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First Home Buyers
Don't Sign Anything!
The biggest mistake we see first home owners make is not obtaining pre-approval from their bank or lender before they sign a contract. By obtaining a pre-appoval prior to shopping for your new home, you know exactly how much you can borrow, where you can buy, most importantly how much your repayments will be.
By obtaining your pre-approval firstly you can shop around with confidence, knowing that your chosen lender has already basically approved your home loan. Most pre-approvals last for three months which gives you time to find a suitable property. Pre-approval is cost free and gives you the peace of mind every first home buyer should have when shopping for their new home. Talk to Revive today or apply online, it couldn’t be easier!
First Home Owners - What type of home loan suits you?
The amount of loan options available to the first home buyer can be described as nothing but confusing. To make things a little simpler we have outlined the major loans available to the first home owner below. As you’ll see everything is about deposit when buying your first home, the more you have, the easier it is.
106% Home Loans
These loans allow you to borrow the full purchase price of the home plus the settlement costs. To qualify for this loan you must have a very stable work history and a clean credit history. These loans are only available in strong regional areas and city locations, they are quite postcode restricted.
Find out more, use our quick quote.
100% Home Loans
You can borrow the full purchase price of your new home. The qualifying guidelines for this loan are the same as above and still quite strict, but it is more so designed for the client whom wishes to pay for their own settlement costs by using the FHOG (First Home Owners Grant) and/or their own funds. It is also postcode restricted.
To find out if you qualify use our quick loan quote option.
97% Home Loans
If you have saved a minimum of 3% deposit there are some great loans available to you. Most banks and non banks lenders have 97% products but some are far better than other. Many will allow you to add the costs of the loan etc to the end loan amount, others will not. Your savings must come from genuine savings and can not be a gift or from the sale of an asset.
For more information contact us today.
95% Home Loans
If you have 5% deposit or more you will have access to a huge range of home loan products and lenders. If your 5% deposit is from another source other than genuine savings, such as a gift or the sale of an asset you will have access to near all the same products minus a few lenders who do not lend in this situation.
Call us today and get the right loan.
90% Home Loans
Once your deposit starts to increase, your lending capabilities become much stronger and much more flexible. It doesn’t mater where your deposit comes from and quality home loan products are available to you from all lenders.
To find the right home loan to suit you talk to our consultants live online today.
80% Home Loans
The world is your oyster! Once you have 20% deposit or more lending becomes very simple. No mortgage insurance is required and the lenders become very flexible. There are minimal postcode rules and restrictions in this situation. There are 100’s of loan options available to you.
Call us today to find the one right for you.
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