First home loan

First-time home buyers today are inundated with a wealth of information on how to get their first home loan. It’s obvious and simple what first-time homebuyers want when looking for a loan. They want clear information, they want to be enlightened on the steps required to get a loan and, most importantly, they want someone they can trust to organize their finances. First-time home buyers are often seen as vulnerable because they are buying their first home and are therefore particularly vulnerable to being ripped off by bad finance sources who only look out for their best interests.

If at any point you come across a home or financial term that you are unfamiliar with in this article, please do a quick search on Google or Yahoo to find out what it means. This will help tremendously. Alternatively, go to the website at the bottom of this article and go to the glossary page.

Some areas covered to help first-time homebuyers with their first home loan include: the type of borrower you are and the sources of funding. There is also a downloadable buyer checklist and a link to the Home Loan Calculator. These issues only scratch the surface of what is at stake. It is recommended that you consult a mortgage broker or other funding source for the full understanding of what is required when obtaining your first home loan.

type of borrower

There are a few different types of home buyers that make up this category. The top three considered in this article are: investment buyers, non-compliant buyers, and first-time home buyers.

Investment property buyers

This particular group of buyers already owns some form of property or is already paying for it. They may have inherited land or property from their parents or relatives, or they may have bought or used equity in previous properties or land to make further purchases.

Because they have existing properties, banks and mortgage brokers can raise finance much more quickly and easily since they have collateral behind them (which is like collateral in case their finances go bad for the second or third property purchase).

Non-Compliant Homebuyers

Basically, non-compliant home loans are designed to finance people who may be in unusual situations when it comes to how their income is paid or how they want to fund their home loan or mortgage. Non-compliant borrowers also include people who have previously been denied a home loan for a variety of reasons such as bad credit, bankruptcy or unusual income (more information on non-compliant areas below).

Banks are usually quite reluctant to approve mortgages for those who fit the non-compliant borrower, and people often find their first “standard” loan application turned down by the banks.

First home buyers

Buying your first home is without a doubt one of the biggest and most exciting purchases you will ever make.

Ideally, what you need is a mortgage broker or other funding source to help you weigh your options so you have an objective view of what is the best loan for your situation. Mortgage brokers tend to be more objective than banks because mortgage brokers can look at a variety of different financing options from different financial institutions to find the best loan for your situation. Even better, if you can find a mortgage broker that doesn’t specialize in first-time homebuyers, then they have even better information and help available because they help first-time homebuyers all the time.

Need help applying for your first home loan or assistance with the First Home Buyers Grant? Don’t worry, you are not alone. It is often difficult to figure out where to start when looking for a home loan. There are so many options and so many mortgage providers to choose from. First West Home Loans specialize in helping first home buyers purchase their first home. We’ll walk you through the steps necessary to get funding successfully.

There are many incentives for first time home buyers in Australia including the First Home Buyer Grant which is US$7,000. There is also the option of not levying stamp duty on your purchase.

As with all things, there are conditions attached.

how much can you borrow

Using a loan calculator can help you get a rough idea of ​​how much you can borrow. Don’t be discouraged if it’s not as much as you originally hoped, it’s a rough calculation. For an accurate assessment, contact a mortgage broker or other financial source for more information.