Pop the bubbles and get ready to celebrate… buying your own home is one of THE most empowering things you’ll do in your life! It’s a chance to invest in your future, to assert your independence, start creating your own memories, possibly even your own family. But where do you start when it comes to such a big move?
Cue the wonderful team from Bernie Lewis — your home loan experts and the team you can trust to get the best bang for your buck! We caught up with Director Mark Lewis for some super handy tips on what to do and what not to do when you’re getting a home loan…
For most people getting a home loan is the largest financial transaction they will make and it can be a daunting and complex process. A Bernie Lewis mortgage broker will compare loans across a wide range of lenders and make sure you get the right loan to suit your needs. And we’ll always act in your best interests.
- Let the experts help you find the right home loan! It pays to use a local expert Bernie Lewis mortgage broker to manage the process for you and will take away the stress of chartering unknown territories. This is our jam — it’s what we know and what we do best and we love helping people just like you.
- Walk before you run. It can seem overwhelming but it’s important to discuss your finance and obtain a finance pre approval before you start looking at properties. That way, you’ll know realistically what your limits are.
- Go in ready. Chat to your Bernie Lewis broker about whether you need to make an offer subject to fully approved finance. The steps below will help inform that decision when you’re speaking to the broker.
- Look at lots of properties — both on the market and prior sales in the area you are targeting to get a feel for how much you will need to spend.
- Make sure you have the required deposit saved and can demonstrate a reasonable history of saving discipline.
- Consider getting a copy of your credit report to ensure your credit history is unblemished.
- Do a budget and get into the habit of monitoring where your money goes.
- Consider getting a building and pest inspection as a condition on the contract when making an offer to purchase.
Some of the Don’ts…
- Think outside the square! Don’t just go to your regular bank and accept what they have to offer. Chances are you will get a better deal elsewhere.
- Be disappointed if you miss out on a property. The ‘deal of the century’ comes along at least once a month.
- Use ‘Buy Now Pay Later’, as lenders see this as a negative when assessing your loan application.
- If you have a credit card, try not to carry over a debit balance each month or have too high a credit limit on the card. This is another thing that can count against you when lenders assess your loan application.
- Put too much credibility in advice from family and friends. Whilst they may be well meaning, the market, products, interest rates and terms are constantly changing in a competitive market.
And if that’s too many things for your checklist, scrap it all and just come and see us! We LOVE guiding you through this journey and we’ll make sure you get a competitive loan that meets your needs and circumstances. Get in touch today!