So you have scraped, saved hard and gone with out. You have the deposit you need and you’re ready to go shopping.
Please use your head first and not your heart. Firstly, you should get your home loan pre-approved before you even think about going shopping for your new home. This way you know what amount you can borrow prior to purchasing and its great peace of mind knowing you already have your finance in place.
We could not start to tell you how many first home purchases have fallen over due to the purchaser not obtaining pre-approval first. When they find that they can not get the finance they need, it is a heartbreaking experience and in some cases a costly one. It’s not a good feeling, so be smart and get pre-qualified before you buy. |
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There is an array of home loans out there for the first home buyer, but at the end of the day it all comes down to how much deposit you have and how much income you earn against your expenses.
The preferred minimum amount required by all lenders is still 5% deposit but this can come from any source and does not necessarily have to be genuine savings any more. If your deposit is genuinely saved however all the better as all banks and lenders and more importnantly Mortgage Insurers love genuine savings.
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If you are lucky enough to have more than 5% deposit or more there are many more home loans options available for you to choose from, hundreds actually. Also your overall purchasing costs will be much less.
Buying your first home can be complex and stressful. If you would like the right home loan advice and learn more about buying your first home, simple contact Revive Home Loans. |
For an obligation free chat about your home loan needs simple use our live chat option and talk to one of our friendly consultants live online now, or fill in the free home loan quote form online and one of our friendly staff will email or call you with the information you need at a time suitable to you. If you would like to talk to some one directly please call our home loan help desk on 1300 659 589 anytime during business hours.
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