The prospect of buying your very first home is an exciting one. There are so many factors to think about. Of course, one of the main considerations is price. The amount you can afford will have a large bearing on your choice of property.
Today, we’d like to talk about the importance of getting an early pre approval. Often clients come to us needing urgent property finance. They may have signed a contract months, or even a year earlier. This is common with off the plan, or unregistered land purchases. People lose track of time, or think getting finance will be easy. So they leave it to the last minute.
If you ask people what they want in a home loan, a good interest rate is probably high on the list. Lenders may use a great interest rate to attract customers. This happens so often, that many people think the interest rate is the most important thing about the loan.
Saving up a deposit for an important step before applying for a home loan. For many people, a deposit represents a lot of hard effort and careful budgeting! So it’s important to use your deposit effectively.
Are you a property owner, planning on making another purchase? You may want to use equity from your current property as a deposit for the next one. This is also known as getting “cash out” for a deposit. While this is a relatively common process, it can also be a complex one. A little planning and forethought can go a long way to making it easier.
There’s nothing quite like building your own home, or even building an investment property. It can be very exciting and rewarding! Getting a construction loan however, isn’t always as much fun. Construction loans tend to be trickier than regular home loans. There are a number of pitfalls to avoid.