Buying your first home is a huge learning curve and no doubt it will be one of the biggest financial decisions you’ll make in your lifetime. At the same time, it can be an overwhelming experience. Finding the right home to buy is hard enough and that’s only one of the many steps you need to take before you can move in and start living the Great Australian Dream.
This is a big step to take, a very exciting step, but one that comes with endless questions and options and decisions on how to finance it, how mortgages work and how to find the right one for you and the big question on how much you may be able to borrow. That’s why it’s so important to have a finance expert in your corner. At Delta mortgage, our experienced team of mortgage brokers are there to guide you every step of the way and make the process easy.
Do the groundwork before you start your property search
Before you even start looking at houses, you need to do some groundwork. First and foremost, you need to take a hard look at your finances. You should find out the size of loan that you will qualify for and look at what kind of repayments you can afford without overextending yourself.
It’s also worth taking some time to look at the various grants that are available to you as a first home buyer. For example, the VIC government will give you up to $10,000 in metro areas and up to $20,000 in the regional areas if you are buying a new house or apartment.
The best thing to do before you start really searching for a home is to get pre-approval for a home loan. This means that you know exactly how much you can afford to pay and will help you narrow down your search.
You don’t have to do it alone
There are a lot of steps to consider and paperwork to be completed. It can be easy to make a mistake or miss something if you don’t have experience in the process. A good mortgage broker knows the entire process inside out and can help you every step of the way.
At Delta Mortgage, we have helped tens of first home buyers like you. We can help you out every step of the way. As an independent broker, we have access to a wide range of lenders and literally hundreds of different products.
The best part is that you don’t need to spend all of that time finding the best loan – we do the legwork for you at no cost out of your pocket.
Here’s how a mortgage broker can help you buy your first home:
- Panel of 30 different lender: Compare over 30 lenders and hundreds of loan options to help you find the one that best suits you in short and long term.
- Every loan application is different: discuss your individual circumstances and needs to help you make the right decisions in your loan application.
- Determining your maximum borrowing capacity: during your free assessment, we will be able to help you figure out how much money you can afford to borrow.
- Figuring out your repayments: we can also help you to understand how much you can expect to pay in mortgage repayments at various loan amounts. This will ensure you don’t overextend yourself and end up with a loan that you can’t afford.
- Identifying unexpected costs: Buying a home costs more than the price of the house itself – there are many fees and expenses that you will come across along the way. We can prepare you for this so there are no surprises.
- Eligibility for grants: as a first home owner, you may be eligible for government grants aimed to help first home buyers make their first property purchase. We can evaluate your eligibility and ensure that you maximise your chances of receiving a grant.
- Do the paperwork for you: prepare all paperwork, making the whole process fast and simple.
How to find the right home loan
There are now literally hundreds of different loans available to Australian home buyers through all of the various lenders. If you’re not experienced, it is extremely difficult to sort through all of your options to make sure that you’re getting a loan that’s right for you.
Luckily, you don’t have to. We know everything there is to know about home loans. Based on your unique needs and circumstances, we will compare and contrast your options across all of your available options. We have access to over thirty different lenders, which means you can pick and choose the best loan rather than just accepting whatever your bank gives you.
If your circumstances are a little unusual, we can help you with that too. Here are some of the specialist services that we can offer:
- Low deposit home loans: trying to save a 20% deposit to get into the market is a struggle that many Australians face. We can arrange low deposit home loans for you.
- Guarantor home loans: if you don’t have enough money for a deposit, we can arrange a parents guarantor loan which could let you borrow up to 105% of the property value.
- Unusual employment loans: if you are self-employed or a contractor, it can be more difficult to get a loan. We can help you navigate the process and get approval.
- Specialist loans for professionals: if you’re a doctor, nurse, lawyer or accountant, we can give you access to loans with lower interest rates or get your LMI completely waived. These loans usually aren’t accessible directly.
- Construction home loans: Construction loans are very different to a standard home loan. We know precisely what’s required, and work closely with both your builder and any other parties.
But the banks said no …
Many of our clients come to us with stories of how their bank wouldn’t give them a loan or how another broker failed to live up to their expectations. Our brokers continually deliver results for clients who have been unable to secure a mortgage in the past. You need a solution that is tailored to your unique circumstances. With Delta Mortgage, you’re in safe hands. We know how to make your first home dreams a reality.
Book a free assessment: Let us help you take the first step – In a free, confidential, no-obligation consultation where one of our experienced brokers can talk about your home loan options.