First Home Buyers

First home buyers can get the help of an expert mortgage broker to compare home loans options before settling on the first home loan offered by their bank. Did you know that banks and lenders have different policies around lending to first home buyers? Home loan options and loan structures can vary between lender to lender and that’s why it is important to compare home loans.

If you are like most first home buyers you are excited about getting your foot in the door of your own home. You may also be a little uncertain of how the lending process works and don’t want to make the wrong decision. If so, you have arrived at the right place.

I think it is essential that you feel comfortable with all the information that is presented to you by your mortgage broker. I like to be comprehensive in my education, to make sure I find a competitive home loan product for my clients financial needs.

I will cover all of your questions to make sure you understand all aspects of your loan. Some of the common questions include:

  • How much can I borrow?
  • How much deposit do I need?
  • Am I eligible for the First Home Owner Grant?

There are over 1,000 home loan products available from a wide panel of 35 banks and lenders. The loan that’s most suitable for someone else may be completely wrong for you, that’s why it’s important to speak to me before you accept an offer from a bank. I will help you compare home loans to find the most competitive offer for your finance needs and unique lifestyle.

How Much Deposit Do I Need For A Home Loan?

The how much deposit do I need for a home loan question has to be one of the most frequently asked by first home buyers in home finance. Minimum home loan deposits vary between banks and lenders. As a first home buyer it’s best to save for a bigger home loan deposit and a savings plan.

Each bank and lender has its own lending criteria and rules around minimum deposits. Talking to an expert mortgage broker will put you at an advantage by saving you the legwork going from bank to bank you will know exactly which lender and product will suit your home finance needs.

Most banks and lenders will require a minimum deposit of 5 per cent of the value of the property you are purchasing, before they will approve you for a home loan. Depending on the lender and your individual situation, you may be able to fund your deposit from a range of sources, including genuine savings, monetary gifts, inheritances and first home owner incentives. However, most lenders will require at least a portion of your deposit to come from genuine savings.

If you don’t have the deposit required, you may be able to make use of family equity, also known as a limited guarantor loan. The most common form of family equity is where a family member, offers their existing property as security for a portion of the home loan, generally around 20%.

Defaults & Bad Credit?

Your bank has said no, well that’s ok as we may still be able to help.

Loan Market has a panel of over 35 banks and lenders and there are certain lenders who have more flexible lending criteria than others. I will help every step of the way, from application to approval. We negotiate with lenders who specialise in this area on your behalf to ensure you have every chance to get approved and sometimes it is just a common sense approach (yes I know that’s a rarity these days) that is needed by a bank or lender.

Your credit score might not be as bad as you think, and often, the most competitive solution for you might not be one you see advertised. I will identify the options available to you before an application occurs. This approach helps many of our clients get approved that are not straightforward. Making too many enquiries directly to banks or lenders can negatively impact your credit score, so it’s imperative you get the right information first.

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