IN THE MARKET FOR YOUR FIRST HOME?

Making the leap from renting to buying can seem extremely daunting, however with a little bit of research and the right guidance, owning your own home doesn’t have to be just a dream. Below, we’ve outlined some of the key pieces of advice to help you get on your way:

Research is vital. 

The typical first action by any young borrower is to go to one of the bigger lenders in Australia, and ask them for a loan. However, whilst they may seem like safe option, they typically don’t offer the most competitive home loans in the market. Over the last couple decades, a number of strong Non-Banks have risen to provide highly competitive options that rival the bigger lenders. Therefore it’s vital that you conduct some lender research to see what’s available.

Be aware of the fees. 

One of the more common areas that first home buyers tend to overlook are the extra fees associated with buying your first home. This ranges from strata fees, to stamp duty, to hidden loan fees that spring up unexpectedly.

A little bit of help can go a long way. 

With entry into the market becoming increasingly difficult, sometimes a little help from friends or family can give you the boost you need. This can come in the form of a Guarantor Loan, where a significant other gifts you money to put towards your deposit.

If you have any more questions about Guarantor Loans, finding the right lender or understanding the potential fees associated with buying your first home, then contact our team today. Our mortgage brokers are well versed in all things lending, and will help guide you through the entire process.