Are you in the market for a new home? If so, you’ll will need to take out a home loan to finance the purchase. This can be a daunting process, but don’t worry – we’re here to help!
There are several things that you can do before approaching a lender. Start by talking to a mortgage broker about what things banks consider important, and understand what it means to be pre-qualified. There are so many factors when applying for a loan so it’s better to start the process early.
Everyone’s different. Though there are frequent customers with considerable credit card obligations or a few personal loans, it’s better to begin as soon as possible.
Not necessarily. It all depends on your income. You may not need to pay off any credit cards, reduce the limit or car/personal loans. However, this isn’t always the case. The first home buyers are frequently those with limited borrowing capacity.
Sometimes people seeking a home loan can have different credit cards with the limits of $20,000 and/or $15,000 along with two car loans and a personal loan. In that case, you’ll need to contact a mortgage broker as soon as possible so that you can start taking all the necessary steps in the upcoming weeks or months to reduce your obligations.
To obtain a good home loan, there are two determining factors. The first factor is your combined income, which determines how much a bank will lend you. Whether you’re a single or a married couple, your gross yearly income is the most important factor when applying for a home loan.
The other factor is how much you owe on your existing debts. Assume you have three or four credit cards with a combined limit of $50,000 or $70,000, and then two personal loans that are consuming all of your borrowing capacity. Your borrowing capacity will drop because all of your debts are treated as a very high risk. For example, credit cards with a limit of $10,000 will reduce your borrowing capacity for a home loan close to $70,000. When the earnings are not significant and you have a lot of prior personal debt, it is then having many credit cards becomes an issue.
Yes, every state provides first-time home buyer subsidies and duty concessions.
For more information, go to www.ryroloancentre.com.au/calculators. Visit the website, pick your state, and it shows you how much the first house grant is in that state.
If you buy a property worth $650,000 or less in New South Wales as of now, you do not pay stamp duty. There’s also a first home buyer grant of $10,000 which the New South Wales Government will gift you if you buy a new house worth less than $600,000.
And likewise, other states have similar schemes which are relevant to the estate for first-time buyers. If you wish to know the concessions and duties for any other state in Australia, then get in touch with our team.
Most individuals don’t have the time to visit different banks and examine their benefits and drawbacks as this can be very time-consuming and confusing. So, when you visit a us, we will show you the list of lenders on our panel. Currently, we have over 35 different lenders including the big four banks for you to pick from based on your needs & requirements.
Moreover, our team of experienced mortgage brokers at RyRo Loan Centre will explain to you in simple terms the fundamentals of obtaining a home loan. Then it’s up to you to choose which bank you want to work with.
Not only that, we charge you NO FEES.
It might take anywhere from a week to two weeks, depending on which lender you select, for pre-approval. That’s all there is to it. Once you’ve obtained a pre-approval, you may begin looking for a property based on your maximum purchase price and calculate how much money you need to save.
There are various calculators available at www.ryroloancenter.com.au/calculators to work out the different numbers. Alternatively, you can call us or visit us to get started.
Depending on your existing loans and income; list of documents required varies. Reach out to us and we will provide the exact list.