Welcome To Mortgage Facts

image image image
Welcome To Mortgage Facts
Welcome to MortgageFacts.com.au. I am Troy Davy, from Perth Mortgage Broker Group, a mortgage broker with many years of lending experience. I have designed this website to give you important information on what is more than likely, one of the biggest financial decisions you will ever make - Your Mortgage. Mortgage Facts is designed to be interactive, leave your comments, ask any question, and you will get a reply personally from me.  
Read the Full Story
Buying Your First Home When considering buying your first home, you may have many questions like, what do I need? How much money can I borrow?, where do I start?. There is a myriad of information out there, and it may get confusing when you may just want to know, Where do I start?.
Read the Full Story
Debt Consolidation With Your Home Loan These days it may be easy to find yourself in a position where you are struggling to make ends meet each month. Other debts, like a car loan, credit cards or tax debt, may be putting your budget under pressure. You may feel like you are falling behind. It may be a good time to think about consolidating that debt into your mortgage.
Read the Full Story
Text Size

What Do I Need To Buy My FIrst Home

What do I need to do to buy my first home?

When considering whether or not to purchase your first home you may have alot of questions, like where do I Start? , What do I need? A good place to start is with a Mortgage Broker. This way you can learn if, or how much deposit you need, how much can you borrow. In the meeting with your Mortgage Broker you will have all the information you need, to get ready to purchase your first home. Your Mortgage Broker may even put together a plan, if you're not quite ready to purchase your first home.

The basic things that banks and lenders require when financing your first home are -

  • Your Job History And Income.

Banks and lenders will look at your current job, how long you have held it for. Don't worry if you have recently changed job, as some banks and lenders will take into consideration your previous employment, how long you held that position for, was it a similar role and maybe look at reasons why you changed employment (Like a pay increase). This is an advantage to using a Mortgage Broker, as we have a panel of different banks and lenders, and we may be able to find a home loan for you based on your current situation. Banks will also look at your current income to determine how much you can borrow for your potential new purchase.

  • Your Current Credit Commitments.

Banks and lenders will need to see statements for any current credit commitments or other financial commitments that you may have. Credit card statements, personal loan or car loan statements etc. These are financial commitments, so they will vary how much you can borrow for your home loan. Again your mortgage broker will look at these commitments, and find a home loan suitable for your needs. Your mortgage broker will be able to determine how much you can borrow too.

  • Deposit

You may need a deposit to purchase your first home. With banks you generally need a minimum of 5% of the purchase price for your deposit. This would generally need to be saved or held in a bank account for a 3 month period, so the bank or lender could determine that you have genuine savings. The more deposit you have the better generally speaking. It is advised to speak to your mortgage broker, as to determine what you need for your situation. There are different options though, when looking to finance your first home. Some options require no deposit at all, like using your parent's property as extra security for your home loan. This loan option is called using a guarantor for your home loan. Click the link and check it out.

 

Once you are ready to consider pre approval home loan finance, some of the paperwork you may require to apply for a home loan is -

  • Latest 1 to 4 payslips depending on the bank and the frequency of your pay.
  • Latest payment summary or group certificate may be required.
  • 3 to 6 months bank statements, where you deposit is held (if a deposit is required)
  • Your passport and drivers license (or other acceptable ID, both for the bank and for the first home buyers grant)
  • A copy of original bank statements for any other financial commitments you may have (like your latest credit card statement)

 

Submit your mortgage comment, questions, blog below, or contact us, and we will personally reply to your question, comment or blog. 

Comments  

Posted On
Dec 22, 2011
Posted By
Garthy
+2 Self employed
Ive recently arrived on a permanent resident visa. Im self employed, and want to buy a house and land package in an upcoming area. How long will it be before my partner and I (she has full time work) can get a decent rate on a home loan? We have a large deposit and want an offset account so we can put our savings against it and reduce the interest we pay.
Also, what can we be doing now in the meantime (apart from saving as much as possible) to help or boost our chances?
Thanks, G
Posted On
May 02, 2011
Posted By
Troy
0 Mortgage Info
Hi,
Hi,

Thank you for your email to www.mortgagefacts.com.au .

Ok, with most banks these days, they will lend up to 95% of the property value. For Example, if the property costs $100,000 the maximum home loan they would lend would be $95,000 (plus mortgage insurance, as you would be borrowing more than 80% of the property value). So the short answer would be that you would need at least a 5% deposit to purchase your home, unless you has a family member or friend that might offer a security guarantee on your home, then you may not need a deposit. As far as your personal debts, it probably couldnt be consolidated with your home loan, as banks or lenders will only lend 95% of the property value, unless you had a bit of a deposit, then there maybe some options. There isnt alot of info here, but if you email me how much personal debt you have, your current income, I will be able to give you a better idea what you need to do to secure a home loan, maybe work out a plan to get you into a home.

Let me know, and we will work out a plan together.

Troy Davy
www.mortgagefacts.com.au

Let me know, and we will work out a plan together.
Posted On
May 02, 2011
Posted By
P Eades
+13 Mr
Is it possible to apply for home loan and get personal loans consolidated into the home loan? What if you dont have family that own a home? What if you dont have a deposit? Is it still possible to buy your own home?
Posted On
Sep 30, 2010
Posted By
Troy
+2 My Job
Hi Kelly,

It may be enough time in your job. Banks or lenders will look at your job history, like your previous job. Are you under probation? But in short, you may of been or job job for enough time.
Posted On
Sep 30, 2010
Posted By
Kelly
+6 My Job
Hi,
I have been in my job for only 4 months. Is this enough time to qualify for a home loan.

LEAVE A REPLY

Security code
Refresh

Perth Mortgage Broker

Perth Mortgage Broker Group
Perth Mortgage Broker Group
Yokine, Perth, WA, 6060
M: 0411 229 602
F: (08) 6323 1072
E: troy@perthmortgagebrokergroup.com.au

Mortgage Calculator

Loan amount:

(Use "." for Decimals)
Duration:
years
Interest rate:
%
Monthly repayments:
$
Total to be re-paid:
$

Who's Online

We have 124 guests online

Mortgage Polls

What Is Your Biggest Concern, If you are Thinking About Buying Your First Or Next Home?

Who We Are

Troy Davy Mortgage Broker

Troy Davy
Perth Mortgage Broker Group
Spencer Ave, Yokine, WA, 6060
0411 22 9602
Contact Us
troy@mortgagefacts.com.au

 

 

 

 

 


I am a mortgage broker from Perth Mortgage Broker Group with many years of lending experience in Western Australia. Mortgagefacts.com.au is designed to give you some information about your mortgage, your online resource. Post a comment, send us your blog, we will answer your questions, no strings attached. Of course if you are looking for a mortgage broker, I would be more than happy to help you with your home loan. Contact me anytime to discuss your mortgage needs. I work the whole Perth metro area, 7 days a week.
All content on Mortgage Facts is general information and may not apply to your personal situation. Advice from your mortgage broker, accountant or financial planner is highly recommended before you make any decisions.
Site Map (XML) Site Map (Html)

Perth Website Design by Creative Website Design Perth.