Home' Sunraysia Daily : property24062017 Contents Pr pertyGuide 3
Saturday, June 24, 2017
First home buyers - the time is now!
Buying or building your first
home is exciting although
the reality of it can be quite
daunting. There are so many
things to consider and it’s hard
to know where to start.
Simon, Tena and the team at SHL specialise in
home loans, and cater specifically to the needs of first
“If you are considering entering into the property
market soon, it is advisable to take the time now to
create a budget, minimise your credit card limits, pay
your bills on time and save”. Tena says.
Other factors to consider in securing your first home
Most First Home Buyers (FHB’s) find it difficult to
raise the full 20% deposit to avoid lender’s mortgage
insurance (LMI). LMI often allows FHBs to get into
property sooner and most lenders will accept as little
as 5% deposit. At SHL we will look at what options
are available based on your current deposit held and
investigate alternative options such as the possibility of
a family guarantee, to eliminate the need for LMI.
First Home Owner Grant (FHOG)
The FHOG in regional Victoria as of the 1st July
2017 becomes a very generous $20,000 for any
purchase or build of a new home up to the value of
$750,000. You must apply for the grant and meet
specific eligibility criteria to qualify. SHL assist
clients to determine their suitability and complete the
application process on your behalf. It is important to
note that the FHOG differs from state to state.
Stamp duty is a state government tax on the transfer
of land or sale of property. This differs across states
and can be either a set rate or a percentage of the
total sale. As of the 1st July 2017 FHB’s in regional
Victoria will be exempt from paying stamp duty
on purchases of properties valued below $600,000.
Again you must meet certain criteria to qualify for this
concession and SHL take this all into account when
determining your borrowing capacity.
Know your borrowing capacity
Obtain an estimate of your borrowing capacity and
monthly repayments. As your mortgage broker we can
assess your situation and suggest options to suit your
needs from a wide range of loan products and lenders.
Your deposit, FHOG eligibility and cost estimates will
be taken into account in this process
Avoid shopping around for home loans with
multiple lenders as each enquiry will appear on your
Home loan application
Once you have crunched the numbers and found
a suitable loan, the next step is pre-approval. Why
should you have this? When you start looking for a
property, pre-approval for your loan provides a clear
guideline on how much you can spend and allows you
to act quickly. Be aware your pre-approval will have
an expiry date. You still need formal approval of the
loan to proceed to a sale.
Once you have found a home you would like to
purchase you will also need to consider any additional
costs such as:
· Pest and building inspections.
So first thing is first- make an appointment to come
in and check your borrowing capacity and we will run
through all of the above key steps to buying your first
The team at Sunraysia Home Loans are there to help
you through each stage of the home buying process,
and best of all, Sunraysia Home Loans do not charge
our clients for our service.
Sunraysia Home Loans services Mildura and
surrounding areas and is located at 128 Lime Ave
Your financial needs and requirement need
to be assessed before any offer or acceptance of
a loan product. Credit Representative 483331
is authorised under Australian Credit Licence
TOP TEAM: The Sunraysia Home Loans team consists of Teighan Lewis, Tena Williams, Simon Lewis, Stacie Gathercole and Brianna Cupper.
Where intelligent people go for loans!
Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product. Simon Lewis Trading as Sunraysia Home Loans A.B.N . 71137820251. Credit Representative 483331 is authorised under Australian Credit Licence 389328
You deal with us
...We’ll deal with the banks
Your time is precious... We do the legwork so you don’t have to.
With multiple lenders, including the Big4, why go elsewhere
Let’s talk 5022 2923
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