First home buyer | Mortgage broker Narromine, Trangie and Dubbo

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Buying your first home in Narromine and the surrounds

Buying your very first home can be daunting - with so many new concepts to wrap your head around, it’s easy to feel overwhelmed. Fortunately, Stacey is ready to make the process as simple as possible from start to finish. She will help you evaluate your finances, determine your eligibility for government assistance, prepare your application, and answer all of your questions along the way!

Securing home loan pre-approval

One of the first steps along your home ownership journey is to secure loan pre-approval. When you obtain pre-approval, you have more certainty about the amount you can borrow and the strength of your application. While you can still purchase a home without it, pre-approval offers you many benefits as a first-time buyer that shouldn’t be overlooked. These include

Narrowing down your property search with a firm budget
Giving you the confidence to make strong offers
Helping avoid accidental overbids, particularly at auctions
Allowing you to plan your repayment budget in advance

Pre-approval can even help you secure your dream home, since it shows the seller that you are serious and unlikely to pull out of the deal. While not an ironclad guarantee of obtaining final finance approval, pre-approval helps you prepare and plan your finances to give you peace of mind during the buying process.

Using a guarantor to buy your first home

If you are struggling to save for a home deposit worth 20% of the purchase price, you may want to consider utilising a guarantor to help get you into your first home sooner. Usually a close family member, your guarantor acts as security on your home loan so that you can make a purchase with a smaller deposit, without the need for the expensive additional cost of Lenders Mortgage Insurance. Since your guarantor will be responsible for your loan if you can’t meet your repayment obligations, it’s important to carefully think this decision through before going ahead. Stacey, as your mortgage broker, can help walk you through all of the pros and cons of using a guarantor, so if you think this may be an option for you, talk to her today!