Are you ready to buy your very own home? While it’s good to start thinking about where you might like to live and how many bedrooms and garages you want, you’re usually better off speaking to a mortgage broker first.
Why? Well, with their years of experience and knowledge of the lending policies of a number of lenders and banks, they can tell you not only how much you can borrow and what kind of incredible interest rates you qualify for, but also provide you with a number of home loan options that best suit your situation.
The question is though, are you ready? Here are five good and bad habits of a first home buyer.
Good
- You know your borrowing power: Be prepared to apply for a home loan by finding out how much you can borrow.
- You have a good credit history: Generally speaking, this means that you have a small amount of debt, such as a car loan or credit card, and you’ve been making your repayments on time, every time. Use our calculator to find out how your credit score stacks up!
- You’ve saved up a 5% deposit to purchase a property: You don’t have enough for a deposit? Can your parents help you out with a gift?
- You’ve been working in the same place for at least six months: Have you just started a new job? You may still qualify for a home loan!
- You’ve gotten a pre-approval before looking for a home: Be prepared to apply for a mortgage and increase your chances of getting approved.
Bad
- You don’t have any genuine savings and you don’t have a guarantor: Discover how you can borrow 105% of the property price with a guarantor
- You have a bad credit history: We’re experts in bad credit home loans so we may be able to get your loan approved with a specialist lender!
- You’re buying in a remote area or an area with a fluctuating property market: Will the banks see your property location as a high risk?
- You’re buying a property that’s a little out-of-the-box: Click here to find out if the bank will accept your property type.
- You’ve found the perfect home but you don’t have pre-approval: Worst still, you’ve signed the contract of sale before getting pre-approved! Be sure to follow our step-by-step guide to buying a home so you don’t miss out on prime real estate.
What makes an A+ borrower?
You’ve gone to a mortgage broker, they’re properly assessing your situation and suggesting the best home loan option for you from their panel of lenders: Did you know that Home Loan Experts operates Australia-wide and most of the time our services are free?
Buying a home doesn’t have to be complicated. Call us now on 1300 889 743 or fill in our free assessment form to speak to an expert in first home buyer home loans.