for your incredibly kind words! Buying your first home in a new country is a huge step, and we're grateful you chose us to be part of that journey. It was a pleasure helping you and Eric over the past two years and we're delighted to see all your patience and hard work pay off. Wishing you both every happiness in your new home! 🏡Posted on Google
mason staceyTerry was very helpful as a first home buyer with any questions didn’t hesitate to always ring up definitely gave a easier in-site to buying 👍
Owner's reply
Thanks Mason! Was a pleasure assisting you with understanding your borrowing capacity to purchase your first home.Posted on Google
AlexEmzLuke, Terry and the rest of the team made the process of buying my first property a breeze. They had great options that were best suited to my situation, and kept me in the loop every step of the way. Couldn’t recommend them enough!
Owner's reply
Thanks Alex 😄 Congratulations again on your new home! 🏠🎉Posted on Google
AidanAnother successful deal done thanks to Terry, Luke, Danielle and the team. Their knowledge and expertise are second to none, and the communication was excellent the whole way through, with regular updates keeping us informed at every step. Highly recommend.
Owner's reply
Hi Aidan, we appreciate your lovely review. It's always a pleasure working with you and Ishbel. Congrats again on this exciting new chapter!Posted on Google
Jeanine MurphyI recently completed a refinance through this company and was extremely impressed with the level of communication, professionalism, and support throughout the entire process. The refinance was quite complex, however the Terry and the team took the time to clearly explain every step, provide sound advice, and ensure I fully understood my options before making decisions. Their communication was excellent — prompt, transparent, and reassuring during what could have otherwise been a stressful process. I particularly appreciated their attention to detail, responsiveness to questions, and ability to navigate challenges efficiently. The guidance and advice provided made the process feel seamless and well managed from start to finish. I would highly recommend this company to anyone looking for knowledgeable, trustworthy, and client-focused refinance support.
Owner's reply
Wow such a lovely review, thank you Jeanine! We appreciate your kind works and it was a pleasure assisting you with your home loan refinance. We look forward to working with you again in future 😃Posted on Google
Jack SheppardGiven our loan was not a straightforward one. Terry and the team certainly made a complex situation feel achievable and as easy as it could be made for us. Throughout the whole process the team has taken the time to inform us of all we needed to know and really provided us with a great service. Thank you again for all your help guys.
Owner's reply
Thank you so much! It was a pleasure assisting you with your construction home loan. Wishing you all the best with your build 🏡Posted on Google
Lovina GowryBoth Terry and Danielle are very meticulous and have always been on the top of things. Finances are very complicated usually for non finance individuals like us and we want things easy - both of them are extremely effective and prompt. I would definitely recommend them.
Owner's reply
Thank you Lovina for your lovely review! Our job is to make the home loan process as streamline and stress-free as possible for you 😊 Wishing you all the best, and look forward to working together again in future.
Questions?
We have answers.
A mortgage broker is a licensed professional who serves as an intermediary between borrowers and lenders. They assess the financial circumstances of borrowers and connect them with suitable mortgage products offered by various lenders. Brokers facilitate the mortgage application process, offering personalised guidance and assistance to help clients secure competitive loan terms tailored to their needs.
While both mortgage brokers and finance brokers assist clients in securing loans, there are key differences in their areas of expertise. Mortgage brokers specialise in sourcing home loans, assisting clients with purchasing or refinancing residential properties. On the other hand, finance brokers provide a broader range of financial services. On top of mortgage loans, they also provide assistance with personal loans, car loans, business loans, and equipment financing.
$0. Our services come at no cost to you – This is because we are paid a commission by the bank of your choice once your loan has settled. This means you benefit from our expertise and support without an additional out-of-pocket expense.
In the (very) rare event that a fee-for-service is required, we will notify you upfront.
Yes, contacting a mortgage broker before you begin house hunting is recommended! Doing so allows you to gain valuable insights into your borrowing capacity and the mortgage options available to you. By understanding your financial situation, you can establish a realistic budget and confidently explore properties within your price range. This proactive approach not only streamlines the homebuying process but also puts you in a stronger negotiating position when making offers on properties.
The amount of deposit required to buy a home typically depends on several factors, including the purchase price of the property and the lender’s requirements. Generally, most lenders require a deposit of at least 20% of the purchase price. However, there are options available for borrowers with smaller deposits, such as utilizing lender’s mortgage insurance (LMI). It’s essential to consult with a mortgage broker to determine the deposit amount needed based on your individual circumstances and to explore available options tailored to your needs
A very brief overview, just so you get the gist.
- Financial preparation: Assess your finances, including saving for a deposit and speak to a mortgage broker
- Property search: Identify your preferences and criteria for a home, then research properties that meet your needs.
- Property inspections: Attend open houses or arrange private viewings to inspect potential properties.
- Making an offer: Work with your real estate agent to make an offer on a property that aligns with your budget and preferences.
- Contract & conveyancing: Review and sign the contract of sale, and engage a settlement agent to handle legal aspects of the purchase.
- Finance approval: Finalise your mortgage application and secure formal approval from your lender.
- Settlement preparation: Coordinate with your settlement agent to finalise the purchase and transfer ownership of the property.
- Move-in & settlement: On settlement day, pay the remaining balance and collect the keys to your new home.
- Post-purchase: Settle into your new home (house-warming!), arrange any necessary repairs, and update your address with relevant parties.
Here is a list of some of the documents required to apply for a home loan (But don’t worry, we’ll guide you through as these documents are required throughout the process!)
• Proof of identity: Valid driver’s license, passport, or government-issued ID.
• Proof of income: Recent payslips, tax returns, and employment contracts.
• Bank statements: Typically covering the last 3-6 months to verify savings and financial stability.
• Employment details: Confirmation of employment from your employer, including length of employment and salary.
• Proof of address: Utility bills, rental agreements, or other official documents showing your current residence.
• Property documents: Contract of sale, property valuation report, and any related documents from the seller.
• Financial details: Details of assets (e.g., savings, investments) and liabilities (e.g., debts, loans).
• Credit history: Your credit report, providing insight into your borrowing and repayment history.
• Other income sources: Documentation for additional income sources, such as rental income or investments.
• Any additional documents requested by the lender to support the loan application.
Finance Terminology & Jargon
Explained. Simply.
A lender is an institution that provides funds to borrowers (that’s you) with the expectation of repayment. In the context of mortgages, lenders typically include banks, credit unions, mortgage companies, and other financial institutions.
An interest rate is the percentage charged by a lender to a borrower for the use of borrowed funds, expressed as a proportion of the principal loan amount. The interest rate directly impacts the total amount of interest paid over the life of the loan, thus influencing the overall cost of borrowing.
Interest rates can be fixed, meaning they remain constant throughout the loan term, or variable, meaning they can fluctuate based on market conditions.
Borrowers with higher credit scores and stronger financial profiles typically qualify for lower interest rates, while those with lower credit scores may be offered higher rates to compensate for the increased risk to the lender.
A product refers to a specific loan or financial product. Products include different features such as fixed or variable interest rates, loan terms, repayment options, and additional benefits like offset accounts or redraw facilities.
Products are designed to accommodate borrowers, from first-time homebuyers to property investors.
Understanding the features and terms of different lender products is essential for borrowers when comparing options and selecting the most suitable loan for their individual circumstances (*hint hint*, that’s where we come in – we help you compare and understand the most suitable product for you).
Borrowing capacity refers to the maximum amount of money a lender is willing to lend to you based on your financial circumstances, including income, expenses, assets, liabilities, and credit history.
Lenders assess borrowing capacity to determine the amount they are comfortable lending to borrowers while ensuring they can comfortably meet their loan repayments. Understanding your borrowing capacity is essential when considering buying a home, as it helps you determine a realistic budget and choose loan options that align with your financial goals and capabilities.
Serviceability refers to your ability to comfortably meet your loan repayments based on your income and financial commitments.
Lenders assess serviceability by comparing a borrower’s income to their existing expenses, including living costs, debts, and other financial obligations. The goal is to ensure that borrowers have sufficient income to cover their loan repayments without experiencing financial hardship.
Ultimately, demonstrating strong serviceability increases the likelihood of loan approval and provides confidence to both borrowers and lenders in managing their financial obligations responsibly.
Lenders Mortgage Insurance (LMI) is a type of insurance that protects lenders in the event that a borrower defaults on their mortgage loan and the sale of the property doesn’t cover the outstanding loan balance. It is typically required for home loans where the borrower has a deposit of less than 20% of the property’s purchase price. LMI allows borrowers with smaller deposits to access home loans, as it mitigates the risk for lenders by providing a financial guarantee against potential losses. The cost of LMI is usually paid by the borrower and can be included as part of the loan or paid upfront. It’s important to note that LMI solely benefits the lender and does not provide any coverage or protection for the borrower.
Stamp duty, also known as transfer duty or conveyance duty, is a tax levied by state and territory governments in Australia on the sale or transfer of certain assets, including real estate properties. The amount of stamp duty payable is typically calculated as a percentage of the property’s purchase price or market value and varies depending on factors such as the property’s location, type, and value. Stamp duty is payable by the buyer and must be paid within a specified timeframe after the property transaction is completed. It’s an essential consideration for homebuyers as part of the overall cost of purchasing a property.
A fixed-rate mortgage is a type of loan where the interest rate remains constant for an agreed-upon period, usually between one to five years. This means that your repayments remain the same each month, providing certainty and stability. In contrast, a variable-rate mortgage has an interest rate that can fluctuate over time in response to changes in the market. Variable-rate mortgages may offer flexibility and the potential for lower interest rates initially but can result in fluctuations in repayment amounts over the loan term.
Principal & Interest (P&I) refers to the two components of a mortgage repayment. The principal portion of the repayment goes towards paying down the original loan amount, while the interest portion covers the cost of borrowing money.
In the early years of a mortgage, a larger proportion of the repayment goes towards paying interest, with the principal portion gradually increasing over time. This results in a gradual reduction of the loan balance. P&I repayments ensure that the loan is fully repaid by the end of the loan term.
Loan-to-Value Ratio (LVR) is a financial term used by lenders to assess the risk of a mortgage loan. It represents the ratio of the loan amount to the appraised value or purchase price of the property, expressed as a percentage.
For example, if you’re buying a property valued at $400,000 and you’re borrowing $320,000, your LVR would be 80% ($320,000 / $400,000 * 100).
LVR is an important factor for lenders because it helps them determine the level of risk associated with the loan. Generally, the lower the LVR, the less risk for the lender, as there is more equity in the property. Borrowers with lower LVRs may be eligible for lower interest rates and may not be required to pay Lenders Mortgage Insurance (LMI).
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