Buying Your First Home

03/12/2015

Buying your first home brings about a mixture of so many things and often also many well-intentioned people offering conflicting advice!

In terms of borrowing for your first home however, these are the things that matter:

  • What is your income?
  • What do you have in the way of savings?
  • What existing loans or credit facilities do you have?
  • Is your credit rating ok?

Most first homebuyers will start a conversation about finding the best rate loan. While it is important to find the loan with the features you want at the best possible rate, we need to start the conversation with finding out about your personal circumstances and what you want to achieve.  Once we have established what you want from your loan in terms of a good fit for your future goals then we can begin to establish the basics of what you need to provide.

Your circumstances may be easier than this; these are simply the points that I will go through with you at the outset of our conversation.

How do we establish your income? We need to get common agreement between

  • An employment letter
  • Your last PAYG Payment Summary
  • 2 current payslips
  • and your salary account going back for three months*
  • A Centrelink Letter if applicable

How do we establish your savings? We look for

  • Three months statements from your savings account
  • A gift letter or gift stat dec if applicable

What are the hidden surprises in your credit facilities

  • Credit cards and personal loans are the easy ones
  • Store cards and Interest Free cards are the ones often forgotten

Your Credit rating is a story all on its own but what we are looking for here is

  • That mobile phone you lost, someone made $300 of calls on, and then you refused to pay and moved providers – this is what often comes back to bite
  • If you have one of those or similar we need to discover that and address it early

Each circumstance is individual and each individual has differing needs and wants. Regardles of your situation however, when you find your dream home you can be confident that I can find your dream loan.