First Home Buyer

As a First Home Buyer, it can be an exciting but also a stressful time.

One way to make the process less stressful is to use an experienced mortgage broker.

Going to your local bank may not be the best course of action.

Their goal is to promote their limited range of products and their company.

Also keep in mind, each lender has their own criteria for accessing your loan application and generally there can be a difference of up to $50,000 in the loan amount they will provide between different lenders using the same income and commitments of the applicant.

What this means to you, is your local bank may not lend you enough to buy that dream home and if you are not aware of other alternatives you may settle for less than you have to.

Where with a mortgage broker they represent many different lenders and you are exposed to multiple mortgage products.

In fact, up to 51% of consumers who take out a mortgage in Australia use the services of a Mortgage Broker.

When you consider there are over a thousand mortgage products to choose from, and scores and scores of different banks and lenders offering all sorts of packages, it can be confusing and overwhelming with so many choices.

After all, unless you are an industry expert, it could mean in a few years down the track you could find the mortgage you chose today does not meet your changing circumstances.

The only thing any of us can predict with 100% accuracy about the future is that things will change.

And those changes can have a profound effect on the home loan you choose today.

A mortgage broker will advise, support as well as save your time, inconvenience, make you aware of your entitlements as a First Home Buyer and possibly save you some money.

Considerations

  • Entitlements (First Home Owner Grant, Stamp duty discount or exception)
  • Your budget
  • Property price range
  • Your deposit
  • Standard costs (Government, Lender, Conveyancer)
  • Organize a Home Loan Written Pre-Approval (How much will the Lender approve)

Related content