Home Loan Guide For First Home Buyers

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Step 1: Speak to ME!

Ok ok, as a first home buyer if you already have a trusted Finance Broker then make sure you call them first but the most important step you’ll need to undertake is to speak with a Finance Broker. After you’ve made an appointment make sure you listen to what they have to say. We do this stuff every day while this is the first time you’re going through the application process.

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, speak with your Finance Broker. We can help you to get on the right path as we know how lenders lenders work out how much you can borrow.

Step 3: Necessary documentation

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

  • payslips;
  • sufficient proof of id for each applicant;

And details of:

  • any debts, credit cards or loans to be paid;
  • recurring income (ie rental income, pensions etc);
  • your living expenses;
  • your previous address, if you have lived there for less than three years;
  • your previous employer, if you have worked at your current role for less than tow years.

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

Step 4: Important conversations

We will discuss your plans and your circumstances with you to determine what you can afford. We 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, always make the contract “subject to finance”.  A little work now can save a lot of disappointment later.

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