WHERE TO START

The first steps of buying a property, a business or commercial equipment is often securing the finance which can be a daunting prospect. We have the knowledge and experience to help you at this first step. Your first meeting with us is an opportunity to really get cracking on making your dream a reality. You can pitch in as well by doing a little homework...
Have a clear picture of what you're after - Whether it is a home loan for your first house, refinancing a loan or setting up a self-managed super fund for the purposes of buying a property.
Choose your features - Typically, the interest rate on a basic home loan will be lower than on one that offers more features. However, loans with added features like offset accounts, redraw facility can be beneficial if utilised correctly. We can discuss the different features and guide you through the maze of possibilities.
Have documentation prepared as much as possible - This may include having two pay slips ready or, if self-employed, having two tax returns at hand. You will also need evidence of any other income and assets such as rental income, shares, savings.
Know your budget - This may sound boring but living expenses/budgets are becoming standard documentation as part of home loan applications and many people guess and end up overstating which can effect your lending capaicity. Take the time to do up an accurate monthly budget, and if you can find areas you can save to improve your deposit then this boring painful excercise will be worth it.
Know the questions you want to ask - How does the process work, how long does it take to get to formal approval, what products and features are available for your requirements. We will ask you a range of questions about your current and future lifestlyle and financial situation so we can take into account factors such as if you are planning a family or looking at purchasing further investment properties after your first home. This will allow us to provide you with finding the right product to meet these future goals not just for your current situation.
How much do you need for a deposit? - As a rough guide saving 20% of the purchase price plus enough to cover costs will allow you wider product and rate options and save you lenders mortgage insurance (LMI). If you borrow more than 80% of the purchase price you most likely will have to pay LMI. This insurance protects the credit provider (lender) from the borrower(s) not being able to repay the loan.
How much can you afford to repay? - Remember, taking out a loan will mean you have less money for other things. By using a budget planner will provide you with an understanding where your money goes and how much you have after expenses. We can email you a budgety planner to get you started.
Can you afford all the costs? - You need to include up-front costs like stamp duty and legal fees and transfer fees, moving costs and also ongoing costs like loan repayments, land and water rates, house and contents insurance and unforeseeable repairs.

PRE-APPROVAL HOME LOANS

Many buyers think they need to find a house to buy before getting the home loan paperwork done.
Think again, just as important is to find out your lending capacity and the type of loan product that suits you and your needs, 'oh boy' I hear you say 'so many options and lenders', that's true, and not all lenders are the same, each have their niches. Go into one bank and they will tell you all about their products but will they tell you about other lenders products that could be a better fit for you, or do they make you fit into their product that isn't always the right fit!
There are advantages to getting pre-approved for your home loan, firstly - going through the home loan pre-approval process can help to remove a lot of the guesswork and any doubts you may have if you can afford purchasing a home, secondly - once you are pre-approved you know what you can afford and take the risk of falling in love with a home, only to find out it is out of your price range and affordability, thirdly - by having a pre-approval in place helps to portray you as a solid buyer, fourthly - in some occasions a pre-approval may allow you to negotiate better terms and pricing than buyers not pre-approved and lastly, once you do sign a contract, it can assist in speeding up the process.
We can compare loans and products from over 25 lenders, AdelaideBank - AMP - ANZ - Auswide - Bank of Melbourne - Bank of Queensland - Bank Australia - Bankwest - Better Choice Home Loans - Bluestone - Citibank - CBA - Heritage Bank - ING Direct - La Trobe Financial - Liberty - Macquarie - MKM Capital - ME Bank - Myloans - NOW finance - NAB - Pepper Money - Resimac - Suncorp Bank - St George - TMB - UNIBank - Westpac - WISR and more.and it's not just that their products vary, each lender has different policies, where one lender may accept your rental payments towards your genuine savings another lender may not, some lenders may allow your first home buyers grant towards your construction deposit but many don't and the differences go on and on.
We can sieve through all these differences, in some cases we can discuss scenarios directly with the lenders assessors to help minisise wasting time.
To find out more complete the below form and we can talk to you about your lending needs obligation free.
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