The first step towards owning your dream home is overwhelming and in order to simplify the process of buying your first home, Loan Solutions is your one-stop partner. Being a first home buyer, you might have some queries and that’s where we come into the picture. Our trusted mortgage broker can ease the stress involved throughout the process and help you get the right home loan to meet your tailored needs.
Are you ready to buy your dream home?
- Explain the Overall Process: Our broker can explain the steps and costs involved in buying a home and give you a clear picture of how much you can borrow.
- Assist You with Pre-Approval: If you haven’t yet found your dream home, our broker can organise a pre-approval so that you can search for your first home confidently, knowing your affordability.
- Seek Incentives: Plenty of government incentives are available for first home buyers in Australia. We can guide you on whether you are eligible for certain assistance schemes and save your time from complying with the lengthy paperwork.
- Help You Get Your First Home: When you finally proceed with your first home loan, our broker will help you with the paperwork and support you at every step towards the final loan settlement.
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Though following all steps are necessary when it comes to buying a house in Australia, the first one is extremely important. Here, you will need to take into account a few things that include what you can afford, what you are planning and your perspective towards spending.
The amount of your savings and your borrowing power determines how much you spend on a home. Besides, long-term planning is necessary to avoid financial constraints. So, this type of planning is important. So, how you plan will determine your financial situation in the future. Thirdly, how you spend will have a significant impact on your debt. So, before you invest in a house, make sure you are also securing your finances for the future.
Though it is your personal choice, mortgage brokers can give you some suggestions and case studies on how you can make the right decisions.
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Since the market is flooded with various types of loans, choosing the right one can be a tedious job. Nevertheless, a mortgage broker can get it approved.
However, you will also need to take interest rates into account, the time taken for the approval and how the lender meets those needs. Besides, a few other factors are also important such as the cost of the loan, interest rate, Lenders Mortgage Insurance (LMI), Stamp duty, FIRB (If applicable), solicitor/conveyancer’s fee and other optional cost such as building inspection, pest inspection and different types of insurances.
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You will need to deposit a sum of money if you want to buy your home with LMI. Generally, the minimum deposit you require is 5% plus LMI from your pocket, but if you have an 8.5%-9% deposit, you will save a certain amount from LMI.
Do you have a 20% deposit? You can skip the LMI cost entirely. Some lenders also offer no LMI for 15% or lower deposit, so it is always better to check with your trusted local mortgage broker about these options.
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Borrowing power calculators will only give you estimates depending upon various factors such as income, liabilities, dependents and job type or positions. In addition, how much you are willing to spend on your house is what matters most.
However, a professional can provide you with estimates of your borrowing power depending on your income and all other factors mentioned above.
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(Location, accessibility, needs depending upon your children’s future, job and other factors)
Buying a great property might not be everything, you would also need to consider various factors that might be worthy for what you will be investing your hard-earned income and deposit.
Factors such as location of property, whether the property is nearby to hospitals and school, shopping center, childcare, recreational areas and park which might be very significant factors for your children. You also need to re-evaluate if you are buying a house near an industrial area, right next to airports and busy streets and if that has an impact on your daily living environment or not.
You need to consider these factors since this will help you set your priorities straight, especially if you want to spend many years in that property.
Once you understand and set your priorities, it will help you search for and finalise the right property.
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Lastly, a good conveyancer or solicitor for the paperwork for your property.If you have consultants with you, they can help you with this job besides preparing pest inspection, building inspection and strata report.
Loan Solutions provide all these information to our valued client and guide them until the settlement is successfully completed. We have a panel of all these experienced professionals that can help you with smooth settlement.
