Are you looking to buy your first home? Getting onto the property ladder can be a big and complicated step. Let us help us to get the key to your new key.
From working out how much you need to borrow to picking up the keys of your first home, we will be there for you at every step of the way.
Steps for buying your first home:
- Thinking of buying your first home? Take a look at the list below and shortlist the things you will need to think about, when looking for a home and applying for a mortgage.
Bank only lends you some portion of money either the purchase amount of the property or the property valuation. So you have to use some of your money to buy the property- a deposit. However, except the deposit money, there are other costs associated with buying a property and taking out a mortgage. Most common ones that are applied to most of the buyers are Stamp duty, valuation fees and Land registry fees. There are often unexpected costs too in buying a property, so it's a good idea to have a reserve fund to cover them.
As long as an individual has never owned a property before, you can apply for the first time buyer mortgage with the Empower Financial. You must be satisfying the following Conditions:
- You must be buying an Australian property.
- You must be Australian residents or have the full rights to reside in the Australia.
- You must be at least 18 years old to apply for a mortgage.
- How much you can borrow?
To calculate how much you can borrow we need to ask you few question for example your basic salary and any regular overtime or bonuses. We'll also ask about your regular outgoings, for example credit card or personal loan repayments, and we'll take these off your income. After that, we make a further allowance for average day-to-day living expenses. This allows us to see how much we think you can afford for your mortgage payment each month.
- Want to start viewing properties?
You need to complete an Agreement which will an estimated idea that how much we could lend you. Most estate agents need to see this to show that you are a serious buyer.