HOME LOAN TIPS

 

2020 has been a tough year for many people, but the crazy thing is that even during a pandemic, home ownership has been on the rise and so competition is driving up property prices across Australia.

Here are a few of my tips to help get you into home ownership:

 

APPLY FOR A PRE-APPROVAL – WHAT IS A PRE-APPROVAL:

By submitting a Home Loan Application for a Pre-Approval, it allows the bank to do a quick assessment based on your income/debts and liabilities to see whether you’ll be able to successfully repay a home loan. If they deem you eligible based on the details you have provided, you will be given a pre-approval letter to borrow up to a certain amount.

 

A Pre-Approval is very handy for when you start house hunting for the perfect home.

By having a Pre-Approval in place, it gives you a much higher chance to secure that property before someone else does.  The vendors (seller) can receive many offers on their home, and so the vendors need to make sure that not only are they getting the right price, but they are selling to a person who has their finances in order to ensure a smooth transaction without hiccups or delays.

 

TAKE ADVANTAGE OF GOVERNMENT GRANTS:

Depending on what State or Territory you are in, you may have access to various housing grants, such as the First Home Buyers Grant and First Home Loan Deposit Schemes.

 

SAVE SAVE SAVE:

This is always the biggest hurdle for many people. Where you can, set up a Savings account and transfer a set amount of money with each pay. Only transfer what you won’t miss.  Do not transfer more than you can afford otherwise you will only be dipping back into that savings account. Lenders like to see consistency in savings.

 

USING A MORTGAGE BROKER:

By going directly to your own bank, they can only offer you the 1 or 2 products that is available to that particular bank.  By using a Mortgage Broker, we have access to over 30 different Lenders, so we can find solutions tailored to suit your needs, and can get you a better interest rate than what your own bank has to offer. Mortgage Brokers also know each banks lending policies so you could actually borrow more from another lender as opposed to going directly through your own bank.

 

If you are looking for a home loan or looking to refinance your current home loan to a better interest rate you can contact me, Connie Pokorny from The Loan Arranger on 0413 640 989, or email at connie.hou@loanarranger.com.au .  Having access to over 30 different lenders, I will do my absolute best to find you the best interest rate and product suited to your needs. And the best thing is my services are FREE!!

 

 

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