Welcome to Your Step by Step Guide to Getting a Home Loan and Buying Your First Home. This guide will provide you with handy tips, tools and tricks to watch out for when applying for your mortgage and purchasing your first home.
Before applying for a home loan, it is a good idea to:
The goal of this step is to identify how much money you can put towards paying off a mortgage.
Before applying for a home loan, it is a good idea to:
This is a quick and easy way to get an idea of your borrowing capacity.
Key Points:
Find out if you are eligible for the First Home Owner Grant.
Broad principles of the grant are:
The most efficient way to research your house is by using the internet.
Key Points:
Note: This is just an initial search and not a step for you to start attending open houses. It is best to have all your financials and mortgage application in order before attending open homes.
It is best to aim for a minimum of between 5-20% deposit for your home. You may also want to save an additional 5% to cover the settlement costs, such as legals, stamp duty etc.
How Can I Save My Deposit Faster?
Using a Mortgage Broker saves time and lets you tap into their experience and wealth of knowledge.
From your discussion with a Mortgage Broker you want to know:
At this point you will now:
Strategise
Getting Conditional Approval requires you to complete a full application form. The lender will then offer you a Conditional Approval for the specified mortgage amount subject to you finding a property.
Gather all the necessary documents, including:
Once you have found a property:
There are a number of fees associated with purchasing a property and obtaining a mortgage. Below is a list of fees that may be applicable to you:
Government Charges:
Fees:
This step covers the conveyancing process including the Contract of Sale.
Congratulations, you are now a home owner! At Mortgage Street we wish you all the success in purchasing your first home and look forward to assisting you along the way.