buying your first home?

Here are some things you may need to know.

Bigger deposit, better position.
While some lenders can offer low deposit loans for 5% of the purchase plus costs, saving 20% can offer you huge benefits.
You would gain access to a wider range of lenders, products and interest rates; your total loan amount would decrease, and the lender has a clear sign of your savings history.
If you don’t have a 20% deposit you may be required to pay Lenders Mortgage Insurance (LMI) which adds more fees and another layer of assessment with tougher borrowing policies.
Complete Home Loans also offers guarantor loans when applicable, security support by the guarantor can save the borrower from saving the full 20% deposit. You may also be applicable for a government scheme. 

If the home doesn’t fit.
There are more things to consider than the home loan interest rate, loans are catered to your needs depending on your current situation. Redraw, offset accounts, refinance costs, repayment flexibility, fixed or variable rate home loans are all things to consider. 

If you don’t have finance, be cautious making an offer.
Buyers without a pre-approval or approval can find themselves in serious trouble. To stay on the safe side its best to have a finance approval prior to making a bid.

If you are a first home buyer and you are ready to enter the market, please keep these tips in mind.