How To Choose Your First Home Loan
The key to finding the perfect home loan is to first look at your own finances and find out how much you will need to borrow to get yourself the property of your dreams.
One of the questions on almost every first home buyer’s lips is ‘How much do I need for a deposit?’
This answer could determine your search through a range of home loans.
As a rough guide, if you are going to be living in the home you are buying you will generally require a minimum of a five per cent deposit, whereas if you are investing in property you are likely to need between five and ten per cent of the purchase price.
A proportion of your home loan deposit will need to come from savings – however as a first home buyer there are a few other monetary sources available to help you.
The First Home Owners Grant is one option. The criteria can be quite specific – and can vary from state to state - so if you want to take advantage of this option, contact a mortgage broker for advice.
It could also be beneficial for you to look into the other incentives schemes your state may offer to you as a first-time home owner.
For more detailed information on your situation, talk to a Loan Market mortgage broker today.