Finding the right property

Finding the right property is essential to securing the right home loan. There are a many details you need to consider when selecting your first home including: location, property type (unit, townhouse, freestanding house), services (roads, public transport, schools, shops, etc.) and how much you can borrow.

Organise a home loan pre-approval

Before beginning the search for your first home, it is worth securing a home loan pre-approval regardless of how much you are intending to borrow. An official, written home loan pre-approval will give you clear guidelines on your borrowing capacity, allowing you to negotiate or bid at auction with confidence. For more information, go to home loan pre-approval.

Find the right home loan for your property

To find the home loan for the purchase of your first home that is in your best interest, talk to your local Loan Market mortgage broker by filling out the form below, or call us any time on 0508 722 205 (+64 9 526 0122).

Find Out About Your Pre-approval Options

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Financial considerations

Many of the decisions you make concerning which property to purchase will be personal, but there are some serious financial considerations you will need to take into account prior to committing to the purchase of your first home. Your local mortgage broker can help you understand how each one relates to your situation.

  • Securing home loan pre-approval
  • Sourcing your deposit
  • Buying within your limits
  • Understanding interest rates
  • Fees, charges and associated costs

Buy within your limits

Much as we might want our first home to be perfect, the reality is that as a first home buyer, you will probably have to settle for something that is not quite your dream home and work your way up to being able to purchase the type of property you really want.

Being conservative with your first property purchase can pay big dividends down the track. Not only are your repayments easily manageable, but your will accrue equitymuch quicker, allowing you to upgrade or move into property investment much earlier and more easily than if you had purchased at the edge of your limits to start with.

Budget in an interest rate rise

When determining how much you should borrow, you need to take into account the possibility of interest rate changes to ensure you can continue to service your loan should rates rise. The general rule is to allow for an increase of around two to three per cent.

The past few years have shown that a larger margin, as much as five per cent, may be the safest option, however most lenders work on around three per cent.

For more information on finding the right property

Talk to your local Loan Market mortgage broker and we will return your enquiry within 2 business hours. Or call us at any time on 0508 722 205 (+64 9 526 0122).