First Home Buyers loan with the lowest Interest Rates in Sydney
Being a first-home buyer is an exciting journey towards achieving your long-term dream of owning a home. However, getting a loan with the lowest interest rates can be difficult. Without proper guidance, you might end up choosing the wrong loan and paying more interest. At Local Finance Guru, we strive to ensure that you receive the best possible financial solutions for your first home loan.
The Process of First Home Buyer Loan in Sydney
In a competitive market, securing a first home buyer’s loan with the lowest interest rates becomes crucial. Not only does it make homeownership more attainable, but it also ensures long-term financial stability. With proper assistance, you can navigate the complexities of the mortgage process and secure a loan that aligns with your financial goals.
Here’s a brief explanation of the process of getting your home loan.
Save Your Deposit
Buying your first home is a big decision that needs you to be financially prepared. Generally, a deposit of 20% of the property’s purchase price is recommended. Genuine savings is the amount you can save over a minimum period of 3 months. It will help you demonstrate your ability to manage money. You can also consider first-home loan deposit schemes and first-home buyer grant in Sydney to save money. We assist you in establishing a budget and guide you on the home loan deposit requirement. It’s important to note that a lower deposit may result in a higher loan amount and interest rate.
Establishing Your Capacity
Determining how much banks will lend you and how much you can afford to repay is the next step. Our team can assist you in evaluating various factors such as your income, living expenses, existing debts, and assets to determine your capacity.
Choosing the Lender and the Loan
With numerous lenders offering first-time home buyer programs, selecting the right one is a crucial decision. Our team at Local Finance Guru specialises in securing the best home loan interest rates and affordable first-home buyer loans. We’ll guide you through the process of selecting the most suitable loan type and lender for your needs.
We assist you in preparing a comprehensive loan application, ensuring all necessary documents are included. Submitting a complete application with proper income proof enhances your chances of acceptance by the lender.
Getting Loan Pre-approval
Having your home loan pre-approved means you have got a conditional ‘green signal’. It enables you to understand how much you can afford to spend on your dream home. We diligently follow up with the lender to obtain loan approval and ensure prompt disbursement of funds for your first home buyer loan. This allows you to meet your payment deadlines and secure the title in your name.
Buying The House
After an extensive search, you would have found your dream home that is well within your budget. We can provide you with a comprehensive property report, including the property’s value, independent estimate, sales history, comparative sales in the area, and other useful information.
Signing the Contract
Once the offer is accepted, contracts will be exchanged and signed. At this stage, you need to finalise your mortgage approval and fulfil your obligations in the deal. We handle the transfer for the property and directly organise the settlement with the lender. Once the transfer is complete, we will help to transfer the property from the seller to you.
Following the contract signing, you will have a period to “cool off” in case you want to change your mind and back out of the purchase. This period is designed to allow you to inspect the property and ensure that your purchase decision is right. Keep in mind that backing out of the plan may result in the loss of a portion of your deposit. However, if you purchased the property at an auction, you will not be able to back out.
Settlement is the final stage where the keys are handed over to you and you become the official owner of the property. The settlement typically occurs six weeks after the contracts are exchanged and the balance amount is paid to the seller.