Perhaps you are not sure whether you are ready to buy a home!
Taking some small steps that will put you in the best position to secure a home loan is a great start.
An understanding of your finances, such as having a budget and knowing where you spend your money, gives you a clear direction and helps prove your eligibility to a lender.
Here are some steps you can take right now to prepare for your first home purchase.
- KNOW YOUR BUDGET
Keep track of your income and expenditure each month.
Create a budget that allows you to know exactly where your hard-earned money is going.
- START SAVING YOUR DEPOSIT
Banks usually require a deposit of between 5% and 20% of the purchase price. The amount of deposit you have will determine the type of home loan that is available to you.
- KEEP RECORDS OF YOUR RENTAL HISTORY
Demonstrating the ability to make regular rental payments over a period of time is an indication of your ability to pay your mortgage repayments.
- GET A COPY OF YOUR CREDIT REPORT
Your credit history is a significant factor in your eligibility for a home loan
To get a free copy of your Credit Report visit My Credit Report https://www.mycreditfile.com.au/
- AVAILABLE GRANTS
The First Home Owner Grant is available to first home owners to help them get into the property market. An eligibility criteria applies and you can find out more at www.firsthome.gov.au
- HOW MUCH CAN YOU BORROW
We offer a free service to our clients to determine how much they can borrow based on their personal situation.
- CONSIDER GETTING A PRE-APPROVAL
A pre-approval is an amount that lenders indicate they will lend to you based on your situation. Giving you confidence when you begin your property search.
Contact Trevor today on 0420 422 320 for more information on how we can help you get the right loan for your new property.
Helping you achieve home ownership & financial independence
Reach Lending Group is all about taking the journey with our clients to achieve home ownership and financial independence. We come highly experienced and offer a service of excellence to educate and equip you to reach your financial goals sooner.
Whether it be buying your first home or growing your investment property portfolio we walk with you every step of the way. Helping you with your budget, finding the best home loan solution for your individual needs, negotiating with your lender, keeping you informed along the way and taking care of all the time-consuming paperwork and processes involved.