Home Loan Guide For First Time Buyers

Step 1: Get professional help

The most important step you’ll need to undertake is to speak a Mortgage Broker. After you’ve made an appointment make sure you listen to what they have to say, it may save you time and money.

Step 2: Budgeting

If you plan to purchase a property, it’s always essential to budget your finances and save, save, save. If you find yourself wondering where to start or how best to budget your monthly expenses, your Mortgage Broker can help you to get on the right path.

Step 3: Necessary documentation

Gather all your necessary documents to take to your finance broker, including:

  • recent payslips;

  • payment summaries

  • sufficient proof of id for each applicant;

  • recent bank statements

And details of:

  • any debts or loans to be paid;

  • recurring income (ie rental income, pensions etc);

  • your living expenses;

  • your current and previous address

  • your current and previous employers

Depending on your circumstances, your finance broker may need more information. Just ask.

Step 4: Important conversations

During your appointment with your Mortgage Broker, they will discuss your plans and your circumstances with you to determine what you can afford. Your adviser will also provide statutory documentation to initiate the lending process and work out for you what loan products will be appropriate in your circumstances.

Step 5:House & home research

Before you set out inspecting properties and measuring room sizes, it’s a good idea to first undertake some research. It’ll save you a lot of time and potential disappointment if you first research properties in your desired areas and using the information your adviser has given you. Remember, don’t place a deposit on a property until your adviser tells you that unconditional finance has been offered by a lender. A little work now can save a lot of disappointment later.

"Disclaimer: Your full financial situation would need to be reviewed prior to acceptance of any offer or product"

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