Waterstone Finance

First home buyers come in every shape and form. No matter your situation, we can usually find the finance option to suit – responsibly. Waterstone Finance can step you through the process, starting with a quick preliminary onsite evaluation, leaving you with more time and energy to dedicate to the fun stuff, like the design and finishes.

There’s no one-size-fits-all answer here, but there’s definitely a straight-forward way to find out with Waterstone Finance. We will evaluate your financial situation in a really stress-free approach, simply by reviewing your income, savings, current financial obligations and credit history to figure out your borrowing capacity and what you can comfortably afford. No awkwardness, no obligation.

What are the costs?

When you build a new house, there are some fees and charges on top of your builder's that you need to be aware of, which are charged by your bank or the Government. They include:

• Stamp duty on transfer of land
• Registration of transfer of land
• Registration of mortgage
• Registration of discharge of mortgage.

Your loan fees include:

• Application fee
• Package fee
• Settlement fees
• Title search fees
• Progress payment fees
• Lenders mortgage insurance

There may be additional costs you need to consider which are specific to your situation and it's important that you are aware of all the costs so that you can be best prepared for the journey.

Can I get the First Home Owner Grant^ (FHOG)?

The First Home Owner Grant is a very valuable opportunity to those who qualify, which includes first home buyers purchasing a newly constructed home that meets all the eligibility criteria. We'll step you through the criteria and submit the application on your behalf if you meet the conditions.

Are there any other savings or incentives available to first home buyers?

If you're a first home buyer the answer is an exciting yes! In addition to the FHOG, you might also be eligible for the first-home buyer duty reduction, which is also administrated by the State Revenue Office of Victoria. It's a stamp duty reduction of up to 100%, available to those who meet the eligibility requirements of the FHOG on house purchases of up to $600,000^

What home loan is right for me?

The home loan market is saturated with options to suit different lifestyles, budgets, hopes and dreams – it can be confusing to simply compare them all, let alone pick the right one. Waterstone Finance will undertake a comprehensive assessment of your financial situation to evaluate the best options for you. Some of the features they assess in choosing the right loan include:

• Interest rate
• Mortgage offset
• Redraw
• Ongoing fees

Can I get pre-approval?

In most instances, it’s better to know your budget before you make your selections, so getting pre-approval is highly recommended. You can get approval ‘in principle' prior to buying your home, only if you meet the certain terms and conditions.

_{^The $10,000 First Home Owner Grant (FHOG) and Victorian Stamp Duty Reduction of 50 per cent is available for eligible First Home Buyers of newly constructed homes on building contracts signed on or after 1 September, 2014 for homes valued up to $600,000. They are subject to First Home Buyer eligibility criteria. Visit sro.vic.gov.au for further information.}

More kids, pets, sleepovers, more socialising – life is a constant evolution and so to is the lifestyle within our homes, which is why sometimes it’s more realistic to consider upgrading over renovating. If you’re in the market to upgrade your lifestyle with a new home, here’s a few things to consider. 

How much can I borrow?

Your borrowing power will depend on a number of variables including your existing financial obligations, income, savings, credit history and current expenses. Don’t be afraid of them though, explore the possibilities and chat with Watersone Finance to see what options are available to you.

What are the costs?

In determining your capacity to borrow, it’s a good idea to have your current property valued by a bank or lender so you know how much it’s worth – this can attract a fee. Other costs to consider include moving fees, stamp duty, real estate agent fees and other associated costs.

How does equity work?

Equity is the cash you already hold in your existing home loan, which banks and lenders will assess when deciding the value and approval of an additional home loan. You can also use your existing property as security for your new home loan.

Can I get a relocation home loan?

A relocation home loan is a great option for customers with an existing property because it gives you the flexibility to buy land and build your new home before you sell your current home. We'll talk you through the ins and outs of relocation home loans including:

• Available types of relocation loans
• Relocation with No End Debt
• Relocation with an End Debt
• Interest rates
• Eligibility
• Repayments
• Loan terms
• Loan features
• Timing of selling your existing home

We'll also take you through the costs including:

• Application fees
• Settlement fees
• Valuation fees
• Interest
• Settlement fees
• Progress payment fees
• Lenders mortgage insurance

Looking to add another property to your portfolio or keen to start an investment portfolio? We highly recommend that you speak to your Accountant or Financial Planner for independent financial advice to ensure you’ve got a good investment strategy in place. Consider factors that will influence the purchase price, rental capacity and resale value, including:

• Where to buy
• What to buy
• Costs involved with buying land and building
• Positive vs. negative gearing
• Types of insurance required
• Maintenance of property