Ready to think about building your first home?
While the search for the perfect house and land package is definitely an important component in the process of achieving home ownership, another part that is equally essential is sorting out your home loan options.
While taking out a mortgage may seem like a daunting prospect at first, one way you can get on top of the process is to assess your financial health and determine what kind of loan you could qualify for.
Income and debt
Before you start considering different lenders and looking at the various home loan products available, it’s a good idea to work out how much you’re currently earning and whether your source of income is stable, as this will have a significant effect on how much you are able to borrow.
It’s also important to look at your levels of debt, and whether you can work to reduce your total amount of repayments – whether you’ve got credit cards, a student loan, car payments or anything else you’re currently paying off.
By undertaking an assessment of your personal financial situation, you can find out whether you can commit to taking on a mortgage.
Calculating how much you can borrow
It’s a good idea to take advantage of a free consultation over the phone or in person with one of our in-house Lending Specialist’s from Lendmark, to work out how much you can borrow for your home loan, as well as how much you could be charged for additional fees such as stamp duty.
Calculating these costs ahead of time will save you from dealing with any unexpected surprises further down the track, and help you become more prepared for committing to your mortgage.
To get practical, targeted advice about your own situation and what kind of home loans you qualify for, it’s a great idea to see a professional Lending Specialist about your finance options.
An experienced Lending Specialist will help you work out how much you can borrow, what you can afford and what you need from a home loan so that you walk away with the mortgage that best suits you.
The first home owner grant (FHOG) is a one-off payment to encourage and assist first home buyers to buy or build a new residential property for use as their principal place of residence. The grant is $10,000 or the consideration paid to buy or build the house if less than that amount. Only one grant is payable per eligible transaction, so two people purchasing a house together may only receive one grant.
If you are a first home owner, you may qualify for the grant if you are purchasing or building a new home. A home that has been substantially renovated may be considered a new home. The grant is not available for the purchase of an established home or for renovations to an existing home.
If you receive the grant, or would be eligible except that you are purchasing an established home, you may be eligible for the concessional first home owner rate of duty.
The Keystart ‘Low Deposit’ home loan is a variable interest rate loan which can be used by owner-occupiers to buy an established home or build a new house. It is available to both first and non-first home buyers and Keystart lend across the State of Western Australia.
Keystart Home Loan
Under this scheme, a low deposit home loan is available to help West Australians finance an affordable home where other home loan lenders cannot provide assistance. Keystart’s loan is only available for owner occupiers, who can then buy or build a home anywhere in Western Australia.
To find out of you qualify for a 2% deposit Keystart Home Loan speak to one of our recommended Lending Specialist’s today.