How much can you borrow?

The Australian Government offers a number of schemes to assist first home buyers, such as:
• A $10,000 First Home Owner Grant when building a new home valued under $750k
• Stamp duty exemptions for properties valued less than $600k
• Concessional stamp duty rates on properties valued at $600-750k
• Access to shared equity and 5% deposits through the Victorian Homebuyers Fund (VHF)
• Federal schemes, including the Home Guarantee Scheme, Help to Buy, and First Home Super Saver Scheme (FHSSS)

Rizon Finance specialise in this area as we understand it can be a challenge as not all lenders would consider these circumstances. We have access to niche lenders that accommodate this type of lending.

There are a variety of home loan products available, each with its own features and benefits. Some common types include:
• Fixed-rate loans: Offer certainty in your repayments over a fixed term.
• Variable-rate loans: Interest rates can fluctuate with market conditions.
• Interest-only loans: You only repay the interest on the loan for a set period, then begin repaying the principal amount.
We can explain the different loan options and help you choose the one that best suits your needs.

We certainly can. We help you navigate what assistance may be available to you as we understand getting your foot on the ladder as a first home buyer can be a difficult and daunting process.

We understand there are many reasons why people may experience forms of financial difficulty/credit problems and work with each scenario to understand them. Rizon Finance can speak to each lender to fight your case to secure lending.

The comparison rate is a more accurate reflection of the true cost of a loan than the advertised interest rate. It includes the interest rate as well as most fees and charges associated with the loan. Comparing the comparison rates of different loans will help you find the most cost-effective option.

Rizon Finance can understand your business and source great deals for Self-employed applicants.

There are many benefits to using Rizon Finance. Here are a few:
• Access to a wider range of lenders: Rizon Finance work with a large and reputable panel of lenders, so we can find you a loan that best suits your needs and financial situation, even if you don't qualify for a loan from your own bank.
• Personalised service: Rizon Finance take the time to understand your individual circumstances and goals, and then recommend the best loan options for you.
• Expertise in navigating the loan application process: Rizon Finance assist with all the paperwork and liaise with lenders on your behalf, saving you time and stress.
• Compliance: Rizon Finance operate in a highly regulated environment and provide recommendations. Therefore, we have a duty to all our clients to provide appropriate products in the best interests of our clients

The amount you can borrow will depend on a number of factors, including your income, expenses, savings, credit score, and the property value. We can help you determine your borrowing capacity and ensure you borrow responsibly.

The documents you will need to provide will vary depending on your individual circumstances and lender, but some common documents include:
• Proof of income (payslips, tax returns)
• Photo ID
• Bank statements
• Evidence of savings deposit
• Details of the property you are purchasing (contract of sale)
• Details of assets
• Statements for liabilities
Rizon Finance will provide you with a complete list of required documents once we begin working with you.

The loan application process typically takes 4-6 weeks, but this can vary depending on the complexity of your application and the lender's processing times. We will keep you updated throughout the process.

Don't despair! We can help you understand why your application was declined and work with you to improve your chances of approval in the future. This may involve improving your credit score, saving a larger deposit, or finding a guarantor.

Rizon Finance do not charge you any fees. We get paid a commission by the lenders. All commissions are disclosed and discussed upfront before you proceed with an application.

In addition to your mortgage repayments, there can be a number of ongoing costs associated with a home loan, such as establishment fees, account fees, and lenders mortgage insurance (if applicable). Rizon Finance will help you understand these costs and factor them into your budget.