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When it comes to finding the Home loan solution which suits your needs best it can be a time consuming process as there are literally hundreds options across the various lending isntitutions.
As a first home buyer it comes as no surprise that home loans can be a confusing element of buying your first home.
A home loan is a commitment for many years so choosing the right one is very important, also as important is choosing the right home loan broker who can help guide you through the maze of options and features and benefits each has.
AussieWise Finance Group has highly trained consultants who are more than willing to listen and understand exactly what you need from your home loan and with over 30 lenders on our lending panel we have the ability to provide you with an option that best suits your needs.
Along with the home loan we can also assist with the First Home Owners Grant process and help highlight what entitlements you have as a first home buyer.
To help you in choosing the right home loan we have highlighted some basics on what you should do and also what should be avoided when looking for the right finance option:
Don't instantly choose the home loan with the lowest rate
It's common for people when looking for a home loan to steer towards one which has a low interest rate.
There is much more to a home loan than just the interest rate, even though on the surface the low rate seems to provide a lower monthly repayment you need to look at monthly and or yearly fees to assess the true cost of one option as compared to another.
Another element to a home loan is that of flexibility, will the low rate home loan allow you to redraw, does this product have an offset facility, and does this product have break costs if you pay it out early or change from one provider to another?
All of these questions and more should be asked and we now ask you to contact us and chat to one of our consultants who will answer any of these questions.
Do read the Home Loan documents before signing.
Once you have a formal approval on your home loan the lender will send out home loan documents for you to sign.
Generally most people sign the documents and send them back without reading through them as they are eager to settle and move into a home.
What the home loan documents include are specific details about your obligations as a borrower and the obligations of the lender who is providing the finance.
We suggest that when you do receive your documents you go through them so you understand all the details about your home loan.
Don't just use a Home Loan provider or Home Loan broker that is referred to by an agent
If you are offered a home loan or services of a broker through the agent which you purchase the property from don't simply just take their word for it.
We suggest that you shop around and have a look at various options and also get in touch with a broker who is at arms length from the property transaction.
This way you will obtain an objective opinion from your chosen broker and also be able to review a number of home loans from various providers.
It is about what is best for and obtaining an objective opinion and having a choice of options is the right way to go about finding the right product for your needs.
As a mortgage broking company AussieWise Finance Group has over 30 lending institutions on their panel and is able to offer you literally hundreds of different home loans so why not contact us to find out more.
Do use professional building and pest inspectors
Getting the right home loan is only one part of the. In addition to finding the right home loan it is also suggested that once you have signed the contract of sale you also source a building and pest inspection.
This will give you the peace of mind that the property you have just purchased doesn't turn into a money pit so let us find the right finance solution and allow professional building and pest inspectors to assess the integrity of your proposed purchase.
Although there is cost involved with building and pest inspections bear in mind that a property which requires major structural repairs can cost you a lot more that inspection ever will.
Don't wait until settlement to arrange insurance for your home
Once you have a formal approval on your home loan, a requirement of the lender is to have a fully paid insurance policy on the new purchase that the home loan will fund.
This insurance policy is commonly referred to as a 'Certificate of Currency' and the lending institution will highlight within the home loan documents provided to you a minimum amount of insurance cover on the property, further to this the lending institution will need to be noted as the interested party.
Along with home loans AussieWise Finance Group is able to arrange your general insurance needs so we can help you throughout the entire process.
Contact us and a consultant will be able to assist with your finance and subsequent insurance requirements.
Do get a pre-approval on your Home Loan before making an offer on a home
It is a great idea to get yourself a pre-approval on finance before you make an offer on a property; there are many valid reasons that a pre-approval will help you when purchasing a property.
Let’s take a look at the advantages of having a home loan pre-approved:
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You have a set home loan amount which will be a guide on what type of property you can afford so you waste no time |
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There is less stress for you as a home loan pre-approval speeds up the process and you're not left hunting around for paperwork at the last minute |
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Having a home loan pre-approved affords you greater negotiating power when it comes to purchase price and may also help clinch the deal as you can settle in a shorter period |
Having a pre-approval also costs you nothing so why not contact us and a consultant can help you obtain a pre-approval so you can be better prepared for a property purchase.
Which Home Loans are available?
There are a number of options available to you and the choice of product structure is very broad.
Just to touch on a few of them we have highlighted the most common for you below:
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No deposit Home Loans |
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40 Year Term Home Loans |
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Full doc Home Loans |
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Low Doc Home Loans |
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Investment Home Loans |
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Fixed rate Home Loans |
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Standard variable Home Loans |
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Commercial Home Loans |
Some of these options may not apply to you but if you want to find out more about which one may suit your needs best just contact us and a consultant can help.
How can I obtain more information about Home Loans?
As mentioned there are a number of lending institutions and even more home loan options on offer so we invite you to contact us and have a consultant help you by explaining what options are available and which home loan may suit you best.
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