Getting a home loan can be a time consuming and stressful experience especially if you are a first home buyer.
At Spring Mortgages, we’re here to take the stress out of this experience by helping make it as easy as possible. We’ll step you through the process, so you’ll know what to expect and what information you will need to gather.
Because we can save you time and money
We can even get you that dream home that you might otherwise miss out on. Or enable that development project to build your business.
Find out more about why you should use a Mortgage Broker or just get in touch.
First up, and if you are like most people, one of the biggest questions will be about how much you will be able to borrow.
This is down to your income and your commitments. The banks will decide how much they will lend to you based on your total income against your total outgoings. The interest rates that are applicable at the time will be also be taken into account when deciding how much you will be able to borrow. But every bank has different lending criteria. This means that one bank may lend you a lot more that another on exactly the same day, given exactly the same circumstances.
Restrictions on loans for people who don’t have a 20% deposit recently become an additional challenge for first home buyers. This is where a mortgage broker can help, by working through all the different options available to make sure you get that dream home and the best deal. And the good news is, if you’ve been turned down for a loan by your bank (even if you have been a customer of theirs for a for a long time) it doesn’t mean that you won’t be able to get a loan from anyone else.