Buying your first home is exciting and overwhelming at the same time. There is so much to consider, so many forms and fees and so many desicions to make before you can finally move into your new home.
Rather than battling through the labyrinth yourself, why not let Fin Fit Lending Solutions do all the legwork for you? We will evaluate your current circumstances and goals, assess your options, do the research (and the paperwork!) and provide you with recommendations based on what is best for you.
Fin Fit Lending Solutions can help you with every step towards buying your first home:
Are you ready to buy your first home, but nervous about the road ahead?
Let us alleviate your fears by guiding you through the process, step-by-step, and providing you with all the information you will need along the way, including an understanding of the associated costs and time frames.
If you have just started your property search and you don’t know how much you can afford, a pre-approved loan can be very useful. Home loan pre-approval gives you a clear picture of what you’re spending limits are places you in a stronger position to make an offer on your dream home.
Use Fin Fit’s mortgage calculators to give you a rough idea of how much you can borrow and what you can afford to buy. It is important to understand, however, that lenders use a wide variety of measurements to calculate your borrowing capacity, resulting in wide variations from one lender to another.
In some cases, state governments provide incentives such as the First Home Owners Grant or stamp duty concessions. Talk to us to find out more about your eligibility for these first home buyer incentives.
At Fin Fit Lending Solutions, we take the time to understand your specific situation and goals to match you with a home loan that will meet (and exceed) your needs and objectives, now and in the future. Your broker will compare hundreds of home loans from our wide choice of lenders to find the right home loan for your needs.
LMI protects the lender in the event that the borrower can’t meet the loan repayments and the property is sold for less than the outstanding loan amount. Lenders usually require borrowers to pay LMI if they are borrowing more than 80% of the property’s value.
As an incentive to the borrower, lenders can usually lend more if there’s an LMI since it reduces the lenders’ risk.
The amount of LMI that you pay will vary based the terms set out by the lender, the loan amount and your deposit amount.
To find out more about LMI and your options, contact Fin Fit Lending Solutions today.
Your deposit is one of the biggest factors in determining the kind of loan you may be eligible for and the amount you can borrow to buy your home. Although there isn’t an answer that can cover everyone’s situation, generally it’s best to have at least 5% of the cost of the home saved as a deposit.
There are many advantages to having a larger home loan deposit. A larger deposit demonstrates to your lender that you have a strong savings history and enables you to borrow less, which means smaller monthly repayments and less long term interest charges.
Alternatively, some lenders will allow you to purchase a property with very little ‘genuine savings’ when a family member acts as a security guarantor.
You can use our Home Loan Repayments calculator to give you an idea how much your monthly repayments will be for any amount you borrow.
Fin Fit’s mortgage brokers can look more closely at your particular circumstances and goals and provide you with further advice and guidance to get you into the property market sooner.