Tips For First Home Buyers
Getting a home loan to buy your first home can be overwhelming, mainly because you are making a decision which could impact your life for decades.
However, it doesn’t have to be – getting in touch with a mortgage broker will make the search easier. He or she can answer all your questions, guide you through the home loan process and explain how the real estate market works.
The most important aspect of acquiring a home loan is doing thorough research.
You can never do too much research for a financial commitment like a mortgage – but if you don’t have time to personally do the investigation a broker can reduce your search time by doing initial work on your behalf.
Your broker can also advise if you may be eligible for any government grants or schemes for first-time buyers - these can vary from state to state and can change frequently, so it is important to get the right information from a reputable source.
As a guide, most lenders will look at your current living expenses and your income to determine what your borrowing capacity may be. They will also take into account any savings you have, as well as the size of your deposit.
Another way to figure out how much you can borrow is to use an online home loan calculator. This will give you an estimate of the size of the mortgage you may be able to take on.
For more detailed information on your situation, talk to a Loan Market mortgage broker today.