First Home Buyer Loan
If you need a First Home Buyer loan, we can help you.
Helping people to buy their first home is one of the most satisfying parts of being a mortgage broker. Seeing people escape the rent trap and move into their own property, is very rewarding.
To help you get your first home buyer loan, here are 3 things you will need.
Good Credit History –
Before lending you hundreds of thousand of dollars, lenders will look at your Credit File to ensure you have a sound credit background.
It’s a good idea to check your credit rating before applying for a home loan to get an idea of where you stand. You can do this through private credit reporting agencies such as Veda.
A Deposit –
To purchase a home, you will need to pay a deposit and any costs that may be associated with buying your home. The amount you will need for the deposit is typically 20% of the purchase price. You can sometimes get loans with as little as 5%, depending on the lender.
You can find out more about how much deposit you will need here.
Income to service the loan –
Lending institutions will want to see your proof of income, to ensure that you can make the loan repayments. If you’re a PAYG employee, this will include your payslips, and if you’re self-employed this will include your most recent tax returns.
If you have questions and would like to talk to someone who can help you. Why not book a phone consultation with one of our first home buyer loan experts at a time that suits you! Just click on the button below to get started.
Book a Chat to discuss your first home buyer loan!