First Home Buyers
Buying your first home is an exciting time - but it can also be complicated - our job is to make it easy.
Getting into the property market is one of the biggest financial decisions you'll make. From confusing contracts and jargon filled paperwork to inspections and ultimately, sealing the deal – we’re here to give it to you straight.
As a first home buyer you should investigate both your home loan options and any government grants and entitlements you may be eligible for. Step by step, we'll help you make sense of the process and we'll work with over 20 banks and lenders to find the loan most suited to your first home.
5 steps to doing your first home loan right.
Download the Ultimate First Home Buyers Guide and get access to your home loan cheat sheet, property buying checklist, tips to help you save for your deposit quicker and more!
Meet with a Loan Market Mortgage Adviser
During the consultation process I will discuss your needs and goals, and help you select the most appropriate product, terms, features and home loan rate to help you achieve these. Once the right loan is selected, the loan application process begins.
Loan application process
I will ensure you have all the necessary documentation for your home loan application, and will lodge it with your selected lender. This will require a bit of information from you, but I will explain it as we go.
The lender will assess your application to determine whether the loan is affordable for you and that you meet their lending criteria. This process includes confirmation of your income, employment and a credit reference check. Your supporting documentation is also assessed at this time.
I will receive a conditional approval, also known as pre-approval, on your behalf. The lender will also outline any matters that need to be addressed before they can issue an unconditional approval. Conditional approval means you’ll have confidence in knowing how much you can spend and what your repayments will be. Having conditional approval also means you’ll be able to make an offer quickly when you find your dream home. Click here to learn more about conditional approval.
Security assessment (Valuation reports)
During the security assessment the lender may require a valuation on the property being purchased. Valuations are at your own cost. I am able to help with arranging this for you.
Lender’s Mortgage Insurance
If required, your lender will now submit your application for Lender’s Mortgage Insurance assessment.
Unconditional (full) approval
You’ve made an offer on your dream home - congratulations! Once your home loan is unconditionally approved, a formal Letter of Offer will be issued by the lender. Once the offer has been accepted, you’re legally committed to going through with the sale, and there could be financial penalties if you don't.
Loan documentation is issued to your solicitor/conveyancer, who will then liaise with the lender to schedule a settlement date. The first repayment on your loan will usually be required one month after the settlement date, depending on the repayment frequency you select.
There are two types of insurance you should consider: Life/income protection and Contents insurance. You may need to start your insurance cover prior to settlement.
Home insurance is a condition of your finance so ensure you get this in place and have it in place throughout the term of your lending.
Congratulations! You’ve bought your house - now it’s time to move in and make your house your home.