First home buyer | Mortgage broker Warwick, Beaudesert & Boonah
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Buying your first home in Warwick, Beaudesert, Boonah and the surrounds
Buying a property can be confusing and complex at any stage, but especially when it’s your first. Calculating your borrowing power, deciphering the conditions of multiple different loans, and figuring out if you are eligible for government grants by yourself is no mean feat - why not make the process that much easier and work with Allison Burns, your mortgage broker in the Warwick area.
As your broker, Allison will
- Step you through your finances
- Evaluate whether you are eligible for home-buying assistance
- Find you the perfect loan
- Complete all your paperwork through the application process
- Guide you every step of the way, through settlement and beyond
Avoiding Lenders Mortgage Insurance
As a first-time buyer, there are many ‘hidden’ costs you will learn about in the home buying process, such as stamp duty and loan application fees. Another significant cost is Lenders Mortgage Insurance (LMI). If your deposit is less than 20% of the purchase price, you will usually be subject to LMI as security for the lender. This can be a huge blow, and is a cost you would ideally like to avoid. The most simple way is to save a larger deposit, however, this isn’t always possible, especially if you are already renting. Fortunately, you do have some other options!
Using a guarantor
If you are able to get a close family member to act as a guarantor, LMI will be waived. This means that they offer equity in their home as security on your loan. However, this also means that your guarantor will be responsible if you default on your loan, so it is not a decision to take lightly! If you’d like to learn more about guarantors, you can check out our free downloadable guide.
Understanding guarantors guide
First home buyer assistance
Depending on your circumstances, you may be eligible for government grants or schemes which reduce or avoid LMI, even with a smaller deposit. There are strict conditions for this kind of assistance which often vary by state, so it’s important to talk to Allison Burns for advice on your options. Allison can assess your situation and whether you will qualify, and recommend the best lender for you accordingly.
When you’re a first-time home buyer in the Warwick area, a trustworthy mortgage broker like Allison is invaluable in helping you through the process. Get in touch with her today to get started.
First home buyer tips
Download our free guide for first home buyers to learn everything you need to know and more!
Call Allison today on 0499 838 323 or book an obligation-free appointment to talk further
Allison can also assist you with:
