Guide For First Home Buyers
Applying for your first home loan can be a daunting and exciting experience all at once. There are so many questions…
- How much you can afford to borrow? At what rates and how much deposit is required for your mortgage?
- Which type of home loan is right for you? What home loan features you might need and what miscellaneous costs may be involved?
- What are Governmental First Homeowner grants? What are the benefits and concessions, and do you qualify?
- What if you do not have sufficient funds for the deposit? Can another family member’s home be used to reduce or eliminate your home loan deposit? Guarantor home loans may be an option for you.
But worry not! Our dedicated brokers are here to guide you through the process, answer any questions you may have (big or small), and provide our expert opinion to ensure you get the most out of your purchase or investment.
Guide For First Home Buyers
Borrowing Capacity
But worry not! Our dedicated brokers are here to guide you through the process, answer any questions you may have (big or small), and provide our expert opinion to ensure you get the most out of your purchase or investment.
There are 3 main financial sources that lenders will be establishing your creditworthiness and that would be your income, expenses, and credit score.
If you do not have a steady form of employment, you might have to showcase that you have a reliable history of saving.
And while a lender may be prepared to loan you up to the standard 80% - 90% of the home price, you’ll also need to ask yourself “How much am I willing to spend monthly on a 30 to 35-year mortgage?” There is much to consider – fluctuation of interest rates, unforeseen circumstances, changes in standard of living, and much more.