Buying your first home is exciting but it can also be a bit scary – not only do you need to find the right property, you also need to know you’re getting the right loan.
Which first home loan is best?
The sheer size of the Australian mortgage market can be intimidating for first time buyers and what is right for one person won’t necessarily be right for you.
Moreover, home loan jargon can be difficult for a first home buyer to understand, making selecting the right product all the harder.
But you don’t have to struggle through it on your own.
When it comes to finding the ‘right’ mortgage product for your first home, remember that no two people have the same financial situation. Nobody else has your income, your expenses or your goals.
A Choice mortgage broker has access to an extensive range of home loan products and can work with you to identify a loan that suits your needs. As an expert in home financing, they’ll also walk you through the jargon, making your home loan selection a much more comfortable process.
How much can I borrow?
Before going hunting for your new home, you should have a clear idea of how much you can borrow.
Once you’ve established your borrowing power, you can work out how much your repayments are likely to be and if you can afford them.
Knowing your borrowing capacity and your repayments before you set out means you have a clear budget to work with when it comes to negotiating with a vendor or putting in an offer.
Contact a Choice Home Loan broker today to find out what your borrowing capacity is.
Do I need a deposit to buy my first home?
Most Australian lenders have scaled back the availability of no-deposit and 100 per cent home loans. However in certain circumstances, it is possible to buy your first home without needing a substantial deposit – for example, with a guarantor.
Some banks even allow you to put the funds from your First Home Owner Grant toward paying fees and charges associated with your home purchase.
The best way to check whether you are ready to begin house hunting is to contact a professional mortgage broker. A Choice Home Loans broker can help you calculate and understand your full borrowing capacity. This will ensure you when you apply for your first home loan – it is one that suits your individual needs and gets you off to a great start.