First Home Buyers

While buying your first home can be an exciting and memorable time, it can also be a slightly stressful process. This is where Meridian Money strives to make it that much easier. Despite the thrill of the occasion, it's vital that you select the home loan that offers features that suit your future needs, and has enough flexibility to let you easily adjust it as your life and circumstances change.

We will go through the available products and find one that suits you. It can be a confusing and time consuming task, so take the opportunity to allow our experts to guide you. Some things to think about when it comes to your first home loan are;

• Do you really need that offset facility? Often, this comes with more expensive loans, so a basic product could offer a cheaper rate, a similar feature, but without the separate account.
• Do you have genuine savings? Between 3-5% of the purchase price is generally needed to be shown as having been saved consistently over a 6 month period. If not, the mortgage insurance premium can be more expensive. However, some lenders may not charge this extra premium, saving you potentially thousands of dollars.
• Are you having trouble qualifying for the loan amount you need? This is a common problem, and one which probably causes the most stress. Sometimes we can get around this. For example, if you have a credit card, you are assessed on the full limit, whether you use it or not. Many people pay the full balance off every month. If you can show 3 months statements verifying this, then the credit card need no longer be taken into account.

Deposits are always a concern for first home buyers. This is now less of a worry with loans providing 95-100% of the purchase price. Once again, even in this space, there are many issues you may not be aware of. One of the main ones is factoring in the cost of mortgage insurance. It is critical you work through these options, as borrowing 95% may actually get you into your new home quicker and with less money, than borrowing the full 100%. Let us guide you through this and ensure that if it is possible to get you into your new home, then we'll structure the loan to ensure you can.

Don’t forget that you may also be eligible for the $7,000 Federal Government's First Home Owner Grant, a process we can take care of at the same time as we process your home loan. The funds would automatically be available for you at settlement wihtout the headache of going through the process by yourself.

As you can see, many issues can be resolved through good advice from a competent and knowledgeable broker. Make an appointment with us today and "We'll help you get there".