First Home Loan
First home buyers are overwhelmed nowadays with a myriad of information about how to get their first home loan. It is obvious and simple what first home buyers want when looking for a loan. They want information that is clear, they want to be educated about the steps that are involved in getting a loan and, most importantly, they want someone they can trust to organise their finances. First home buyers are often seen as unprotected because it is the first time they are buying a home so they are especially inclined to being ripped off by bad finance supplies who are just looking out for their best interests.
If at any stage you come across a housing or finance term that you are not familiar with in this article, please do a quick search on Google or yahoo to find out the meaning, it will help tremendously. Alternately go to the website at the bottom of this article and go to the glossary page.
A few areas that will be covered to help first home buyers with their first home loan will include; the kind of borrower you are and the finance supplies. There is also a buyer’s checklist able to be downloaded and a home loan calculator link. These topics merely scratch the surface of what is involved. It is recommended that you consult a mortgage broker or another finance source to fully inform you of what is involved when getting your first home loan.
kind of borrower
There are a few different types of home buyers which make up this category. The main three that will be accounted for in this article are; investment buyers, non-conforming buyers and first home buyers.
Investment home buyers
This particular group of buyers already own, or are paying off, some form of character already. They may have been handed down land or character by their parents or relatives or have purchased or used equity in past similarities or land to make further purchases.
Because they have existing character, edges and mortgage brokers are able to source finance a lot quicker and easier, because they have collateral behind them (which is like a security back up in case their finances go bad for the second or third character buy).
Non conforming home buyers
Non conforming home loans are basically designed for finance for those people who may be in uncommon situations with how their income is paid or how they wish to finance their home loan or mortgage. Non conforming borrowers are also people who may have been before rejected for a home loan for a number of reasons such as bad credit history, bankruptcy or uncommon incomes (more information on non conforming areas below).
edges are typically quite reluctant to approve mortgages for those that fit into the non conforming loan borrower and people often find that their first ‘standard’ loan application is rejected by the edges.
First home buyers
Buying your first home is without doubt one of the biggest and most exciting purchases you will ever make.
What you ideally need is a mortgage broker or other finance source that will assist you in the time of action of weighing up your options so you have an objective assessment of what is the best loan for your situation. Mortgage brokers tend to be more objective than edges because mortgage brokers can have a look at a multitude of different finance options from different financial institutions to find the best loan for your situation. already better, if you can find a mortgage broker than specialises in first home buyers then they will have already better information and help obtainable because they help first home buyers all of the time.
Do you need help getting your first home loan or assistance with the First Home Buyers Grant? Don’t worry you’re not alone. It’s often hard to figure out where to start when looking for your home loan. There are so many options and so many mortgage providers to choose from. First West Home Loans specialise in helping first home buyers with the time of action of getting their first home. We guide you by the steps needed to successfully obtain finance.
There are many incentives obtainable to first home buyers in Australia, including the first home buyer’s grant, which is $7,000. In addition there is also the option of having no stamp duty on your buy.
As with all things there are conditions attached.
How much can you borrow?
Using a home loan calculator can help give you a rough idea about how much you can borrow. Don’t be disheartened if it is not as much as you initially hoped for, it is a rough calculation. For an accurate assessment contact a mortgage broker or other financial source to get further information.