First home buyer’s loans
Most competitive interest rates for First Home Buyers loans
Embarking on the path as a first-time homebuyer is an exciting move toward fulfilling your long-standing dream of owning a home. However, obtaining a loan with the most favourable interest rates can present challenges. Without proper guidance, there’s a potential for choosing an unsuitable loan and facing higher interest payments. At IGR Mortgage Solutions, our commitment is to assist you in accessing the best financial solutions for your first home loan, offering the guidance necessary for making well-informed decisions.
The Procedure for Acquiring a First Home Buyer Loan
In a market Characterized by competition, obtaining a first home buyer’s loan with the most favourable interest rates is of utmost importance. This not only enhances the feasibility of homeownership but also contributes to long-term financial stability. With the right guidance, you can successfully navigate the intricacies of the mortgage process and secure a loan that aligns with your financial objectives.
Here’s a concise overview of the steps involved in securing your home loan.
Making the decision to purchase your initial home is a significant step that requires financial readiness. Typically, it is recommended to have a deposit of 20% of the property’s purchase price. However, in some cases, if the applicant falls under the First Home Buyer Guarantee (FHBG), they can acquire their first home with a deposit as minimal as 5%. Genuine savings, accumulated over a minimum period of three months, showcase your ability to manage money effectively. Exploring first-home loan deposit schemes and first-home buyer grants in Sydney can be advantageous for saving funds. We assist you in creating a budget and provide guidance on meeting the home loan deposit requirements. It’s crucial to note that opting for a lower deposit may lead to a higher loan amount and interest rate.
The subsequent step involves assessing the amount banks are willing to lend you and what you can feasibly afford to repay. IGR Mortgage Solutions team is here to aid you in evaluating different factors like your income, living expenses, current debts, and assets, helping determine your financial capacity.
The critical aspect of this procedure involves identifying the ideal lender that fits your current circumstances and requirements. Leveraging our extensive network of lenders, we will evaluate numerous home loans to pinpoint the most suitable one for you.
IGR Mortgage Solutions help you create a detailed loan application, making sure to include all essential documents. Submitting a comprehensive application with proper income verification enhances your chances of approval by the lender.
Securing pre-approval for your home loan provides a conditional ‘green signal,’ helping you determine the affordability for your dream home. We consistently follow up with the lender to secure loan approval and ensure the timely release of funds for your first home buyer loan. This ensures you can meet payment deadlines and acquire the title in your name.
Following an extensive search, you may have discovered your dream home that falls comfortably within your budget. We can supply you with a thorough property report, encompassing the property’s value, an independent estimate, sales history, comparative sales in the area, and other property useful information.
Upon acceptance of the offer, contracts will be exchanged and signed. At this juncture, you are required to conclude your mortgage approval and fulfill your commitments in the transaction. We manage the property transfer and directly coordinate the settlement with the lender. Following the completion of the transfer, we assist in transferring the property from the seller to you.
After signing the contract, there is a designated “cooling-off” period during which you have the option to reconsider and withdraw from the purchase if you wish. This timeframe is intended to provide you with an opportunity to inspect the property and confirm the accuracy of your purchase decision. It’s important to note that withdrawing during this period may lead to a partial loss of your deposit. However, if you acquired the property through an auction, the option to withdraw is not available.
Settlement represents the conclusive phase in which the keys are handed over to you, formally recognizing you as the property owner. Typically, this finalization occurs approximately six weeks after the contract exchange, coinciding with the payment of the remaining balance to the seller.