Checklist for First Home Buyers
Looking for your first home or requiring some information regarding how to get your first home loan
?
Then don't worry and be a first home buyer by some outlined tips and hints on how to get your first home loan. Multiple Australians, young and old, are looking to buy their first home, but most of them don't know where to start or with what information.
Just go through the check list helping you in your first loan and make sure you don't miss anything.
How much amount can I borrow?
What are the estimated costs?
Which loan is right for you?
Pre-approval
Property search
Buying procedure
Your borrowing capacity often referred to as your "borrowing power", is basically how much you can borrow to finance your purchase and is calculated by a mortgage calculator.
Multiple points are provided to access your borrowing power, which may be your
- Income
- Savings
- Current financial commitment
- Credit history
- Living expenses
- Guarantors
After the rough calculation regarding your borrowing power, determine additional charges while applying for a mortgage. Because different charges and costs are required to be taken that you will need to factor in when getting your loan, which include:
- Deposit
- Taxes
- Stamp Duty
- Legal costs
- Insurance
- Registration fees on a mortgage
Multiple loans are available with different features and fees, but search for and classify the most suitable loan for you.
Few things must be considered by
first home buyers while deciding what loan to take:
- Can I make additional repayments without being charged extra?
- Can I make repayments through direct debit?
- Can I have a mortgage offset facility'?
- Can I redraw funds at any time?
If your loan has been approved in principle then it is termed as pre-approval, but required you have met lending prerequisites.
The pre-approved amount shows how much you will have available to purchase with.
Property search is the exciting bit! And now you have a better idea how much you can spend after pre-approval.
Some useful factors to keep in mind when selecting your property:
- Price changes in recent years
- Value of prices per suburb
Finally buying procedure - The most important step to home ownership.
And procedure is broken down into stages:
- Making an offer
- Contract of Sale
- Finalize loan: After pre-approval you can work on your loan through to the finalized stage by completing all of the necessary paperwork and then on to settlement.
- Settlement
Just search a capable mortgage broker to find your timing right while entering into the market. Make sure that you are choosing a loyal lending institution for securing first home buyers towards your first home. Mortgage brokers are proving to be a big help for buyer, where online mortgage applications are another excellent and time saving way of expediting tedious business transactions.
Checklist for First Home Buyers
By: Go4loans
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