Understanding pre approvals
2 December 2015
Self Employed
2 December 2015

First Home Buyer

I do pride myself as a first home buyer mortgage broker. Why? because most of the loans I did were for first home buyers buying established homes.

The loan is easy, forget about the loan, I can do the Loan. But the story doesn’t end there. The trouble I see for first home buyers were finding their house in today’s market.

I do see myself as a Home buying adviser, or buyer’s advocate, as a complimentary service to my first home buyers to get the loan verified pre-approved.

On top of the loan, once you got a verified preapproval done,

1) When need be, Accompany you to auction.

2) After years of buying property, the small little things to look out for.

3) Not only that, if you are in Mortgage insurance territory, I will tell you what to look out for.

4) I can get down some details of what you want, and keep a look out for you, if needed, call up the agent and maybe negotiate. The Agents loved receiving my call, because i have a qualified buyer that is ready to make an offer.

5) Buying house for a first time is always a bit overwhelming, but I am here to guide you along. I have been to countless of Auctions, Been to countless of open for inspection, oh believe me if i say I can give some advice on buying a house. from practical experience haha 🙂

If you like my service please, recommend me to your friends and families.

First Home Buyer Loans

Buying a home without deposit? or little deposit?
  • Little Deposit : means at least 6.5% of the house price + stamp duty+Gov charges + Roughly $2500 of settlement adjustments. = Roughly 10% if you are a first home Buyer.

There are technically no 100%LVR loan now. Max would be 97%LVR including LMI(Lenders Mortgage Insurance), meaning you borrow 93.5% LMI Cap to 97%.  However, if your parents are willing to help.

LMI(Lenders Mortgage Insurance) * is insurance that protects the lender if there is any default on the loan.

Example of a Funds position which we will calculate based on our circumstances, Loan amount varies, Just an example, to ensure you will have no problems at settlement.

E.g $400,000 House you will need at least $39000 to complete the transaction.

Click here for example Funds position report

Good relationship with parents plays an important part in getting your first home

Did you know that more than 50% of first home buyers receive some sort of help from their parents?

As a first home buyer there are two main ways that your parents can assist you with your purchase:

  • Guaranteeing your loan: Meaning your parents, put up their home or investment property as second security to guarantee your loan. 80%LVR of the house you are buying. About 23% of the value of the house you are buying comes from the second property(your parents property) Meaning two security secured against 1 loan.
  • Hefty Deposit: Second way is a hefty deposit gifted from parents.

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  • Without a guarantee from your parents you cannot qualify for a no deposit loan.

Family Guarantee Victor Foo Mortgage Broker 0449999881

Try the service of a broker, especially Victor.

Victor will hold your hand all the way to settlement, communicate with everyone involve making you at ease.

Victor have bought many many houses and investment properties before, if you need some advice on some buying house tips, Be sure to use Victor. We want you to be better off at the end of the day. We are fully committed to responsible lending.

I have been in the industry too long, finding the right first home buyer mortgage broker is very important, Being patient and nice and answer all kinds of silly questions. I have since moved to a independent company so I have to blank out the logo and name, one of my First Home Buyer Client wrote on Productreview.

Jaclyn E Productreview Victor Foo

 

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