Buying your first home is both an exciting and confusing task. To make the process as seamless as possible, we have a step-by-step guide on securing a home loan approval for your first home purchase.
First Home buyers Journey
- You will have to set aside a deposit for the purchase. A minimum of 5%-10% deposit is the norm for banks. (Varies between the Lenders)
- The cost of purchasing a home is not only the price of house. You must factor Into your budget several other costs you may need to incur such as legal fees, building inspection costs, valuation costs, and moving expenses.
- Understand what you can afford. When buying your first house, determining your borrowing power is critical. It aids in the narrowing of your property search and allows you to envision the financial obligations of a mortgage.
- Know your sources of income and how to apply for a loan.
Before moving into your new home, there are several steps you’ll need to complete. Don’t worry, Infinity Loans is here to walk you through the process.
Consulting the Adviser
During this process, we will give you an indication of the max loan and ideal bank.
Finding the Perfect Property
Sale & Purchase Agreement
We recommend including a conditional offer as you will need some time to get an appraisal and check if the property best suits your needs. Your solicitor will also need to sign off on the title or other potential legal clauses under the Sale and Purchase Agreement.