Why use a mortgage broker for your first home

Buying your first home is an exciting time in your life, but it can also be challenging. Assumptions about banks and pre-conceived ideas about home loans can often lead many first time home buyers astray.

As a first home buyer, you will probable have lots of questions. Talking to a mortgage broker not only opens up more choice for you, you also get a guiding hand through the process, from start to finish. Help from your mortgage broker

Help with your home loan application
Not sure how your lender will view your application? This is a common concern for first home buyers. If you have decided to buy your first home, you are probably bursting with ideas and excitement. But what if you are young, have limited savings or a short work history? A good mortgage broker will give you excellent advice and even assist with filling out the application so you know that you have presented yourself in the best light. Even if you have a long steady employment history and considerable savings, how much will they lend you? Your mortgage broker talks to lenders every day, and knows what they are looking for. So it makes sense that a good mortgage broker can be a great asset when you are applying for your first mortgage.

First Home Owner Grant
The first home owners grant is welcome assistance for anyone buying a first home. You may also be able to claim stamp duty concessions or other benefits as a first home buyer. Make sure your broker understands all the concessions you are entitled to and how to apply for them. The stamp duty concessions vary from state to state so check for yourself on the relevant website and talk through the concession with your broker. A good broker will already know what you can claim and how to apply.

First Home Owners Grants

Make sure you get every cent you can under the new FHOG. Complete the form to speak with a First Home Grants mortgage broker specialist.

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Superior Advice
When it comes to mortgages, there are things that a first home buyer might not even think of, but your mortgage broker will already be on to it! This means that you are always getting the best service and you know that the home loan you choose is right for you. Your mortgage broker will talk you though your options and explain processes so everything is simple for you. Many first home buyers are impressed by the way in which a good mortgage broker organizes pretty much everything, and works at a very fast speed if you need approval straight away.

Bring on the Budget!
When you are working out your budget, a good mortgage broker will be able to help you ensure you borrow within your limit and are prepared for the future. You don’t have to settle for second best just because you’re a first home buyer, but you must be realistic when searching for the right property, and home loan, so your mortgage broker is your ticket to good financial decisions.

Surprise purchase costs
As a first home owner the added costs associated with buying a property can come as a bit of a shock. There are the legal fees, property valuation fees, pest inspection, building inspection and so on. Your mortgage broker can assist to explain and prepare you for these costs, and can also usually recommend people in your local area to carry out this work.

How to choose a mortgage broker
Ideally your mortgage broke should be accredited with the Mortgage and Finance Association of Australia (MFAA). An accredited broker must adhere to strict guidelines and code of practice, and can access regular training. Make sure your broker is professional and respectful; you could ask how long they have been a mortgage broker, and how many home loans they have settled. Just as important as qualifications and experience is the relationship you have with the broker. Use your gut instinct and choose a broker that is not only accredited, but also makes you feel relaxed, listens to you and understands your goals, and can answer your questions.

Fees and charges
Most mortgage brokers do not charge a fee for their services. Instead they are paid a commission by the lender. This should not affect the rate you get for your home loan, the amount you pay for your mortgage should be the same as if you had gone direct to the lender. You are entitled to ask your broker what commission they receive, and all brokers who are accredited with the MFAA must disclose their commissions to you. In the case that you pull out of a home loan agreement once agreed, you may be liable for a fee to the broker. In all cases, choose a broker that feels right, follow your instincts!

To find a mortgage broker in your area call today on

. We can help you if are ready to buy your first home. With us, you will have the choice of a variety of lenders and we can help secure you fast approval.

First Home Grants

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