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- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance, Home sweet home - first home owner finance
Amongst the most satisfying activities we perform here at Bee Finance Savvy, is to assist first home buyers to become eligible for their first home loan.
Vast rules exist relating to obtaining finance. It is not necessarily as simplistic as having savings and employment!
You need to consider, whether you will be required to pay stamp duty, or whether you will be exempt. This will depend on if you are purchasing a brand new home, including vacant land to construct upon, or off the plan, and the cost of the land or off the plan property.
Where the land you are purchasing is $450,000 or more than you will still be required to cover stamp duty even if you are an eligible first home buyer that meets all the other criteria. Try not to confuse this with the purchasing of ready to go properties. When entering a contract for a completed property, amounts less than $650,000 will see you eligible for stamp duty concessions.
On a separate note you have the $15,000 first home owners grant, available for contracts entered for new properties under $750,000. This current incentive is active until January 2016. After this date, the grant will reduce to $10,000.
It is always best to speak to a qualified finance broker such as here at Bee Finance Savvy, as we can guide you on the various options you have available. We will assess upfront that you have enough cash available for settlement, and that you have met the lenders stringent policies regarding cash held in your account.
Entering a contract for a property without having your loan conditionally approved beforehand, can be a big mistake. You are taking a gamble with tens of thousands of your hard earned money.
Various banks will factor in your earnings in a variety of ways, if you receive overtime, allowances, bonuses, commissions or are self employed.
Bee Finance Savvy has access to more than 30 lenders, and we remain on top of their ever changing policies on a daily basis.
A loan that you may have been approved for last month, may no longer be approved this month whereby the lenders policy changes! At Bee Finance Savvy we will keep you up to date with your proposed loan, before and during the application process. If we have set a savings or earnings goal for you, and it needs to be revisited, we will alert you.
If the bank you were looking at has changed its policy and it will now work against you, we will help you to find the next best thing.
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