FIRST HOME BUYER
OK, so you’ve made the decision to purchase your first home.
What’s next…
Buying your first home is probably the biggest financial decision you will ever make.
It’s important to have someone in your corner who knows the process inside out and can walk you through the entire journey.
That’s where I come in. I offer a step-by-step process.
- Fully discuss what you want to achieve
- Budget – purchase price, cost of owning a house, mortgage repayments
- Property type – Apartment, terraced house, townhouse, standalone house, lifestyle
- Location – close to work, schools, recreation, airports, services
- Time frames – are you ready to go now, or make a plan for the future
- Outline how the mortgage application process works
- What type of information do the banks want?
- What are your deposits options and what evidence do you need?
- Discuss the types of mortgages that may suit your requirements
- Help you to get your documentation together to meet strict lender requirements
- Income – provide proof of all available income to service the new mortgage
- Expenses – ensure all essential and discretionary costs are included
- Assets – provide confirmation of deposits such as savings, kiwi saver, gifts
- Liabilities – include all short-term & fixed debt commitments
- Property Details – Sales & Purchases agreement, title, valuation, building inspection
- Apply for the mortgage to get yourself and the property pre-approved by the lender
- Ensure you understand the different mortgage options & negotiate with lenders to get the best deal for you.
- Floating – lump sum repayments
- Revolving Credit – efficient use of surplus income
- Fixed – stability of repayments
- Interest Only – Tax efficient structures for investments
- Walk you through buying a home & provide a checklist outlining all the main points
- Finding a home
- Before you make an offer
- Once your offer is accepted
- Preparation for settlement & Moving
If you have a 5% deposit please check out First Home Loans.
The best part is, my services to you are free.
As your mortgage broker, I work as your advocate and ensure you get the best mortgage advice.
I am only paid a commission from the bank once your mortgage is secured and successful.
to discuss your options for buying your first home
Following is An Overview of How I can Help You
My job is to walk you through the mortgage process and ensure you get the right mortgage and have a financially stable future ahead of you.
You don’t need to commit this to memory, but below is an overview of what my process looks like for first time home buyers:
Meeting and Chat
Every mortgage and loan is different, so I take the time to understand you and your situation, so we can prepare the right supporting documents for the bank
Summary and Action Steps
I get it, it’s a lot to remember. After our first meeting, I will send you a summary that you can refer to at any time, plus a list of the action points we need to take to get ready for the next step.
A Home Buyers Financial Assessment
There are several hidden costs that come with buying a home that aren’t included in mortgage payments. To ensure you are fully prepared for the transition, we do a financial assessment to compare your existing fixed costs and the added costs of a new home to ensure you have the right finances in place.
First Time Home Buyers Checklist
Buying your first home and securing lending is a time sensitive process with many steps. To help keep things on track, I offer a full checklist of steps and timeframes that need to be met. You will never be unsure of where we are in the process.
Set up for Mortgage Application Success
One of the biggest parts of my job, is making sure your application is complete and attractive to the banks to approve the loan. Particularly with first time homebuyers this can be a tricky to do. Your application is custom built to highlight your individual circumstance and lending eligibility.
Home Ownership Budget
Indicative home ownership budgets will be presented along with quotes for homeowners’ insurance to demonstrate that the budgeting for a new home has been well thought out and established.
Options for Deposits
First time home buyers are in a unique situation to utilize many different options to raise funds for a deposit. This includes grants, kiwi saver, family guarantees, and much more. I will ensure no stone goes unturned to find the best deposit option for you.
This is just a brief summary to give you an idea of what the process looks like to prepare for a mortgage. If you are ready to get started or want to ask a few more questions, contact me today.