Getting your loan
Other than that wonderful moment when you finally decide on the property you want to buy, one of the most important parts of your journey as a first home buyer is getting your loan. So how do you get a home loan?
Tips for getting a home loan
Home loans are available to a wide range of first time buyers, but there are certain things you can do to put the odds of approval in your favour. These include having proof of income, paying off your debts, saving for a 20% deposit and proving your repayment history. Getting a guarantor (such as a parent) may also help greatly. Minimising the number of times you apply for a loan is also important as it impacts your credit record, so it’s a good idea to choose your opportunities carefully.
What are the benefits of pre-approval?
You don’t need to find your home before you get your loan approved. Many lenders provide pre-approval for a limited time, sometimes six months. Pre-approval means you know what you can afford, and can shop for your home and make an offer on a place you like.
For more information, read Pre-Approval
What are the requirements for getting a first home loan?
There’s a lot of information to sift through, so we’ve recapped some of the requirements above. You can read more at Key Requirements For A First Home Buyer Loan.
For more information, read Choosing The Right Loan
In this chapter
Take the next step to buying your first home
Deciding to buy your first home is such an exciting time, and the process of getting a home loan ...
There’s no need to wait until you’ve found the right property to apply for your home loan.
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