There’s a lot to remember when you’re arranging finance for your new home. Whether you’re looking to finance your first home, or your forever home it’s important that you come to the meeting prepared. That way, you’ll leave with all of the information you need - and be a few steps closer to turning your home ownership dream into a reality.
Questions to ask your Mortgage Broker
First Home Buyers:
- Are you/the lenders you represent authorised First Home Owner Grant (FHOG) agents in this state?
- Do you think I’ll be eligible for a FHOG?
- If I’m eligible, based on my situation when will the FHOG funds be paid to me?
- Is there any other Government assistance available to me?
- Looking at my situation, do you think I can afford my first home?
All Buyers:
- How much will I be able to comfortably borrow?
- Based on my borrowing capacity, how much can I expect for monthly repayments?
- What is the minimum deposit required?
- How long will it take to get a pre-approval?
- Based on my situation, what do you think is the best loan type/structure for me?
- What is the best interest rate you could offer me?
- Are there any ways I could achieve a better interest rate?
- Will I need Lender’s Mortgage Insurance (LMI)?
- Can you outline what other costs I need to budget for?
- Is there anything else I should be doing to put myself in the best possible position to get my loan approved?
What to bring:
- Two recent pay slips
- PAYG summary
- Credit card statement(s)
- 6-months savings account statements
- Centrelink statements
- 3 months personal loan statements
- ID – driver’s license and Medicare card
- Marriage certificate & birth certificate
- Break down of your monthly expenses
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