First home buyer | Mortgage broker Tenterfield, Glen Innes & Guyra

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Buying your first home in the Tenterfield region

When you decide to buy your first home, it might feel like there is an onslaught of information coming at you. Between differentiating LVR from LMI and planning your repayment budget, the process can be overwhelming, to say the least. That’s why Karen is here as your mortgage broker to do all the hard work, so you can focus on the excitement of this huge step in your life.

As your mortgage broker, Karen will

Offer you advice to get your finances in the best shape possible for application
Assess your eligibility for government assistance
Find your loan from a selection of standard and speciality lenders
Help you secure pre-approval
Complete and submit all of your application paperwork
Answer all of your questions clearly and honestly

You can count on Karen to get you the best home loan deal so that you can head into home ownership with all the tools you need for future success. Talk to Karen as soon as you decide to buy your first home - the earlier the better!

Using a guarantor

If your home deposit is less than 20% of the purchase price, you will generally be required to pay LMI (lenders mortgage insurance) costs. This can add a significant unwanted amount to your budget. Fortunately, there are ways to avoid paying LMI, including using a guarantor. Your guarantor is a close family member, often a parent, who acts as security on your loan, allowing you to get into the property market faster and with a smaller deposit. While this means you can avoid LMI, it also means that your guarantor will be responsible for the loan if you cannot pay it. If having a guarantor might be an option for you, talk to Karen today to learn more, or download our free guide.

Free guide to guarantors

Calculating your borrowing power

As a first-time home buyer, your borrowing power is an important figure to understand as it will dictate the kind of property you can afford and your repayment amount. Your borrowing power is calculated depending on your income and other expenses, including other debts such as credit cards. Want to get a better idea of what you can borrow? Try out our free online calculator tool, or talk to Karen today.