New Home Loans

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Buying your first home is an exciting milestone, but it can also feel overwhelming, especially if you’re not sure where to start. Don’t worry—we’re here to help you navigate the process and make your dream of homeownership a reality.

A home loan, or mortgage, is a loan you take out to buy a property. You’ll repay this loan, plus interest, over a set period. But with so many options out there, how do you know which loan is right for you? Here’s a quick overview:

1. Fixed-Rate Loans: These loans have an interest rate that stays the same for a set period, usually between 1 to 5 years. This means your repayments stay the same, giving you peace of mind and helping with budgeting.
2. Variable-Rate Loans: With these loans, the interest rate can change over time, which means your repayments can go up or down. They often offer more flexibility, such as the ability to make extra repayments.
3. Split Loans: These combine features of both fixed and variable loans. Part of your loan is fixed, and the other part is variable, giving you a mix of stability and flexibility.

Here’s a simple step-by-step guide to help you get started:

1. Assess Your Finances: Before you start looking for a home, it’s important to understand your financial situation. Calculate your income, expenses, and how much you can afford to borrow. Don’t forget to factor in additional costs like stamp duty, legal fees, and moving costs. Don't worry if you are not sure where to start with this because we can help you. 
2. Get Pre-Approval: A pre-approval is an indication from a lender of how much they might be willing to lend you. It’s not a guarantee, but it gives you a good idea of your budget and shows sellers you’re serious. We can work with you to complete an application and then submit it to the lender which has the most suitable product for you for pre-approval. This means that once you have the pre-approval, you can make an offer on any home you find within your budget. 
3. Consider Your Options: Not all loans are created equal. Look at different lenders and compare their interest rates, fees, and features. We will provide you with several options along with the reasons why these products are best suited to your needs. 
4. Make An Offer: Once you have an idea of how much you can borrow, you can start looking for your home. When you make an offer, we will need to submit some final documents to the lender, such as the contract of offer. If your pre-approval was over three months ago, we may need to submit a more recent payslip. But don't worry-we will guide you through these steps. 
5. Settlement: After your loan is approved, it’s time for settlement. This is when the property officially becomes yours. Your lender will arrange the transfer of funds, and you’ll get the keys to your new home!