Nervous about getting your first home loan?

If you’re dipping your toes into the mortgage space, but not sure of the next step; have you considered consulting an expert to do the comparisons for you? Most people are conditioned to assume that their bank is the only path forward when it comes to getting your first home, which may not necessarily be the case.

Getting the best home loan on the market today largely comes down to ensuring you have been given the chance to consider all options available to you.

Things you may want to understand more about could be the First home loan deposit scheme, certain deposit options including but not limited to: gifting, guarantors and limited guarantees.

Some lenders may also require Lender’s Mortgage Insurance which is something you may need to factor into the equation. Our role as your broker is to provide more information just like this.

Applying for what could possibly be a home loan for your largest purchase in life can be stressful, as we know there is a lot to take in. A great way to navigate this is to ensure that you have someone in your corner that will help educate you on the process, but buyer beware – make sure that they have the skills, knowledge and resources available to them before delving into the mortgage application process.

Reputable sites such as Moneysmart offer guides on interest rates, and how to effectively budget to ensure financial hardship doesn’t embark on the horizon. You’ll understand what’s important to have prepared before commencing an application. In some cases, preparation may take a few months to ensure you’re in the best position possible to proceed. Mortgage repayment calculators can play a huge role in helping you where to start.

Consider investing some time into discussions with people around you that you trust. Someone may have just gone through a mortgage application themselves, and have some insight as to how long it might take; and the hurdles that they had to overcome.

Keep in mind, a home loan application is a unique process suited to an individuals profile and it’s not a “one size fits all” case.

What we find is that most concern for first home buyers surrounds the application process itself; however the application is essentially only the first step. We don’t want to scare you off, but we’ve identified that there are 25 key steps that need to be taken to ensure that someone gets the best customer experience and home loan on the market. (Yikes, 25 steps)

Once pre-approved, property inspections, offers and negotiations must take place. If this is your first time, it’s going to be daunting, but this all leads back to leaning on support when required; a qualified and experienced broker will be able to guide you on how to achieve what’s in your best interest.

Let us help you- with over 50 different lenders on our panel, we’re sure to find you the best home loan product. Enquire now– We’ll do all the heavy lifting for you!